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Path of Growth Contents FFINANCIALINANCIAL SSERERVIVICESCES PLC Annual Report 2010/2011 The path of growth Contents Financial Highlights 2 Vision 3 Mission 3 Values 3 Chairperson’s Statement 4 CEO’s Review 8 Board of Directors 11 Senior Management Team 15 Management Discussion and Analysis 18 Financial Review 24 Sustainability Report 28 Risk Management 33 Corporate Governance 36 Annual Report of the Board of Directors on the Affairs of the Company 45 Directors’ Statement on Internal Control 47 Statement of Directors’ Responsibilities in Relation to Financial Statements 49 Chief Executive Officer’s and Finance Manager’s Statement of Responsibility 50 Board Audit Committee Report 51 Board Integrated Risk Management Committee Report (BIRMC) 52 Board Human Resources and Remuneration Committee Report 53 Independent Auditor’s Report 55 Income Statement 56 Balance Sheet 57 Statement of Changes in Equity 58 Cash Flow Statement 59 Notes to the Financial Statements 60 Five Years at a Glance 80 Glossary of Financial Terms 82 Branch Network 85 Notice of Meeting 86 Form of Proxy 87 About us Swarnamahal Financial Services PLC is a Public Quoted Company Incorporated in Sri Lanka on 14th January 2004, under the Companies Act No.17 of 1982, and re-registered on 16th September 2008 under the Companies Act No.7 of 2007. Registered by the Monetary Board of the Central Bank of Sri Lanka under the Finance Companies Act No.78 of 1988. The growthpath of “ The start of a new year, a new era and a new standard in financial services and as a company that is committed to development and providing the best quality products and services to all our valued customers, we have made a mark in the industry and there is no end in sight to the potential and possibility that has been afforded to us. Our sights have been firmly set and our path is free of impediments. Here at Swarnamahal Financial Services PLC, our path to growth is upwards and into the future.” 1 Swarnamahal Financial Services PLC Annual Report 2010/2011 Financial Highlights 2010/11 2009/10 Change Results for the Year (Rs.Mn) Gross Income 713 425 67.8% Net Profit before Tax (PBT) 112 26 330.8% Income Tax on Profits 49 9 444.4% Net Profit after Tax (PAT) 63 17 270.6% At the Year End (Rs.Mn) Shareholders’ Funds (Capital & Reserves) 294 231 27.3% Deposits from Customers 3470 1944 78.5% Advances to Customers 2972 1402 112.0% Total Assets 4079 2419 68.6% Information per Ordinary Share (Rs.) Earnings 2.51 0.68 270.6% Net Asset Value 11.76 9.24 27.3% Key Indicators Return on Average Shareholders’ Funds (%) 24.0% 8.8% 172.7% Return on Average Assets(%) 3.5% 1.3% 169.2% Cost to Income Ratio (%) 65.4% 80.1% -18.4% Capital Adequacy Ratios Core Capital Ratio% 15.7% 16.0% -1.9% Total Risk weighted Capital Ratio (%) 21.6% 23.7% -8.9% Statutory Ratios Shareholders’ Funds to Deposits (%) 8.5% 11.9% -28.7% Liquid Assets Ratio (%) 8.5% 11.9% -28.6% Growth of Total Assets Growth of Net Profit / (Loss) Rs. Mn. 150 4500 4000 100 3500 3000 2500 50 2000 1500 0 1000 500 (50) 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Profit before Tax Profit after Tax 2 Swarnamahal Financial Services PLC Annual Report 2010/2011 Vision To be the Premier Financial Services Provider in RFC market. Mission To create superior long - term value to our shareholders, customers and employees above the industry standard. Values Highest standards of ethics and integrity Always do the right thing and keep commitments Engage others to build trust and encourage strong communication Listen and share as a team Respects Respects for all through trust, courtesy and open communication Innovation and continuous improvements Anticipate customer needs and work to exceed their expectations Service Excellence Commitment to achieve the highest standard of services quality with personalized services. Learning focused Search new knowledge for innovations 3 Swarnamahal Financial Services PLC Annual Report 2010/2011 Chairperson’s Statement “With the trust and confidence that our clients have placed in us we are geared for sustainable growth over the years, in tandem with the positive economic outlook of Sri Lanka.” 4 Swarnamahal Financial Services PLC Annual Report 2010/2011 On behalf of the Board of Directors, it gives with macroeconomic stability, which would me great pleasure to welcome our valued in turn strengthen demand management shareholders to the sixth Annual General policies of the country. Meeting of Swarnamahal Financial Services PLC (“SFS”) -the first such meeting after RFC Sector your Company was listed on the Colombo The performance and stability of the Stock Exchange- and present to you the financial sector strengthened in 2010 as Annual Report and the Audited Financial a result of the favorable macroeconomic Statements for the year ended 31st March conditions, recovery in economic activity 2011. I am proud to announce that SFS and supportive regulatory and supervisory has become one of the fastest growing framework. The overall credit risk, market companies in the Registered Finance risk and liquidity risk in financial institutions Companies (RFC) sector in Sri Lanka. declined during the year consequent to the stringent regulatory measures and prudential Economic Overview safeguards taken by the Central Bank of Sri The global economy has been slowly Lanka. Due to the increase in capital flows, recovering with a growth rate of around financial markets also became more liquid. 5 percent, with India, China, and all other The declining interest rates’ regime increased major countries in Asia providing a major the margins of the RFCs due to deposits impetus for regional and global growth that re-pricing faster than loans. The broader has been beneficial for our country. The Sri margins, coupled with loan expansion and Lankan economy has displayed its potential lower provisioning charges, resulted in in the first full year of operation subsequent improved performance of RFCs during the to the ending of the three decade long war year. and has become one of the world’s fastest growing economies. The economy grew Performance by 8 percent in 2010, recording the highest In the above favorable macroeconomic annual growth rate in three decades while scenario, your Company was able to record workers’ remittances crossed USD 4.1 impressive results in the financial year under billion, recording the second highest ever. review. The Company’s turnover grew by 68 Market interest rates were low while inflation percent to Rs. 713 million compared to the continued to remain subdued at around mid- growth of 38 percent in the previous year. single digit levels in 2010. The pre-tax profit recorded a phenomenal growth of 331 percent year on year, while Consequent to the remarkable turnaround the net profit grew by 271 percent. The in the external sector, the overall deficit Company’s pawning portfolio grew by nearly reduced to 7.9 percent of gross domestic three-fold or 182 percent to Rs. 2.4 billion product (GDP) during the year and is while the deposit base of SFS rose by 79 expected to reduce to 6.8 percent in 2011 percent to Rs 3.4 billion During the year we and to below 5 percent in the medium term. opened three fully-fledged Branches and five Pawning Centres including in the North and The country’s new investor-friendly laws East. Our branches in the North and East introduced after the cessation of the war made a significant contribution to profit in has attracted several global investors into 2010/11 and we are confident that there is sectors including infrastructure, IT, tourism greater potential out there for better quality and irrigation while the increasing investor and reliable service as a result of the rebound confidence in the country in the post-civil in the post-war economy. Approximately war era has surged the FDI flow. During the 15 percent of our funds were invested in first quarter of 2011 the FDIs increased by the North and East to extend our service to almost 160 percent representing the highest- a wider customer base. We continued to ever quarterly inflow of FDI into the country. remain committed to the task of uplifting the rural community of our nation. The challenge for policymakers today is to support the ongoing fiscal consolidation SFS underwent a major management process while sustaining these achievements restructuring in 2009, following regulatory pressure due to related-party transactions in 5 Swarnamahal Financial Services PLC Annual Report 2010/2011 Chairperson’s Statement Contd. the past. The Company has turned around Bank). I extend a warm welcome to these and recorded a strong performance as two directors who joined our Board in evident by the high profitability and other January 2011. I am confident that the performance indicators. The Company’s Company would be enriched by their insight corporate governance framework was and valuable contribution in the years ahead. further strengthened and the faith of all stakeholders was restored in its Future Outlook accountability and transparency. Further, Making use of our rich legacy, expertise in recognition of the Company’s strong and professional acumen coupled with credit quality of the loan portfolio, its our success so far, we will be pioneering healthy capitalization and link with its sister a Gold Exchange Traded Fund (ETF) in the company, Swarnamahal Jewelers (Pvt) Ltd., upcoming year. This will be launched, when RAM Ratings Lanka assigned a respective the necessary legal framework as well as long- and short-term financial institutions the commodities exchange is ready along ratings of BB+ / NP with a stable outlook to with regulatory approvals.
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