SINGER FINANCE (LANKA) PLC
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30TH JUNE 2024
Interim Financial Statements for the Three Months Ended 30th June 2024
STATEMENT OF FINANCIAL POSITION
As At | 30-June-2024 | 30-June-2023 | 31-Mar-2024 |
(Audited) | |||
Rs.'000 | Rs.'000 | Rs.'000 | |
ASSETS | |||
Cash and Cash Equivalents | 485,121 | 5,327,073 | 3,825,976 |
Placement with Banks | 259,033 | 361,659 | 254,023 |
Financial assets measured at fair value through profit or loss (FVTPL) | 455,732 | - | 463,761 |
Financial assets at amortised cost-Hire Purchase Receivables | - | - | - |
Financial assets at amortised cost-Finance Lease Receivables | 12,276,343 | 8,378,918 | 10,935,835 |
Financial assets at amortised cost-Loans and Advances | 19,572,201 | 13,760,266 | 16,774,012 |
Financial assets measured at fair value through other comprehensive income | 2,185 | 2,120 | 2,185 |
Financial assets at amortised cost-Debt and other financial instruments | 2,555,760 | 2,159,425 | 2,478,591 |
Other Debtors, and Prepayments | 369,228 | 276,254 | 342,725 |
Deferred Tax Assets | 106,318 | 127,484 | 93,093 |
Intangible Assets | 84,175 | 77,241 | 87,825 |
Property, Plant & Equipment | 656,905 | 632,895 | 638,235 |
Right-of-use assets | 666,246 | 675,645 | 698,183 |
Total Assets | 37,489,247 | 31,778,980 | 36,594,444 |
LIABILITIES AND EQUITY | |||
Liabilities | |||
Financial liabilities at amortised cost-Due to Customers | 23,158,818 | 21,103,672 | 22,179,511 |
Financial liabilities at amortised cost-Interest Bearing Loans & Borrowings | 6,262,530 | 3,725,933 | 6,870,504 |
Lease Liabilities | 793,798 | 783,896 | 839,484 |
Trade & Other Payables | 682,618 | 454,436 | 591,831 |
VAT Payable | 17,503 | 1,190 | 7,722 |
Due to Related Companies | 142,574 | 45,268 | 105,046 |
Bank Overdraft | 806,685 | 195,454 | 531,809 |
Current Tax Liabilities | 149,016 | 270,943 | 92,241 |
Retirement Benefit Obligations | 167,146 | 131,344 | 161,997 |
Total Liabilities | 32,180,688 | 26,712,136 | 31,380,145 |
Equity | |||
Stated Capital | 1,996,444 | 1,996,444 | 1,996,444 |
Statutory Reserves | 335,411 | 254,564 | 335,411 |
Fair Value Reserve of Financial Assets at FVOCI | 2,144 | 2,079 | 2,144 |
Regulatory Loss Allowance Reserve | - | - | 51,093 |
Retained Earnings | 2,974,560 | 2,813,757 | 2,829,207 |
Total Equity | 5,308,559 | 5,066,844 | 5,214,299 |
Total Liabilities & Equity | 37,489,247 | 31,778,980 | 36,594,444 |
Net Assets per share (Rs) | 26.27 | 25.07 | 25.80 |
I certify that the financial statements of the Company comply with the requirements of the companies Act 07 of 2007
(Sgd.)
Eraj Fernando
Head of Finance
The above figures are provisional and subject to audit unless specified.
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Signed for and on behalf of the Board by,
(Sgd.) | (Sgd.) |
A.Perera | Thushan Amarasuriya |
Chairman | Director/Chief Executive Officer |
Colombo | |
23rd July 2024 |
SINGER FINANCE (LANKA) PLC | 2
Interim Financial Statements for the Three Months Ended 30th June 2024
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Three Months ended 30th June | 2024 | 2023 | Variance | |
Rs.'000 | Rs.'000 | Rs.'000 | % | |
Gross Income | 2,092,577 | 2,037,754 | 54,823 | 3% |
Interest Income | 1,950,782 | 1,966,795 | (16,013) | (1%) |
Less: Interest Expense | 1,016,579 | 1,235,988 | 219,409 | 18% |
Net Interest Income | 934,203 | 730,807 | 203,396 | 28% |
Net Fee and Commission Income | 117,140 | 58,352 | 58,788 | 101% |
Trading Income | 220 | 170 | 50 | 29% |
Other Operating Income | 24,435 | 12,437 | 11,998 | 96% |
Total Operating Income | 1,075,998 | 801,766 | 274,232 | 34% |
Less: Impairment charges/(reversal) and Other Credit Losses on | ||||
Financial Assets | 43,605 | 78,385 | 34,780 | 44% |
Net Operating Income | 1,032,393 | 723,381 | 309,012 | 43% |
Less:- Expenses | ||||
Personnel Cost | 300,865 | 203,251 | (97,614) | (48%) |
Administration & Selling Expenses | 443,416 | 307,426 | (135,990) | (44%) |
Operating Profit Before Tax on Financial Services | 288,112 | 212,704 | 75,408 | 35% |
Less: VAT on Financial Services | 92,770 | 50,161 | (42,609) | (85%) |
Social Security Contribution Levy | 12,681 | 7,813 | (4,868) | (62%) |
Profit Before Income Tax | 182,661 | 154,730 | 27,931 | 18% |
Less: Income Tax Expense | 88,401 | 63,133 | (25,268) | (40%) |
Profit for the Period | 94,260 | 91,597 | 2,663 | 3% |
Total Comprehensive Income for the Period | 94,260 | 91,597 | 2,663 | 3% |
Basic Earnings per Share (Rs) | 0.47 | 0.45 |
SINGER FINANCE (LANKA) PLC | 3
Interim Financial Statements for the Three Months Ended 30th June 2024
STATEMENT OF CHANGES IN EQUITY
For the Three Months ended 30th June
Attributable to Equity Holders of the Company | ||||||||
Stated | Statutory | Fair Value Reserve of | Regulatory Loss | Retained | Total | |||
Capital | Reserves | Financial Assets at FVOCI | Allowance Reserve | Earnings | ||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||
Balance as at 31st March 2023 | 1,996,444 | 254,564 | 2,079 | - | 2,722,160 | 4,975,247 | ||
Total Comprehensive Income | ||||||||
Profit for the Period | - | - | - | - | 91,597 | 91,597 | ||
Total Other Comprehensive Income for the Period | - | - | - | - | - | - | ||
Total Comprehensive Income for the Period | - | - | - | - | 91,597 | 91,597 | ||
Dividends | - | - | - | - | - | - | ||
Total Transactions with Equity Owners | - | - | - | - | - | - | ||
Balance as at 30th June 2023 | 1,996,444 | 254,564 | 2,079 | - | 2,813,757 | 5,066,844 | ||
Total Comprehensive Income | ||||||||
Profit for the Period | - | - | - | - | 312,638 | 312,638 | ||
Other Comprehensive Income | ||||||||
Employee Benefit Plan Actuarial Loss | - | - | - | - | 5,127 | - | 5,127 | |
Tax on Other Comprehensive Income | - | - | - | 1,538 | 1,538 | |||
Gain from revaluation of Financial assets measured at FVOCI | - | - | 65 | - | - | 65 | ||
Total Other Comprehensive Income for the Period | - | - | 65 | - | - | 3,589 | - | 3,524 |
Total Comprehensive Income for the Period | - | - | 65 | - | 309,049 | 309,114 | ||
Transactions with Owners, Recorded Directly in Equity | ||||||||
Transferred to/(from) during the Period | - | 80,847 | - | 51,093 | (131,940) | - | ||
Dividends | - | - | - | - | (161,659) | (161,659) | ||
Total Transactions with Equity Owners | - | 80,847 | - | 51,093 | (293,599) | (161,659) | ||
Balance as at 31st March 2024 | 1,996,444 | 335,411 | 2,144 | 51,093 | 2,829,207 | 5,214,299 | ||
- | - | |||||||
Balance as at 01st April 2024 | 1,996,444 | 335,411 | 2,144 | 51,093 | 2,829,207 | 5,214,299 | ||
Total Comprehensive Income | ||||||||
Profit for the Period | - | - | - | - | 94,260 | 94,260 | ||
Total Other Comprehensive Income for the Period | - | - | - | - | - | - | ||
Total Comprehensive Income for the Period | - | - | - | - | 94,260 | 94,260 | ||
Transactions with Owners, Recorded Directly in Equity | ||||||||
Transferred to/(from) During the Period | - | - | - | (51,093) | 51,093 | - | ||
Dividends | - | - | - | - | - | - | ||
Total Transactions with Equity Owners | - | - | - | (51,093) | 51,093 | - | ||
Balance as at 30th June 2024 | 1,996,444 | 335,411 | 2,144 | - | 2,974,560 | 5,308,559 |
SINGER FINANCE (LANKA) PLC | 4
Interim Financial Statements for the Three Months Ended 30th June 2024
CASH FLOW STATEMENT
For the Three Months ended 30th June | 2024 | 2023 | ||
Rs.'000 | Rs.'000 | |||
Cash Flows From Operating Activities | ||||
Profit Before Tax | 182,661 | 154,730 | ||
Adjustments for | ||||
Non-Cash Items Included In Profit Before Tax | ||||
Interest Income from Investing Activities | (93,280) | (145,433) | ||
Interest Income from Placement with Banks | (48,202) | (211,000) | ||
Finance Cost | 1,011,849 | 1,229,298 | ||
Depreciation/Amortization | 72,606 | 66,092 | ||
Profit on disposal of Property, Plant and Equipment | (196) | (350) | ||
Profit on disposal on modification of ROU Asset | - | (874) | ||
Provision for Define Benefit Plans - Gratuity | 7,392 | 6,600 | ||
Gain on mark to market valuation of Government Securities | (611) | - | ||
Charge Provision for Bad Debt | 43,605 | 78,386 | ||
Securitization Issue Cost | 774 | 4,162 | ||
Debenture Issue Cost | 713 | 683 | ||
Operating Profit Before Changes In Operating Assets And Liabilities | 1,177,311 | 1,182,294 | ||
Changes In; | ||||
(Increase) / Decrease in Lease Rentals Receivables | (1,345,922) | 566,348 | ||
(Increase) / Decrease in Loans and Advances | (2,836,380) | 1,413,383 | ||
(Increase) / Decrease in Other Assets | (26,505) | 17,650 | ||
Increase In Public Deposits | 1,754,805 | 2,235,689 | ||
Increase / (Decrease) in amounts due to Related Companies | 37,529 | (70,528) | ||
Increase / (Decrease) in Other Liabilities | 104,740 | (19,893) | ||
Cash from Operations | (1,134,422) | 5,324,943 | ||
Finance costs paid | (2,058,262) | (2,093,620) | ||
Retiring Gratuity Paid | (2,243) | (3,777) | ||
Income Tax Paid | (44,850) | (35,176) | ||
Net Cash from/(used in) Operating Activities | (3,239,777) | 3,192,370 | ||
Cash Flows from/(used in) Investing Activities | ||||
Acquisition of Property Plant & Equipment | (55,689) | (41,873) | ||
Proceeds from Sale of Property, Plant & Equipment | 196 | 350 | ||
Net Change in in Bank Deposits | (6,306) | 1,046,659 | ||
Interest Income Received | 74,248 | 216,680 | ||
Net Cash Flows from/ (used in) Investing Activities | 12,449 | 1,221,816 | ||
Cash Flows from/(used in) Financing Activities | ||||
Loans Obtained During the Period Other than Related Party | 2,800,000 | 200,000 | ||
Repayment of Loans Other than Related Party | (2,872,697) | (106,332) | ||
Repayment of Debenture | - | (1,003,000) | ||
Repayment of Securitization | (240,000) | (875,100) | ||
Securitization Issue Cost | (1) | - | ||
Lease Rentals Paid | (71,532) | (29,321) | ||
Dividends Paid | (4,173) | (2) | ||
Net Cash Flows from/ (used in) Financing Activities | (388,403) | (1,813,755) | ||
Net Increase in Cash and Cash Equivalents | (3,615,731) | 2,600,431 | ||
Cash and Cash Equivalents at the beginning of the Period | 3,294,167 | 2,531,188 | ||
Cash and Cash Equivalents at the end of the Period | (321,564) | 5,131,619 | ||
Note-01 | ||||
Cash and Cash Equivalents | 485,121 | 5,327,073 | ||
Bank Overdraft | (806,685) | (195,454) | ||
Cash and Cash Equivalents at the end of the Period | (321,564) | 5,131,619 |
SINGER FINANCE (LANKA) PLC | 5
Interim Financial Statements for the Three Months Ended 30th June 2024
Notes to the Financial Statements
FINANCIAL REPORTING BY SEGMENTS AS PER PROVISION OF THE SRI LANKA ACCOUNTING STANDARD SLFRS 8
The primary business segment reporting format is determined to be business segment as nature of the products and services provided, with each segment representing a strategic business unit that offers different product and serves different markets
The following table presents financial information regarding business segments:
Business Segments (Rs.'000)
For the Three Months ended 30th | Finance Lease | Loans & Advances | Other | Total | ||||||
June | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
Interest Income | 758,696 | 477,458 | 1,050,605 | 1,132,780 | 141,481 | 356,557 | 1,950,782 | 1,966,795 | ||
Net Fee and Commission Income | 30,376 | 10,508 | 86,672 | 47,700 | 92 | 144 | 117,140 | 58,352 | ||
Trading Income | - | - | - | - | 220 | 170 | 220 | 170 | ||
Other Operating Income | 4,542 | 2,721 | 12,556 | 11,547 | 7,337 | - | 1,831 | 24,435 | 12,437 | |
Total Revenue | 793,614 | 490,687 | 1,149,833 | 1,192,027 | 149,130 | 355,040 | 2,092,577 | 2,037,754 | ||
Interest Expense | (395,367) | (300,048) | (547,485) | (711,870) | (73,727) | (224,070) | (1,016,579) | (1,235,988) | ||
Depreciation & Amortization | (28,238) | (16,045) | (39,103) | (38,066) | (5,266) | (11,982) | (72,607) | (66,093) | ||
Period S&A | (261,227) | (107,927) | (361,734) | (256,059) | (48,713) | (80,598) | (671,674) | (444,584) | ||
Impairment (charges) / reversals and | ||||||||||
Other Credit Losses on Financial Assets | (5,414) | 43,883 | (38,191) | (122,268) | - | - | (43,605) | (78,385) | ||
Less: VAT on Financial Services | (36,080) | (12,177) | (49,962) | (28,890) | (6,728) | (9,094) | (92,770) | (50,161) | ||
Social Security Contribution Levy | (4,932) | (1,897) | (6,829) | (4,500) | (920) | (1,416) | (12,681) | (7,813) | ||
Profit Before Income Tax | 62,356 | 96,476 | 106,529 | 30,373 | 13,776 | 27,880 | 182,661 | 154,730 | ||
Income Tax Expense | (30,178) | (39,364) | (51,556) | (12,393) | (6,667) | (11,376) | (88,401) | (63,133) | ||
Profit After Tax | 32,178 | 57,112 | 54,973 | 17,980 | 7,109 | 16,504 | 94,260 | 91,597 | ||
Segment Assets | 13,276,329 | 10,796,744 | 21,166,479 | 17,730,935 | 3,046,439 | 3,251,301 | 37,489,247 | 31,778,980 | ||
Segment Liabilities | 11,396,372 | 9,075,310 | 18,169,259 | 14,903,913 | 2,615,057 | 2,732,913 | 32,180,688 | 26,712,136 | ||
* Segment assets include the additions to | ||||||||||
non current assets | 19,722 | 14,226 | 31,442 | 23,363 | 4,525 | 4,283 | 55,689 | 41,872 | ||
- Interest Income given under the business segment "other" includes investment income from government securities and bank deposits amounting to Rs. 93Mn (2024/25) and Rs. 145Mn (2023/24)
SINGER FINANCE (LANKA) PLC | 6
Interim Financial Statements for the Three Months Ended 30th June 2024
Notes to the Financial Statements
-
The Interim Financial Statements of the Company have been prepared on the basis of the same accounting policies and methods applied for the year ended 31st March 2024.
These Interim Financial Statements are in compliance with Sri Lanka Accounting Standards 34 - 'Interim Financial Reporting' and provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange. - COMMITMENTS & CONTINGENCIES
There are no significant capital commitments which have been approved or contracted for by the company as at 30th June 2024 except following,
2.1 Operating Lease Commitments as at 30th June 2024
Within One Year | - | Rs. 9.3 million |
- (a) As at 30th June 2024, the Company has provided letters of guarantee totaling to Rs. 4,500,000/- against Fixed Deposits of Rs. 4,500,000/- .
- Assets Pledged as Securities
Company has given a negative pledge amounting to Rs.6,804,850,000/- over the Company's Lease receivable and Loans for the following banks over Loans, Overdrafts, Securitization & Debentures having a carrying value of Rs.4,934,500,000/- as at 30th June 2024.
Bank | Exposure | Type of Facility | Carrying Value | Amount Pledged | ||
Rs. | Rs. | |||||
Sampath Bank | 130% | of the Banks's | Loan | 500,000,000 | 1,040,000,000 | |
exposure | Overdraft Facility | 300,000,000 | ||||
Commercial Bank | 150% | of the Banks's | Overdraft Facility | 200,000,000 | 300,000,000 | |
exposure | ||||||
Seylan Bank | 130% | of the Banks's | Loan | 862,500,000 | 1,446,250,000 | |
exposure | Overdraft Facility | 250,000,000 | ||||
Nations Trust Bank | 130% | of the Banks's | Loan | 800,000,000 | 1,300,000,000 | |
exposure | Overdraft Facility | 200,000,000 | ||||
Cargills Bank | 130% | of the Banks's | Loan | 200,000,000 | 260,000,000 | |
exposure | ||||||
Bank of Ceylon | 130% | of the Banks's | Loan | 300,000,000 | 390,000,000 | |
exposure | ||||||
Pan Asia Bank | 200% | of the Company | Loan | 500,000,000 | 1,000,000,000 | |
Corporation | exposure | |||||
National Development | 130% | of the Banks's | Loan | 400,000,000 | 650,000,000 | |
Bank | exposure | Overdraft Facility | 100,000,000 | |||
Trustee (Hatton National | 130% | of the Banks's | ||||
Bank & National Savings | Securitization | 322,000,000 | 418,600,000 | |||
exposure | ||||||
Bank) | ||||||
4,934,500,000 | 6,804,850,000 |
2.4 (a) Case bearing No. 404 has been filled against Singer Finance (Lanka) PLC by a customer in the District Court of Ampara claiming Rs. 2,000,000/- as damages caused by repossessing and selling of a vehicle leased through the Company. The case will be called on 22nd July 2024 for further trial.
- Further, the Company has received summons for case number 004674/21DMR claiming Rs.3,800,000/- as damages. The case will be called on 19th September 2024 for proxy and answer.
The lawyers of the Company are of the view that the ultimate resolution of these litigations would not likely to have a material impact.
3 EVENTS AFTER THE REPORTING PERIOD
There have been no material events occurring after the Reporting date which require adjustments to or disclosure in the financial statements.
SINGER FINANCE (LANKA) PLC | 7
Interim Financial Statements for the Three Months Ended 30th June 2024
Notes to the Financial Statements
4 FAIR VALUE MEASUREMENT HIERARCHY
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Amortised Cost | Fair value | Fair value | Other Financial | Fair | Fair Value | |||
As at 30th June 2024 | through OCI | through P&L | Liabilities | Total | Value | Measurement | ||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Level | ||
Financial Assets | ||||||||
Cash and Cash Equivalents | 485,121 | - | - | - | 485,121 | - | - | |
Placement with Banks | 259,033 | - | - | - | 259,033 | - | - | |
Financial assets at amortised cost-Hire Purchase Receivables | - | - | - | - | - | - | - | |
Financial assets at amortised cost-Finance Lease Receivables | 12,276,343 | - | - | - | 12,276,343 | - | - | |
Financial assets at amortised cost-Loans and Advances | 19,572,201 | - | - | - | 19,572,201 | - | - | |
Financial assets measured at fair value through other | ||||||||
comprehensive income | - | 2,185 | - | - | 2,185 | 2,185 | Level 3 | |
Financial assets at amortised cost-Debt and other financial | ||||||||
instruments | 2,555,760 | - | - | - | 2,555,760 | 2,556,946 | Level 2 | |
Financial assets measured at fair value through profit or loss | ||||||||
(FVTPL) | - | - | 455,732 | - | 455,732 | 455,732 | Level 2 | |
Total Financial Assets | 35,148,458 | 2,185 | 455,732 | - | 35,606,375 | 3,014,863 | - | |
Financial Liabilities | ||||||||
Other Financial Liabilities Due to Customers | - | - | - | 23,158,818 | 23,158,818 | - | - | |
Interest Bearing Loans & Borrowings-Debenture | - | - | - | 1,926,608 | 1,926,608 | - | - | |
Interest Bearing Loans & Borrowings-Bank Loans | - | - | - | 3,970,571 | 3,970,571 | - | - | |
Interest Bearing Loans & Borrowings-Securitization | - | - | - | 365,351 | 365,351 | - | - | |
Due to Related Companies | - | - | - | 142,574 | 142,574 | - | - | |
Lease Liabilities | - | - | - | 793,798 | 793,798 | - | - | |
Bank Overdraft | - | - | - | 806,685 | 806,685 | - | - | |
Trade Payables | - | - | - | 682,618 | 682,618 | - | - | |
Total Financial Liabilities | - | - | - | 31,847,023 | 31,847,023 | - | - | |
As at 30th June 2023 | Amortised Cost | Fair value | Fair value | Other Financial | Fair | Fair Value | ||
through OCI | through P&L | Liabilities | Total | Value | Measurement | |||
Financial Assets | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Level | |
Cash and Cash Equivalents | 5,327,073 | - | - | - | 5,327,073 | - | - | |
Placement with Banks | 361,659 | - | - | - | 361,659 | - | - | |
Financial assets at amortised cost-Hire Purchase Receivables | - | - | - | - | - | - | - | |
Financial assets at amortised cost-Finance Lease Receivables | 8,378,918 | - | - | - | 8,378,918 | - | - | |
Financial assets at amortised cost-Loans and Advances | 13,760,266 | - | - | - | 13,760,266 | - | - | |
Financial assets measured at fair value through other | ||||||||
comprehensive income | - | 2,120 | - | - | 2,120 | 2,120 | Level 3 | |
Financial assets at amortised cost-Debt and other financial | ||||||||
instruments | 2,159,425 | - | - | - | 2,159,425 | 2,181,918 | Level 2 | |
Due from Related Companies | - | - | - | - | - | - | - | |
Total Financial Assets | 29,987,341 | 2,120 | - | - | 29,989,461 | 2,184,038 | - | |
Financial Liabilities | ||||||||
Other Financial Liabilities Due to Customers | - | - | - | 21,103,672 | 21,103,672 | - | - | |
Interest Bearing Loans & Borrowings-Debenture | - | - | - | 2,001,921 | 2,001,921 | - | - | |
Interest Bearing Loans & Borrowings-Bank Loans | - | - | - | 636,585 | 636,585 | - | - | |
Interest Bearing Loans & Borrowings-Securitization | - | - | - | 1,087,427 | 1,087,427 | - | - | |
Due to Related Companies | - | - | - | 45,268 | 45,268 | - | - | |
Lease Liabilities | - | - | - | 783,896 | 783,896 | - | - | |
Bank Overdraft | - | - | - | 195,454 | 195,454 | - | - | |
Trade Payables | - | - | - | 454,436 | 454,436 | - | - | |
Total Financial Liabilities | - | - | - | 26,308,659 | 26,308,659 | - | - |
Amortized cost for Hire Purchase receivables , Lease receivables , Loans and Advances and Liabilities is computed using market interest rate. Therefore amortized cost is a reasonable approximation to its Fair value. The Company has used market yield rates published by Central Bank for the fair value computation of Financial assets at amortised cost-Debt and other financial instruments.
Net assets of the investment is considered as the fair value of unquoted equity shares (Financial assets measured of fair value through other comprehensive income) due to the absence of most recent exist prices.
SINGER FINANCE (LANKA) PLC | 8
Interim Financial Statements for the Three Months Ended 30th June 2024
Investor Information
LISTED DEBENTURES | ||||||
Details regarding the listed Debentures are as follows. | ||||||
Face Value | Interest | Date of | Interest rate of Comparable Government | |||
Type | Rs. | Frequency | Interest Rate | Allotment | Maturity Date | Securities |
2020-Type - C | 5,000,000 | Annually | 13.25% | 19-May-2020 | 19-May-2025 | as at 15th April 2020 was 8.7% |
2021- Type - A | 583,220,000 | Annually | 9.25% | 25-June-2021 | 25-June-2026 | as at 15th June 2021 was 7.31% |
1 Year T-Bill Rate | ||||||
2021- Type - B | 1,416,780,000 | Annually | +3.75% P.A | 25-June-2021 | 25-June-2026 | as at 15th June 2021 was 7.31% |
Interest rate of Comparable Government Securities as at 30th June 2024 were 10.31% (01 Year Treasury Bill) and 11.90% (03 Years Treasury Bond)
Ratios | 30-June-2024 | 30-June-2023 |
Debt Equity Ratio | 5.84 | 5.09 |
Interest Cover | 1.18 | 1.13 |
Quick Assets Ratio | 0.99 | 1.20 |
Liquid Asset Ratio | 15.30% | 35.29% |
Tier I Ratio | 14.19% | 18.72% |
Total Capital Ratio | 16.56% | 23.56% |
DIRECTORS' AND CEO'S DEBENTURE HOLDING AS AT 30TH JUNE 2024 | ||
Name of the Director | No of Debentures | No of Debentures |
30-June-2024 | 30-June-2023 | |
Mr. Aravinda Perera | - | - |
Mr. Jayanth Perera (Retired w.e.f. 14th June 2024) | - | - |
Ms. Darshini Talpahewa | - | - |
Mr. Thushan Amarasuriya (Chief Executive Officer/Executive Director) | - | - |
Mr. Mahesh Wijewardene | - | - |
Mr. Ranil De Silva | - | - |
Mr. Saman Herath | - | - |
Mr. Dhammika Siriwardene (appointed w.e.f. 22nd April 2024) | - | - |
Ms. Hiranthi De Silva (appointed w.e.f. 10th July 2024) | - | - |
INFORMATION ON ORDINARY SHARES | ||
Stated Capital | 30-June-2024 | 30-June-2023 |
Value-Ordinary Shares | Rs.1,996,444,457 | Rs.1,996,444,457 |
No of Shares-Ordinary Shares | 202,074,075 | 202,074,075 |
Voting Rights | One Vote per | One Vote per Ordinary |
Share Price | Ordinary Share | Share |
Quarter Ended | ||
30-June-2024 | 30-June-2023 | |
Highest | 19.50 | 12.80 |
Lowest | 12.30 | 10.50 |
Last Traded | 16.20 | 11.70 |
SINGER FINANCE (LANKA) PLC | 9
Interim Financial Statements for the Three Months Ended 30th June 2024
Investor Information
Twenty Largest holders of Shares as at 30th June 2024 | ||||
Name | No of Shares | % | ||
1 | Singer (Sri Lanka) PLC | 161,513,035 | 79.93 | |
2 | Employees Trust Fund Board | 3,440,878 | 1.70 | |
3 | Mr. A. M. Weerasinghe | 3,181,765 | 1.57 | |
4 | Associated Electrical Corporation Ltd | 3,147,500 | 1.56 | |
5 | People's Leasing & Finance PLC/ L.P. Hapangama | 2,058,930 | 1.02 | |
6 | Mr. M. L. Ajit Benedict | 1,062,778 | 0.53 | |
7 | J.B. Cocoshell (Pvt) Ltd | 943,471 | 0.47 | |
8 | People's Leasing & Finance PLC/ L.H.L.M.P.Haradasa | 696,806 | 0.34 | |
9 | United Motors Lanka PLC | 679,224 | 0.34 | |
10 | Mr. S. Vasudevan & Mrs. V. Saraswathi | 625,000 | 0.31 | |
11 | Mr. Ram Pritamdas, Mr. D. Pritamdas & Miss. L.P. Hathiramani | 605,000 | 0.30 | |
12 | Mrs. V. Saraswathi & Mr. S. Vasudevan | 575,000 | 0.28 | |
13 | Unimo Enterprises Ltd. | 521,885 | 0.26 | |
14 | People's Leasing & Finance PLC/ Dr.H.S.D.Soysa & Mrs.G.Soysa | 510,775 | 0.25 | |
15 | People's Leasing & Finance PLC/ Thaproban Pavilion (Pvt) Ltd | 499,254 | 0.25 | |
16 | Mr. D. C. P. De Silva Siriwardane | 480,152 | 0.24 | |
17 | A E C Properties ( Pvt ) Ltd. | 440,000 | 0.22 | |
18 | Hatton National Bank PLC/ Mr. Arunasalam Sithampalam | 420,944 | 0.21 | |
19 | Mr. L.N.S.K. Samarasinghe | 355,000 | 0.18 | |
20 | Mr. D. Ramachandran & Mrs. K.C. Piramanayagam | 300,000 | 0.15 | |
182,057,397 | 90.11 | |||
Others | 20,016,678 | 9.89 | ||
202,074,075 | 100.00 |
Directors' and CEO's Shareholding as at 30th June 2024
Name of the Director | Shareholding |
30-June-2024 | |
No of Shares |
Shareholding 30-June-2023 No of Shares
Mr. Aravinda Perera | - | - | |
Mr. Jayanth Perera (Retired w.e.f. 14th June 2024) | - | - | |
Ms. Darshini Talpahewa | - | - | |
Mr. Thushan Amarasuriya (Chief Executive Officer/Executive Director) | 50,155 | 50,155 | |
Mr. Mahesh Wijewardene | - | - | |
Mr. Ranil De Silva | - | - | |
Mr. Saman Herath | - | - | |
Mr. Dhammika Siriwardene (appointed w.e.f. 22nd April 2024) | - | - | |
Ms. Hiranthi De Silva (appointed w.e.f. 10th July 2024) | - | - | |
50,155 | 50,155 | ||
Public Holding | |||
30-June-2024 | 30-June-2023 | ||
No of Share Holders | 5,900 | 6,089 | |
No of Shares | 40,510,885 | 40,510,885 | |
% of Public Holding | 20.05% | 20.05% | |
Float Adjusted Market Capitalization | Rs. 656,356,803/- | Rs. 474,035,468/- |
The Company complies with option 5 of the Listing Rules 7.13.1 (i) (a) - Less than Rs. 2.5 Bn. Float Adjusted Market Capitalization which requires 20% minimum public holding.
SINGER FINANCE (LANKA) PLC | 10
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