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Sinhaputhra Finance Plc

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Sinhaputhra Finance Plc SINHAPUTHRA FINANCE PLC Soaring ..... to New Heights ANNUAL REPORT 2013/2014 VISION To instill a spirit of excellence in all our undertakings MISSION CONTENTS To be the most secure and stable Finance Company in the sphere of our services VISION, MISSION & GOALS 1 FINANCIAL REPORTS TEN YEAR SUMMARY 88 FINANCIAL HIGHLIGHTS 2 NOTICE OF MEETING 90 GRAPHICAL REVIEW 3 ANNUAL REPORT OF THE BOARD OF DIRECTORS 33 FORM OF PROXY 91 CHAIRMAN’S REVIEW 4 STATEMENT OF DIRECTORS’ RESPONSIBILITIES 37 CORPORATE INFORMATION GOALS SHARE INFORMATION 8 INTEGRATED RISK MANAGEMENT COMMITTEE REPORT 38 BACK INNER COVER To increase shareholder wealth STATEMENT OF VALUE ADDED 11 REMUNERATION COMMITTEE REPORT 41 PROFILE OF BOARD OF DIRECTORS 12 AUDIT COMMITTEE REPORT 42 To provide the finest financial services CORPORATE SOCIAL RESPONSIBILITY 15 DIRECTORS‘ STATEMENT ON INTERNAL CONTROL OVER To infuse in our employees a spirit of commitment and dedication HUMAN RESOURCES AND PRODUCTIVITY 19 FINANCIAL REPORTING 44 To be responsive to the needs of society CORPORATE GOVERNANCE 22 INDEPENDENT AUDITORS’ REPORT 46 RISK MANAGEMENT 25 STATEMENT OF COMPREHENSIVE INCOME 47 To maintain integrity in all we do STATEMENT OF FINANCIAL POSITION 48 STATEMENT OF CHANGES IN EQUITY 49 STATEMENT OF CASH FLOWS 50 NOTES TO THE FINANCIAL STATEMENTS 52 SINHAPUTHRA FINANCE PLC Annual Report 2013 / 2014 Annual Report 2013 / 2014 SINHAPUTHRA FINANCE PLC FINANCIAL HIGHLIGHTS GRAPHICAL REVIEW 2014 2013 CHANGE LOANS AND ADVANCES RS.'000 RS.'000 % GROSS INCOME Rs. Operating Results - Income Statements 5,000,000 Rs. Income 1,065,687 857,085 24 4,000,000 1,500,000 Net Profit Before Tax 76,782 69,267 11 Income Tax on Profit 7,387 4,858 52 3,000,000 4,476,195 Net Profit After Taxation 84,169 74,125 14 1,000,000 3,915,825 Retained Profit 184,256 130,203 42 2,000,000 3,396,914 1,065,687 2,654,551 500,000 857,085 1,000,000 2,198,500 694,501 647,202 Financial Position 646,643 - - Shareholders’ Funds 968,132 826,139 17 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Deposits from Customers 4,511,621 4,011,946 12 Borrowings 504,869 330,647 53 Gross Income Loans and Advances Lending Portfolio 4,476,195 3,915,825 14 Total Interest Earning Assets 5,036,146 4,395,539 15 Total Assets 6,425,200 5,488,350 17 Market Capitalization 830,428 540,817 54 EQUITY DEPOSITS Ratios Rs. Rs. Return on Average Assets % 1.41 1.43 -1 1,000,000 5,000,000 Return on Average Shareholders’ Funds % 9.38 9.27 1 900,000 4,500,000 Market Value at the Year End - Ordinary 131.9 85.90 54 800,000 4,000,000 968,132 700,000 3,500,000 Information Per Ordinary Share 4,511,621 826,139 600,000 3,000,000 4,011,946 Earnings Per Share (Rs.) 13.37 11.77 14 773,826 Net Assets Per Share (Rs.) 153.77 131.22 17 500,000 2,500,000 3,591,624 Price Earning (Times) - Ordinary Shares 9.87 7.30 35 400,000 2,000,000 2,955,261 300,000 482,060 1,500,000 2,435,524 Statutory Ratios (%) 443,774 200,000 1,000,000 Core Capital Ratio 5% 9.43 9.32 1 100,000 500,000 Total Risk Weighted Capital Ratio 10% 11.45 10.11 13 - - Liquid Assets 11.01 11.44 -4 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Equity Deposits 2 3 SINHAPUTHRA FINANCE PLC Annual Report 2013 / 2014 Annual Report 2013 / 2014 SINHAPUTHRA FINANCE PLC CHAIRMAN’S REVIEW ... CHAIRMAN’S REVIEW Sinhaputhra Finance PLC ensured a profit As at 31st December 2013 there were fifty FOCUS ON IMMOVABLE ASSET-BACKED after tax of Rs. 84.1 million, and earnings eight (58) Licensed Finance Companies MORTGAGES AND TIGHTER CRITERIA of Rs. 13.37 per share against Rs. 11.77 the controlling Rs. 717 billion in assets. FOR CREDIT previous year. This is evidence of a significant 14% increase in performance. Fourteen (14) companies had over Rs. 10 To enhance collateral, the Company has billion in assets as at 30th September 2013 taken this step; a speedy process through The net income from operations increased in the large category, placing Sinhaputhra in in-house legal services which minimize the from Rs. 252 million to Rs. 311 million. This is the mid-sized group with a more conservative time for loan disbursement whilst ensuring due to the net difference of the decrease in credit growth policy. reliable collateral. interest cost vs the maintaining of earnings on interest on our lending. The provisions I wish to detail below some of our TREASURY MANAGEMENT increased only marginally from Rs. 56 million achievements and the introduction of new in the FYE 2013 to Rs. 82 million in the FYE services during the year under review. The Company has given special focus on 2014 due to a vastly improved debt portfolio effective monitoring of this area to ensure and having written-off past dues. CORPORATE GOVERNANCE maximum returns, optimum liquidity, mitigating risks and reducing the tax burden. J.R.J. Nanayakkara The Company attracted fresh public deposits The Company has now instated all in excess of Rs. 1.4 billion, a net growth of the regulatory Corporate Governance HUMAN RESOURCES Rs. 500 million with an average of 42 million requirements, and has benefited immensely per month was recorded during the year from the systems in place. This subject is We are geared up with a systematic under review displaying the goodwill it has discussed in length under the same heading. orientation program using multimedia acquired over the last thirty four of financial technology in a novel manner to speedily WE STOOD AS AT The Introduction of the International Financial Reporting service and the confidence of the Central FOCUS ON RECOVERIES absorb our new recruits to the Sinhaputhra Standards (IFRS) has been a key change in the financial industry. Bank Deposit Insurance Scheme offered to culture. We consider them our vital internal The accounts which have been prepared in accordance with the the sector. Our Fixed Deposit base stood at The introduction of the collection and customers and attempt to ignite keen 31ST MARCH 2014 Sri Lanka Accounting Financial Reporting Standards (SLFRS), Rs. 4.3 billion and bank borrowings stood at recoveries division last year provided the interest in them about our products as makes the Financial Position reflect a more current and futuristic Rs. 505 million. Your company’s fund raising desired attention on recovery of monies lent, an initiating process. Due to increased A COMPANY COMMANDING picture. possibilities are still wide open with a Rs. 1.1 which was previously the sole responsibility outreach, our staff strength has grown to billion unused buffer of debtors that can be of the lending division. This was further 203. Yet, our regulators have clearly indicated that they will be guided securitized to further our credit growth. strengthened by a collections call centre RS. 6.4 BILLION by the previous accounting standards for regulatory purposes. with software for record keeping and follow- EDUCATION AND TRAINING The 2014 budget has relaxed the exchange control regulations We stood as at 31st March 2014, a company up. However, the lending division was also IN ASSETS - A GROWTH OF for foreign borrowing amidst an escalating interest rate climate, commanding a Rs. 6.4 billion asset base - given the responsibility for the early stages As an ever-growing Company, we believe opening the international capital market to invest in our sector, a growth of 17% from last year. of the recovery of monies lent. Our in-house in the welfare of our staff. Hence, we have 17% FROM and your company envisages less pressure in interest rate Lawyer and arbitration processes are now an enrolled our key staff and granted incentives escalations and fund mobilization. In fact, a sudden surge in the We enhanced our total Equity to Rs. 968 integral step in assisting with recoveries. This for others to become diploma holders of net growth of Deposits has been experienced despite a fall in million and made a significant growth to has also resulted in further improvements of the Institute of Credit Management and LAST YEAR… interest rates at the time of sending this report to print. Hence, our net asset value from Rs. 131 per share to bad debt recoveries. joined hands with the Centre for Banking your company hopes this will materialize in lower costs of funds Rs. 154 per share. in the Financial Year 2014. 4 5 SINHAPUTHRA FINANCE PLC Annual Report 2013 / 2014 Annual Report 2013 / 2014 SINHAPUTHRA FINANCE PLC ... CHAIRMAN’S REVIEW ... CHAIRMAN’S REVIEW Studies to deliver lectures from their current been given out on lease and on revenue TRAVEL DIVISION for our savings account holders to access have transferred the requisite sum of 20% programme calendar, to enhance the share basis to the British Council which a wider range of ATMs in Sri Lanka and of net earnings to our Statutory Reserve productivity of our staff and have arranged conducts London “O” Level and “A” Level Your company also made available a fleet worldwide, and experience a wider usage Fund and we are considering the retention to defray such costs by including other Exams including their seminars and to a of "Hybrid" vehicles for hire to reap the of this unique service. Our SMS withdrawal/ of all profits to speedily achieve our Rs. 500 Licensed Finance Company's staff in the Business Process Outsourcing company.
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