Singer Finance Lanka : Annual Report 2021/22

Singer Finance (Lanka) PLC

Annual Report 2021/22

Singer Finance as a subsidiary of two iconic

business entities with a rich corporate heritage of over 140 years has carved a unique positioning within the financial services sector.

With an impactful market presence of over 18-years, the Company has garnered the trust and confidence of stakeholders through its established track record of performance. As we move ahead strengthened by the solid foundation of our business, we strive to expand and capture a higher market share through diversification of our product portfolio whilst expanding our reach to build financial inclusivity across the nation. This will enable us to consolidate our presence whilst gaining the trust of our stakeholders through our unique value proposition.

Vision

To be the foremost Finance Company in Sri Lanka.

Mission

To provide the most useful and ethical financial services to our customers by creating an experience that builds lasting relationships.

Our Values

Lead with respect

Demonstrate responsibility and integrity

Improve and innovate passionately

Collaborate for success

Respond with agility

Drive sustainability

Singer Finance (Lanka) PLC, a subsidiary of Singer (Sri Lanka) PLC was incorporated on 19th April 2004 to operate as a finance leasing entity within the provisions of the Finance Companies Act No. 78 of 1988 as amended by Act No. 23 of 1991, which was subsequently replaced by the Finance Business Act No. 42 of 2011. With an avowed mission to become the foremost finance company in Sri Lanka, Singer Finance engages in the financing of capital goods, agricultural equipment and

a variety of products marketed by Singer Sri Lanka, and of their own.

About Singer

Finance

SINGER FINANCE (LANKA) PLC | ANNUAL REPORT 2021/22

Contents

Reflections	Group Chief	Chief
from the	Executive	Executive
Chairman	Officer's	Officer's
		Review	Review
Pg10
Pg12	Pg14
About this Report		Ÿ	4
A Snapshot of the Company	Ÿ	6
Financial Highlights		Ÿ	7
Non-Financial Highlights	Ÿ	8
Resilience to the Pandemic	Ÿ	9

Reflections from the Chairman	Ÿ	10
Group Chief Executive Officer's Review	Ÿ	12
Chief Executive Officer's Review	Ÿ	14
Board of Directors	Ÿ	16
Senior Management	Ÿ	19
Our Business	Ÿ	23
Value Creation Model	Ÿ	24
Material Matters	Ÿ	26
Stakeholder Engagement	Ÿ	27
Strategic Response	Ÿ	29
Operating Landscape	Ÿ	30
Capital Management Reports
Financial Capital	Ÿ	34
Manufactured Capital	Ÿ	36
Human Capital	Ÿ	39
Social and Relationship Capital	Ÿ	45
Intellectual Capital	Ÿ	49
Natural Capital	Ÿ	53

Corporate Governance & Risk Management

GRI Context Index	Ÿ	56
Independent Assurance Report	Ÿ	58
to Singer Finance (Lanka) PLC
Risk Management	Ÿ	61
Corporate Governance	Ÿ	68
Disclosure Report under Finance Companies	Ÿ	121
Corporate Governance Direction No. 3 of 2008
Board Audit Committee Report	Ÿ	122
Board Nominations Committee Report	Ÿ	124
Board Risk Management Committee Report	Ÿ	125
Board Credit Committee Report	Ÿ	126
Board Remuneration Committee Report	Ÿ	127
Report of the Board Related Party Transactions	Ÿ	128
Review Committee
Auditor's Report on the Directors' Statement on	Ÿ	129
Internal Control over Financial Reporting
Directors' Statement on Internal Control	Ÿ	130
Board of Directors Communication Policy	Ÿ	132

Financial Statements

Financial Calendar - 2021/22	Ÿ	134
Annual Report of the Board of Directors on the	Ÿ	135
Affairs of the Company
Statement of Directors' Responsibility	Ÿ	140
Independent Auditor's Report	Ÿ	141
Statement of Profit or Loss and	Ÿ	146
Other Comprehensive Income
Statement of Financial Position	Ÿ	147
Statement of Changes in Equity	Ÿ	148
Cash Flow Statement	Ÿ	149
Notes to the Financial Statements	Ÿ	150
Parent and Related Companies	Ÿ	220
Ten Year Summary	Ÿ	222
Quarterly Financial Statements	Ÿ	223
Value Added Statement	Ÿ	225
Share Information	Ÿ	226
Glossary of Financial Terms	Ÿ	230
Notice of Annual General Meeting	Ÿ	235
Notes	Ÿ	236
Form of Proxy	Ÿ	237
Shareholder Feedback Form	Ÿ	239
Corporate Information	INNER BACK
	COVER