For over a century DCSL, has been renowned for their exquisitely distilled, fine blended spirits. This dedication to quality coupled with our dynamic and definitive corporate culture has propelled us to the summit of our industry and amongst the foremost blue chip companies in Sri Lanka.
We are determined not to rest on our laurels, and will strive to improve and refine our products to compete with the best in the world.
DCSL; Determined, Dynamic & Definitive. CONTENTS
Company Overview Financial Highlights 3 Historical Perspective 4 The Story of Arrack 6 Chairman’s Statement 16 Board of Directors 20 DCSL Management 24
Governance Reports Corporate Governance 28 Enterprise Risk Management 40 Board Audit Committee Report 44 Remuneration Committee Report 46 Board Related Party Transactions 47 Review Committee Annual Report of the Board of 48 Directors
Financial Reports 52 Statement of Directors Responsibility 53 Independent Auditors’ Report 56 Statement of Profit or Loss and Other Comprehensive Income 57 Statement of Financial Position 58 Statement of Changes in Equity 59 Statement of Cash Flow 60 Notes to the Financial Statements 91 Statement of Value Added 91 Details of Real Estate 92 Shareholder Information 93 Ten Year Summary
Suplimentary Information 94 DCSL Management Team and Unit Management Team 96 Notice of Meeting 97 Form of Proxy 99 Attendance Slip 100 Notes
DISTILLERIES COMPANY OF SRI LANKA PLC |
Financial Highlights
2018 2017
SUMMARY OF RESULTS Gross Revenue Rs. Mn 90,387 90,273 Excise Duty Rs. Mn 61,204 63,254 Net Revenue Rs. Mn 29,183 27,019 Profit After Tax Rs. Mn 4,349 4,975 Shareholders' Funds Rs. Mn 5,713 2,235 Working Capital Rs. Mn (1,422) (6,826) Total Assets Rs. Mn 24,118 22,852 Staff Cost Rs. Mn 1,610 1,552 No. of Employees 1,060 1,121
PER SHARE Basic Earnings Rs. 5.64 (233.42) Net Assets Rs. 1.24 7.45 Dividends Rs. 0.67 1.75 Market Price High Rs. -** 294.00 Low Rs. -** 208.00 Year End Rs. -** -**
RATIOS Price Earnings times -** -** Return on Shareholders' Funds % 76.60 222.61 Current Ratio times 0.91 0.65 Interest Cover times 10 6 Stock Turnover (Finished Goods) days 27 17 Debt to Equity % 93 328 Debt to Total Assets % 22.02 32.12 Dividend Payout % 70.50 -** Dividend Yield % -** -**
**Market values were not available since the shares of DCSL PLC were not trading from 30 September 2016 to 31 March 2018.
Annual Report 2017/18 3 | DISTILLERIES COMPANY OF SRI LANKA PLC
Historical Perspective
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Touching lives for over a century
Present in Sri Lanka for over a century The Distilleries Company of Sri Lanka PLC (DCSL), is among the most profitable and well respected corporate entities in the country. Its proud tradition, august heritage and proven credentials have made the Company a beacon of inspiration for others. Over the past 100 years, our corporate DNA has been strengthened refinement of product quality. Plants areas are able to enjoy the best DCSL with our values of tradition, quality, and machinery were upgraded to products, delivered island wide. innovation, resilience and the modern international standards and determination to succeed. DCSL’s new technology developed by world These improvements contributed roots can be traced back to 1913, renowned experts was introduced. towards higher production efficiencies when the Excise Department of Large investments have also been across the supply chain. Employees Ceylon, which was initially created as made in Research and Development are regularly trained in the best the enforcement authority to distribute (R&D) and in upgrading laboratories. international practices, in locations and sell liquor products in Sri Lanka, The best experts in the spirit industry famed for high quality alcohol, such branched out into the distillation and were tasked with ensuring that all as France, Scotland and Ireland. Over manufacture of liquor products. In the spirits marketed by DCSL were the years, we have not only grown to 1974, the State Distilleries Corporation up to international quality standards. become Sri Lanka’s largest distiller, was incorporated by statute, to take These improvements have equipped but have also been recognised as a over this venture, while the Excise the Company with top of the line leading corporation with the highest Department rearranged its operations facilities enabling it to produce quality standards. Despite these to function as the monitoring body. beverages, which are world class. achievements and our strong position of business leadership, we continue Thus, DCSL has the distinction Furthermore, storage facilities and to look for ways to improve and of being the pioneer distiller in Sri grow. Since 1992, the Company has Lanka. In 1989, under a government expanded production and diversified policy decision, the State Distilleries Today, we are present in into other industries now under the Corporation was converted into a all parts of the country, umbrella of Melstacorp. limited liability company. This transfer operating under the principle of ownership took place at the Today, we are present in all parts of the Colombo Stock Exchange (CSE) in of providing the highest country, operating under the principle 1992, making it the largest transaction of providing the highest standard of in the history of the CSE at that time. standard of products to the products to the people. We aim to expand our presence further into the Under new private management, people. global market and in doing so, render the company entered an era of our brand internationally ubiquitous. modernization that encompassed product distribution systems have The newly installed, ultra-modern, the upgrading of machinery and been upgraded to modern standards state-of-the-art, fully automated plant, equipment, the introduction of with fully computerized systems. A will ensure that only products of the modern management, systems fleet of modern vehicles ensure that highest quality reach the consumer. & processes and the continuous even customers in the most remote
Annual Report 2017/18 5 | DISTILLERIES COMPANY OF SRI LANKA PLC
The Story of Arrack
“Sri Lankan coconut arrack is undeniably one of the purest naturally derived alcoholic beverages in the world, distilled through a natural fermentation process. Sri Lanka has perfected the technique of making coconut arrack through the years.
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The Sri Lankan flavour that lingers on... old vocation which is culturally renowned distillation process is usually completed The pristine ambrosia-like qualities of and passed down from father to son. within 24 hours. The purified spirit comes Sri Lanka’s unique coconut arrack can Toddy tapping is as much an intricate out with the distinctive flavour of arrack, be traced back thousands of centuries, art as it is a science. Toddy tappers ready to be savoured. The contents of finding mention in early literature – “ … manually extract the toddy from coconut the wooden vats are mixed diligently liquor drawn from the coconut flower”. This trees, which are coupled and girdled every fortnight for better aeration and to renowned beverage is steeped in legend by skilfully rappelling from tree to tree. increase contact with the wood. Herbs and tradition, making it one of the most Coconut sap or toddy is obtained by and spices from ancient recipes are also celebrated offerings from Sri Lanka to the tapping the unopened coconut flower for added at particular stages, to enhance world. its nectar. Thereafter the toddy is collected flavour and mellow the liquor during the in earthenware pots. This toddy when crucial maturation process. The maturation Sri Lankan coconut arrack is undeniably fresh contains much sugar, but yeasts, process is completed after flavour one of the purest naturally derived microscopic vegetable organisms soon enhancing and smoothening, while ageing alcoholic beverages in the world, distilled find their way into it, act on the sugar in the wooden vats. through a natural fermentation process. present and produce alcohol. This process Finally spirits of different ages and flavours Sri Lanka has perfected the technique of of converting the sugar into alcohol is are blended to create the various DCSL making coconut arrack through the years. called fermentation. After a minute filtration brands, all under the careful supervision of Today, it has acquired the perfect balance process, this liquor is poured into massive an experienced connoisseur and Master for the discerning palate and coconut casks made of Halmilla wood and carefully Blender. As the largest coconut arrack arrack reigns as the alcoholic beverage of transported to our factories for distillation. choice in the country. distillery in Sri Lanka, possibly even in the The process of distillation involves two world, this golden-brew remains our pride The initial step in the process of making stages; continuous distillation (patent and flagship product. coconut arrack is toddy tapping, an age- still distillation) and pot distillation. This
Annual Report 2017/18 7 | DISTILLERIES COMPANY OF SRI LANKA PLC
Tradition Served with Pride
Extra Special Arrack A blend of coconut spirits and imported neutral spirits bringing Double Distilled herbal flavours with a distinctively Arrack rich taste and smooth aroma Twice distilled in pot stills and matured slowly in Halmilla vats giving a remarkable taste and aroma
Old Arrack A 100% coconut spirit, refined, aged and matured in Halmilla vats - giving a woody & natural flavour
Very Special Old Arrack A blend of 100% aged coconut spirits, well-matured in Halmilla vats to give a taste of oak
Coconut Arrack Superior blend of mellow 100% coconut arrack full of character and a distinctive flavour stemming from
8 Annual Report 2017/18 the traditional process of maturing DISTILLERIES COMPANY OF SRI LANKA PLC |
White Label Arrack Crystal clear and an absolutely pure blend of coconut arrack and neutral spirits giving a tint of fresh lime with a slight burning sensation on your tongue
Narikela A 100% pure coconut spirit, which brings out the full-bodied taste and aroma of desiccated coconut with a subtle sweetness. Best served as a cocktail mixer
Special Arrack A blend of coconut and neutral Sri Lanka Arrack spirits bringing a distinctively rich A 100% coconut spirit, and smooth flavour matured in Halmilla vats, producing a woody character and exceptional Blue Label Arrack smoothness Finest blend of matured coconut arrack and neutral spirits giving a rich and smooth flavour
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Premium brands from around the world
BURONGA HILL WINCARNIS - TONIC WINE Buronga Hill Estate is First produced in 1887, the flagship brand of the Wincarnis Tonic Wine is a Buronga Hill Winery. Located natural tonic, incorporating in the Sunraysia district of an unique infusion of herbs southern NSW, Buronga Hill and spices. It is also rich in Winery is one of the largest vitamins, especially energy- wineries in Australia, using giving Vitamins. Usually enjoyed the latest technology. straight, Wincarnis Tonic Wine can also be mixed with gin to make a ‘Gin and Win’.
Grand Chais de France Founded in 1979, our family company “Les Grand Chais de France” has built its reputation upon the simple motto… “Des Hommes, des terriors, une passion” As the owners of over 30 domains and chateaux in some of the greatest French Albert Bichot appellations, as well as being an “THE EPIC STORY” OF A influential player in the Bordeaux GREAT HOUSE market for Grand Crus Classe, From 1350, the Bichot family was we hope that our customers established in Burgundy, with a deer will benefit from our 20 years as a symbol. It was only in the XIXth experience in wines and spirits century that the family ventured into the wine business, when Bernard Bichot found in 1831, a wine PASSION POP brokerage. The family heritage has There is nothing serious about this been passed down from father to little number! son until now. Since 1996, Albéric Passion Pop is low in alcohol and Bichot has represented the 6th loaded with soft, approachable generation to run the House. passionfruit sweetness. 10 Annual Report 2017/18 DISTILLERIES COMPANY OF SRI LANKA PLC |
viejo - marchante Navarro López Bodegas was founded in 1904 as a modest family winery by Don Juan Sánchez Megía. The original winery still stands today in the town of Valdepeñas. In 1988, after many successive family generations, the current president - Navarro Doroteo Donado - acquired the winery which now focuses on quality aged wines, from single grape varieties.
MUD HOUSE Our founders set sail to travel the world; only to fall in love DOÑA PAULA - LOS CARDOS with New Zealand. After planting vines they used the Doña Paula is among the local earth to build their home. main Argentinean wineries Two decades on, we continue that export premium to celebrate the spirit of striking wines; 97% of production out and breaking boundaries. is exported to more than 60 countries and the international press has assigned our wines at very high ratings.
CAPE DREAMS - “OUR STORY” The name Cape Dreams reflects our personal aspiration to build an internationally recognized brand whilst making TERRA ANDINA - By Sur Andina a difference. Our objective is to develop and grow Cape From the magnificence of the Andes to the cool waters of the Pacific. Dreams into a brand synonymous with wines of superb Blending grapes from different valleys with different climates and soil quality, offering an enhanced palate experience aimed conditions, for its full advantage of richness and diversity of Chile’s at both emerging and established wine markets. Like the different wine growing regions. Terra Andina is focused on making Rainbow, Cape Dreams is for the world to share. quality wines to capture full potential of Chilean viticulture. Annual Report 2017/18 11 | DISTILLERIES COMPANY OF SRI LANKA PLC
Premium brands from around the world
Caminos - By Sur Andina From the magnificence of the Caminos to the cool waters of the Pacific, Caminos use modern and OLD PULTENEY innovative winemaking Single malt scotch whisky skills to craft premium Pulteney distillery is one of the wines. Blending grapes most northerly distilleries on the from different valleys with Scottish mainland. The extreme different climates and location and unique stills have soil conditions, for its full resulted in a Single Malt Scotch advantage of richness and Whisky that is bursting with the diversity of Chile’s different power and subtlety of the sea. wine growing regions. Caminos is focused on making quality wines to capture full potential of Chilean viticulture.
Echo Falls - PINOT GRIGIO The fresh apple, pear and peach flavors will dance across your tongue, flirting with each and every taste bud along the way. Not literally of course - but SPEYBURN if it was actually dancing, we Single malt scotch whisky think it would dance the Jive; a Carving our own path since 1897 lively drink with exciting flavors! For over 100 years Speyburn Golden straw. Fruity apple, have trusted in their instincts and pear and citrus. challenged whisky norms to create a single malt Scotch worthy of the vibrancy of the Speyside region.
Somerton The Somerton range reflects the bright fruit flavors that are the hallmark of Australia’s sunny climate
12 Annual Report 2017/18 regions at incredible value for money. DISTILLERIES COMPANY OF SRI LANKA PLC |
ELIT & STOLICHNAYA VODKA Since the dawn of the 20th Century, I Have witnessed Great moments of humanity. I have journeyed into space on board soyuz 19 and bound men together in oaths of allegiance and honored their triumphs. I pioneered flavored vodkas in the 60s and have mixed cocktails for the finest actors and the greatest Presidents. I have no official birthday, but for more then 80 years have been produced to the same traditions and highest quality standards.
AGAVITA - TEQUILA Tequila Blanco, or white Tequila, is a Mexican spirit that can be served as a shot or mixed in cocktails. Even though it is colorless, it gives a slight taste of mint and peppery.
12 Year Old Regency (Premium) Left to quietly mature in American ex-bourbon casks for 12 long years, then expertly combined to create this spicy, sweet and distinctively balanced, blended Scotch Whisky that satisfies the most discerning of tastes.
Annual Report 2017/18 13 Argenté The ultimate expression of distinguished taste
As the largest and oldest distiller of
pure coconut arrack in the world,
we have perfected the process of
extraction, distilling and blending
for over a century. Made exclusively
from coconut spirit aged for a
minimum of 20 years, Argenté
Centenary Blend is the result of this
progression. Where the finest raw
materials are transformed by our
master-craftsmen, into a creation
that is the essense of excellence and
an icon of distinguished taste. Our Latest Addition | DISTILLERIES COMPANY OF SRI LANKA PLC
Chairman's Statement
We are happy to note that current market capitalisation of DCSL PLC is approximately Rs. 100 billion which shows that the market has recognized the true value of your company.
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I am pleased to share with you, been collected; the increase of the the company now has, which the company’s annual report and price of basic goods could have enable our customers to enjoy audited financial statements for been mitigated to a great degree products of the highest standard the year ended 31st March 2018. without imposing more burdens on without having any ill-effects. During this period, your company the poor. continued its pursuit of Group Restructure growth and expansion. During the financial year In the face of continuous under consideration, unfair and unethical These efforts have DCSL / Melstacorp practices favouring a few completed the restructure unscrupulous elements, we resulted in the arrangement in the continue to operate in an Group. In March 2018, industry which in years has sophisticated production shares of DCSL have not offered a level playing facilities the company now been given as dividend field. All of these defects, in specie to Melstacorp loopholes, shortcomings posses, which enables shareholders fulfilling and man-made situation our original promise to in the industry have been our customers to enjoy give a special allocation brought to the notice of products of the highest of shares in DCSL PLC. responsible authorities, As a result shares of as well as the shocking standard. DCSL PLC commenced revelations published its trading again in by newspapers of these the Colombo Stock findings of the special Exchange. We are happy to note presidential commission set up by Despite the difficulties we have that current market capitalisation His Excellency the President , have had to encounter from ineffective of DCSL PLC is approximately Rs. not had any effect to date. This regulators, tax-unpaid products 100 billion which shows that the may be because; the very people introduced to the market by who are responsible to take action competitors and politicians with market has recognized the true may be siding with the wrongdoers. vested interests, we continued value of your company. I am very Otherwise such, blatant unethical our forward march. Under our confident that DCSL will grow from practices would not have gone management we have acquired the strength to strength, despite the unchecked and unpunished. As world-class technology & know- obstacles mentioned above. revealed in the Commission these how and adopted best practices practices deprive the State coffers while modernising our distillery and Company’s Performance billions of rupees in revenue. We bottling plant, training our chemists Turnover of the company was Rs. strongly believe that the law of the and production staff to provide 90 billion, while the Profit after Tax land should be applied equally the best products to consumers. for the year was Rs. 4.35 billion. and fairly to all for the good of the These efforts have resulted in the During the year the Company paid nation. Had these defrauded taxes sophisticated production facilities Rs. 64 billion in taxes.
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Chairman's Statement
Continuous Challenges Faced distilled at our own distilleries thereby Cogent evidence has surfaced that When compared with last year we guaranteeing consumers a 100% some unscrupulous manufacturers of have noted a drastic increase in the natural product free from artificial toddy alcohol are offering staggering prices illegal production of liquor. We have containing poisonous substances. to purchase retail licenses with the also observed that a large amount of It is only now the newspapers are sole intention of channelling their non- spirit is being smuggled into the country highlighting this mafia in the toddy trade. invoiced, tax-unpaid liquor through their passing through the customs without We have upgraded our laboratories outlets and thereby evading a colossal payment of taxes by classifying the and also strengthened procedures by amount of tax revenue to State Coffers. product as paint removers, thinner and appointing qualified personnel to inspect This issue has reached unprecedented spirit for eau de cologne etc, depriving every barrel of toddy brought to our level, whereby 6 manufacturers are the State by billions of Rupees. Such distillery, in order to detect any form of currently controlling over 225 retail acts are carried out by powerful people adulteration and extraneous matter it outlets out of approximately 1000 belonging to political groups outlets in the name of their kith (and this is well known in the & kin, thereby defrauding the market) with the connivance of the State of billions of Rupees whilst enforcement authorities who turn Such pricing policies the regulators turn a deaf ear a blind eye and deaf ear. and blind eye. This is about are promoting bootleggers 1/5th of the total licenses. It Our unique and traditional Sri and harming innocent is disheartening to note that Lankan toddy industry which even some officers from the has been passed down from consumer’s health, leading enforcement authority are generation to generation over the operating FL4 licenses using centuries is gradually becoming to the eventual shortening other names to find a market an endangered industry. This for illegal products, and this is sorry state of affairs is the direct of many consumers’ very well known to the Excise result of the rapid increase lifespan. Department. The fact that these of illegal and artificial toddy unscrupulous manufacturers are manufacturers, who aid and paying such staggering prices to abate the moonshine business by obtain a license itself is a proof producing cheap artificial toddy, unfit may contain. We are single handedly of the existence of such illegal trade for human consumption. As a result, nurturing the traditional toddy tapping and indicates how rampant corruption traditional toddy suppliers, who are customs although only a handful of such has spread like a deadly disease unable to compete with such low-cost genuine tappers remain in the industry. in the industry. Although we have artificial toddy, are finding that their rich The toddy industry lacks trained toddy continuously requested the regulator legacy is becoming unsustainable. It is tappers, yet the Department of Excise to rescind the said condition from the saddening that, some of our competitors is not focusing on this issue to help the excise notification whereby excise use artificial toddy to distill spirit thereby industry and to ensure the production of licenses could be transferred to another, bringing various health hazards to genuine coconut toddy. our requests have fallen on deaf ears innocent consumers. The so called “Old to date. Very soon the balance licenses Arrack” in the market is made of artificial The Excise Ordinance which came that are available also will be absorbed toddy and the consumer is unaware into operation on 1st January 1913 is by the unscrupulous manufacturers to of the real situation. We are unable to now 105 years old. It is high time that dispose their illegal products with ease. make the public aware of this danger legislators introduce a practical, new due to the restrictions imposed by the ordinance in place of archaic laws to In the recent past the price of alcohol NATA Act. suit modern day requirements and was increased on two occasions by the make it easier for manufacturers and authorities, making legally produced We are proud to say that DCSL PLC consumers to carry out their day to day arrack beyond the reach of the common is the only company that produces operations as the industry has gone man in the country. Such pricing policies 100% natural coconut arrack using through so many changes since its are promoting bootleggers and harming 100% pure coconut toddy. The toddy is inception. innocent consumer’s health, leading
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to the eventual shortening of many I would also like to thank our valued consumers’ lifespan. shareholders for placing their confidence in the Our Company’s It is high time that the law enforcement strength which lies in the loyalty shown authorities seriously look into the by our customer base and other revelations and shortcomings published stakeholders, who continue to inspire in this annual report and take effective us to retain our position as one of the action for the benefit of the public. We most valuable and respected corporate sincerely hope this is an eye opener entities in the country. and it is our duty to protect the public and our valued consumers from this perilous situation.
Dividend D. H. S. Jayawardena Subsequent to the restructure Chairman / Managing Director your company will continue as a manufacturer of liquor while other 21 August 2018 business activities have been transferred to the holding company, Melstacorp PLC. Therefore the company would now be maintaining a much higher dividend pay-out ratio than the past. The Board has resolved that a minimum of 70% pay-out ratio will be maintained in the future. Accordingly I am pleased to announce that your directors are recommending a Rs. 0.67 per share dividend for the year 2017/18.
Compliance I am pleased to report that the Company has complied with all relevant provisions of the Code of Best Practice of Corporate Governance issued jointly by the Institute of Chartered Accountants of Sri Lanka and the Securities and Exchange Commission of Sri Lanka. We are committed to the furtherance of the best Corporate Governance principles and practices. The measures taken in this regard are set out in the Corporate Governance Report.
Appreciation I take this opportunity to thank the Board of Directors for their unstinted support and the management and staff for their single-minded pursuit of profitability for the Company against all odds.
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Board of Directors
Mr. D. H. S. Jayawardena Mr. C. R. Jansz Chairman / Managing Director Executive Director
Mr. N. de S. Deva Aditya Capt. K. J. Kahanda (Retd.) Independent Non-Executive Director Executive Director
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Dr. Naomal Balasuriya Mr. Ranjeevan Seevaratnam Independent Non-Executive Director Independent Non-Executive Director
Mr. D. Hasitha S. Jayawardena Ms. V. J. Senaratne Mr. Amitha Gooneratne Non-Independent Non-Executive Director Company Secretary and Chief Legal Officer Alternate Director to N. de S. Deva Aditya
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Board of Directors
the EU-ACP 2004 and the President EU Mr. D. H. S. Jayawardena Mr. C. R. Jansz Chairman / Managing Director Executive Director India Chamber of Commerce from 2005. In 2012 he stood for and came runner Mr. Harry Jayawardena is one the most Mr. Jansz is the Chairman of DFCC Bank up, beating the Liberal candidate into 3rd successful and prominent business PLC. and is a Director of Melstacorp PLC. place to be the President (Speaker) to magnates in Sri Lanka. He was elected and other Companies in the Melstacorp the European Parliament. He was the first Chairman of the DCSL Group in 2006 Group. He is a Director of Lanka Milk Asian to be elected as a Conservative after serving as its Managing Director Foods (CWE) PLC., Lanka Dairies (Pvt) Ltd., and other Companies in the Lanka Member of British Parliament, first Asian for almost two decades. He heads many Milk Foods Group. MP to serve in the British Government successful ventures in diversified fields of as PPS in the Scottish Office and first business. He is the founder Director and He is a former Chairman of Sri Lanka the present Chairman / Managing Director Shippers Council and a former Member Asian born MP to be elected to the of the Stassen Group of Companies. of the National Trade Facilitation European Parliament. He was nominated Committee of Sri Lanka. He has many as a candidate to succeed Kofi Annan as He is the Chairman of Lanka Milk Foods years of experience in logistics and in Secretary General to the UN in 2006. (CWE) PLC., Milford Exports (Ceylon) documentation, insurance, banking and He is a Hon. Ambassador without (Pvt) Ltd., Ceylon Garden Coir (Pvt) Ltd., finance relating to international trade. Ambewela Products (Pvt) Ltd., Ambewela portfolio for Sri Lanka; the first Asian to Mr. Jansz holds a Diploma in Banking and Livestock Co. Ltd., Danish Dairy Products be appointed as Her Majesty’s Deputy Finance from the London Metropolitan Lanka (Pvt) Ltd., Lanka Dairies (Pvt) Ltd., Lord Lieutenant for Greater London, University (Formerly London Guildhall Melstacorp PLC and its subsidiaries; representing The Queen on official University) – UK. He is a Chevening Aitken Spence PLC., Aitken Spence Hotel occasions since 1985; awarded the Scholar and a UN-ESCAP Certified Holding PLC., Balangoda Plantations honour “Viswa Kirthi Sri Lanka Abhimani“ Training Manager on Maritime Transport PLC., Madulsima Plantations PLC., for Shippers. by the Buddhist Clergy for his Services to Browns Beach Hotels PLC., Lanka Bell Sri Lanka and given the Knighthood with Mr. N. de S. Deva Aditya Ltd., Periceyl (Pvt) Ltd., Bogo Power (Pvt) Merit of the Sacred Constantinian Military DL, FRSA Ltd., and Texpro Industries Ltd., Melsta Independent Non-Executive Director Order of St. George for his global work Health (Private) Ltd. on poverty eradication. He is a Fellow of Mr. Niranjan Deva Aditya, is an the Royal Society for Arts, Manufacture He is a former Director of Hatton National Aeronautical Engineer, Scientist and and Commerce (Est:1765). Bank PLC., the largest listed bank in Sri Economist, a Conservative Member of Lanka and former Chairman of Ceylon the European Parliament elected from Capt. K. J. Kahanda (Retd.) Petroleum Corporation and Sri Lankan the SE England. He is the Vice President Executive Director Airlines. of the Development Committee; ECR Captain Kahanda joined the Company Co-ordinator, Chairman of the European Mr. Jayawardena is the Honorary Consul in 1993 as Regional Manager (Central Parliament’s Delegation for Relations with for Denmark and was the only Sri Lankan Region) and was appointed a Director in the Korean Peninsula and Conservative honoured with the prestigious “Knight’s Spokesman for Overseas’ Development December 2006. Being a former officer Cross of Dannebrog’ by Her Majesty, and Co-operation. of the Sri Lanka Army, he spearheaded Queen Margrethe II of Denmark, for his the re-organisation of the operations of He was the Co Leader of the significant contribution to the Danish arts, the Central Region since privatisation. He Parliamentary Delegation to the UN sciences and business life. specialises in logistics, distribution and World Summit and General Assembly He has also been awarded the title, 2006, Chairman Working Group A of security matters, and is also a Director of “Deshamanya” in recognition of his Development Committee overseeing Melstacorp PLC, G4S Security Services services to the Motherland, since Asia, Central Asia and Far East; - Co- (Pvt) Ltd., and Pelwatte Sugar Distilleries November 2005. ordinator Assembly of 79 Parliaments of (Pvt) Ltd., a subsidiary of the Group.
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Mr. Jayawardena has also worked as Dr. Naomal Balasuriya Mr. Amitha Gooneratne MBBS [Sri Lanka], MBA [Sri.J], CIM an Intern at the Clinton Global Initiative FCA (SL), FCA (Eng. & Wales) [UK], MCGP [SL], MSLIM, MIMSL programme (CGI) in New York in 2007. Alternate Director to N. de S. Deva Aditya Independent Non-Executive Director Mr. Ranjeevan Seevaratnam Mr. Amitha Gooneratne has held several Dr. Naomal Balasuriya, a medical doctor FCA (SL), FCA (Eng. & Wales) senior positions at Commercial Bank of Independent Non-Executive Director turned-entrepreneur is internationally Ceylon PLC and served as the Managing Director from 1996 to April 2012. He sought after as a life changing Mr. Ranjeevan Seevaratnam motivational speaker. His professional is a Fellow member of the Institute of was appointed to the Board as expertise ranges from medicine, military, Chartered Accountants, United Kingdom an Independent Non Executive management, marketing, mentoring to and Wales and a Fellow Member of the Director from September 2015. motivational speaking. He holds both Institute of Chartered Accountants, Sri He is a Graduate of University of the Master of Business Administration Lanka. He was the Founder Chairman London in Chemistry, Botany and (MBA) and CIM (UK) qualifications. of the Financial Ombudsman Sri Lanka Zoology. He is a Fellow Member of Having worked in the government sector, (Guarantee) Ltd., and former Chairman Chartered Accountants of England private sector and the Sri Lanka Air of the Sri Lanka Banks’ Association and Wales and Fellow Member of Force as a medical doctor, he now leads (Guarantee Ltd. He was also the Managing Chartered Accountants of Sri Lanka. his entrepreneurial training company, Director of Commercial Development Mr. Seevaratnam was a Senior Partner Success Factory. He is also a Director of Company PLC, a Public Quoted Company of KPMG, Chartered Accountants, for Melstacorp PLC. listed in the CSE and was the Chairman of a period of 30 years, where he was Commercial Insurance Brokers (Pvt) Ltd. Mr. D. Hasitha S. Jayawardena mainly involved with audits of banks, He was also nominated to the Board of BBA (Hons) (UK) financial services and manufacturing SriLankan Airlines during 2002–2004 by Non-Independent Non-Executive Director companies. He was a designated the Government of Sri Lanka. Mr. Hasitha Jayawardena holds banking partner in Sri Lanka. He is also a Non Executive Independent Director On his retirement, Mr. Gooneratne, a Bachelor’s Degree in Business of Melstacorp PLC and a number of assumed duties as Managing Director Administration BBA (Hons) from the of Melstacorp PLC. He is the Chairman Public Quoted Companies. University of Kent in the United Kingdom. of Melsta Regal Finance Limited, Melsta Mr. Jayawardena joined the Stassen Ms. V. J. Senaratne Logistics (Pvt) Limited and Bellvantage Attorney-at-Law, Notary Public, Solicitor Group in February 2013. He is a Director (Pvt) Limited., Board Member of Periceyl (Eng. & Wales) Alternate Director to K. J. (Pvt) Limited, Balangoda Plantation PLC, of Stassen Exports (Pvt) Ltd., Milford Kahanda / Company Secretary and Chief Lanka Bell Limited, Telecom Frontier Exports (Ceylon) (Pvt) Ltd., Stassen Legal Officer International (Pvt) Ltd., Stassen Natural (Pvt) Limited, Bell Solutions (Pvt) Limited, Foods (Pvt) Ltd., Ceylon Garden Coir Ms. Senaratne was appointed as the Timpex (Pvt) Limited, Texpro Industries Company Secretary in 1993. She was Limited, Bogo Power Limited., Continental (Pvt) Ltd., Milford Developers (Pvt) admitted to the Bar in 1977 and was Insurance Limited and Browns Beach Ltd., Stassen Foods (Pvt) Ltd., C. B. D. enrolled as a Solicitor (England & Wales) Hotel PLC., Melsta Health (Private) Exports (Pvt) Ltd., Lanka Milk Foods in June 1990. She also holds the position Ltd., which are subsidiary companies of (CWE) PLC., Lanka Dairies (Pvt) as Company Secretary of Periceyl (Pvt) Melstacorp PLC. Ltd., Ambewela Livestock Company Ltd., and Melsta Health (Private) Ltd. Ltd., Pattipola Livestock Company He is an independent Director of Lanka Ltd., Ambewela Products (Pvt) Ltd., She also currently serves as a director IOC, Teejay Lanka PLC and Commercial Melstacorp PLC., Periceyl (Pvt) Ltd., on the Board of Paradise Resort Development Company Limited. Balangoda Plantations PLC., Madulsima Pasikudah (Pvt) Ltd., Amethyst Leisure He is also the Alternate Director to Mr.N. Plantations PLC., Melsta Health (Private) Limited, DFCC Bank PLC and as an de S. Deva Aditiya on the Board of Ltd., Zahra Exports (Pvt) Ltd. and Mcsen alternate Director of Melstacorp PLC and Distilleries Company of Sri Lanka PLC and Range (Private) Ltd. Distilleries Company of Sri Lanka PLC. Aitken Spence PLC.
Annual Report 2017/18 23 | DISTILLERIES COMPANY OF SRI LANKA PLC
DCSL Management
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24 Annual Report 2017/18 DISTILLERIES COMPANY OF SRI LANKA PLC |
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1 Ms. V. J. Senaratne 6 Premasiri Liyanaarachchi 11 Maj. Gen. Mano Perera (Retd.) Company Secretary & Chief Legal Officer Chief Internal Auditor Head of Operations
2 Nimal Nagahawatte 7 Maj. Roshan Cabraal (Retd.) 12 Roshanth Kumar Perera Head of Finance Head of Northern Region Head of Transport & Logistics
3 S. Rajanathan 8 Col. Ranjith Rupasinghe (Retd.) 13 Lalith Ratnayake Head of Procurement Head of Extra Special Heritage Arena Head of Inventory Management
4 Capt. Ranjith Wettewa SLN (Retd.) 9 Brig. Aruna Wijewickrama (Retd.) Head of Uva Region Head of Southern Region
5 Ms. Gayathri Chakravarthy 10 Capt. Chula Ranasinghe (Retd.) Head of Human Resources Head of Central Region
Annual Report 2017/18 25 | DISTILLERIES COMPANY OF SRI LANKA PLC
Fun and Games DCSL Style!
DCSL Children's Party 2017