Annual Report.CDR - Colombo Stock Exchange

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R E P O RT O F T H E D I R E C T O R S ( C O N T D . ) DIRECTORATE st The following were the directors as at 31 March 2010 Mr K. J.Yatawara , Mrs. V.W. Dissanayake, Mr T B Ekanayake, Mrs N. C. Rupasinghe, Deshamanya Dr J.L.B.Kotelawala, Mrs. P.K. Karunanayake, Mr S.R. Wijesinghe, MrA.R. Gunawardena, Mr K .A.S. Jayatissa, Mr T.N.M. Peiris, MrY. B. Ratnayake, Ms. M. Sabaratnam. Special Notice has been received from a shareholder of their intention to propose the under noted Ordinary Resolution in Compliance with Section 211 of the CompaniesAct No 7 of 2007. th “ That Deshamanya Dr J L B Kotelawala, who attained the age of 70 years on 29 October 2008 be and is hereby appointed a Director of the Company and it is hereby declared that the age limit of 70 years referred to in section 210 of the Companies Act No 7 of 2007 shall not apply to the said Deshamanya Dr J LB Kotelawala”. Pursuant to a letter received by from the Central Bank of Sri Lanka the executive functions of the Board as entrusted to four key executives namely Mr K J Yatawara, Mrs N C Rupasinghe, Mrs V W Dissanayake and Mr T B Ekanayake. In pursuance to the adoption of new set of Articles of Association at an Extra Ordinary General Meeting on 3 rd January 1994, the retirement of Directors by rotation does not arise. DIRECTORS SHAREHOLDING The following are the shareholdings of the Directors of the Company as at 31 st March 2010. Name 31 st March 2010 31 st March 2009 Worker Ordinary Shares Shares Ordinary Shares Worker Shares Mr K J Yatawara- Director/CEO 120 3,636 120 3,636 Mrs N C Rupasinghe 822 9,268 822 9,268 Mrs V W Dissanayake 1,346 11,986 1,346 11,986 Mr T B Ekanayake 167 3,388 167 3,388 Deshamanya J L B Kotelawala 526,427 46,232 526,427 46,232 Mrs P K Karunanayeke 20,563 38,527 20,563 38,527 Mr S R Wijesinghe 15,949 7,800 15,949 7,800 Mr A R Gunew ardena* 2,244 Nil 2,244 Nil Mr K A S Jayatissa 4,180 Nil 4,180 Nil Mr T N M Peiris 6,800 Nil 6,800 Nil Mr Y B Ratnayake 617 4,220 617 4,220 Ms M Sabaratnam 4,282 15,447 4,282 15,447 *MrAR Gunawardena in addition to the shares mentioned above holds 2,601 shares with his wife Mrs K S Gunewardena T H E F I N A N C E C O . P L C - A N N U A L R E P O RT 2 0 0 9 - 2 0 1 0 09
R E P O RT O F T H E D I R E C T O R S ( C O N T D . ) DIRECTORS' EMOLUMENTSAND MANAGINGAGENT FEE The Directors emoluments are disclosed in Note 06 to the Financial Statements found on Page 32 of theAnnual Report. The Monetary Board of the Central Bank of Sri Lanka appointed Merchant Bank of Sri Lanka PLC as the managing agent with effect from 22 nd May 2009 onwards at a fee of Rs. 5,000,000/- for the first two months and thereafter Rs. 3,000,000/- per month. In the year of 2009/10 total amount paid to MBSL is Rs. 36,750,000/- without VAT. HUMAN RESOURCES The Company has 1166 employees engaged in the head office and the Branches Island wide as at 31 st March 2010. The Company adopts a recruitment policy that offers equal career opportunities with non-discrimination on gender, race or religion. Thereby the Company has been able to retain the staff with the right Skill, Knowledge and Attitude who have contributed towards overcoming the crisis situation faced during the financial year, which is commendable. The employees who have completed five years in service are granted worker shares (unquoted) as decided by the Board of Directors which can be en-cashed on retirement/ resignation. PROPERTYPLANTAND EQUIPMENT The capital expenditure on Property Plant and Equipment during the year under review is set out in Note 22 to the Financial Statements appearing in page 43 of theAnnual Report. STATED CAPITAL There was no change in the Stated Capital of the Company during the year under review. The Stated Capital of the Company is Rs 410,180,756/- represented by 17,966,232 Ordinary shares (Quoted) and 2,453,133 (Unquoted) worker shares. SHAREHOLDING st There were 9994 shareholders as at 31 March 2010 and the analysis in shown on page 56 of theAnnual Report. The percentage of the shares held by the public is 50.98% DIVIDENDS st The Company will not be paying a Dividend for the year ended 31 March 2010. RESERVES The movement of reserves is shown on Statement of Changes in Equity in the Financial Statements appearing on page 20 of theAnnual Report. T H E F I N A N C E C O . P L C - A N N U A L R E P O RT 2 0 0 9 - 2 0 1 0 10
Page 2 and 3: C O N T E N T S Financial Highlight
Page 4 and 5: C O R P O R AT E I N F O R M AT I O
Page 6 and 7: K E Y E X E C U T I V E S M E S S A
Page 8 and 9: R E V I E W O F O P E R AT I O N S
Page 12 and 13: R E P O RT O F T H E D I R E C T O
Page 14 and 15: C O R P O R AT E G O V E R N A N C
Page 16 and 17: STATEMENT OF DIRECTORS RESPONSIBILI
Page 18 and 19: TELEGRAM: ASSETS, COLOMBO E-MAIL- t
Page 20 and 21: BALANCE SHEET AS AT 31.3.2010 31.3.
Page 22 and 23: CASH FLOW STATEMENT FOR THE YEAR EN
Page 24 and 25: S I G N I F I C A N T A C C O U N T
Page 32 and 33: NOTES TO THE FINANCIAL STATEMENTS F
Page 34 and 35: NOTES TO THE FINANCIAL STATEMENTS (
Page 58 and 59: S H A R E H O L D E R I N F O R M A
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B R A N C H N E T W O R K AMBALANTO
Page 62 and 63:
S E RV I C E C E N T R E S Maharaga
Page 64 and 65:
F O R M O F P R O X Y I/We………
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Annual Report.CDR - Colombo Stock Exchange

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