NANDA INVESTMENTS AND FINANCE PLC

Transcription

1 NANDA INVESTMENTS AND FINANCE PLC Interim Financial Statement for the six months ENDED 30th September 2011

2 Ram Ratings RAM Ratings Lanka Limited: BB

3 INCOME STATEMENT For Three Months ended 30th September Interest income 15,276,917 11,464,221 Interest expense 1,648,260 1,804,976 Net interest income 13,628,656 9,659,245 Other income 877,570 1,312,072 Net interest income 14,506,226 10,971,317 Less: Operating expenses Personnel cost 2,911,216 1,998,337 Premises, equipment and establishment expenses 1,229,661 1,468,615 Depreciation on property, plant and equipment 914, ,200 Directors' emoluments 599, ,502 Other operating expenses 1,751,400 1,362,610 7,406,065 5,946,264 Profit before provision for losses on loans and advances 7,100,161 5,025,053 Provision for losses on loans and advances 173, ,441 Profit from operations before income tax 6,926,609 4,524,612 Income tax expense Profit after tax 6,926,609 4,524,612 Basic earnings per ordinary share (Rs) Figures in brackets indicate deductions. The above figures are provisional and subject to audit.

4 INCOME STATEMENT For the six Months ended 30th September Interest income 27,707,905 22,097,881 Interest expense 2,928,515 3,194,353 Net interest income 24,779,389 18,903,528 Other income 2,348,672 2,769,519 Net interest income 27,128,061 21,673,047 Less: Operating expenses Personnel cost 5,966,596 3,899,797 Premises, equipment and establishment expenses 2,532,322 2,637,020 Depreciation on property, plant and equipment 1,828,872 1,685,994 Directors' emoluments 899, ,004 Other operating expenses 2,879,240 2,766,355 14,106,034 11,588,170 Profit before provision for losses on loans and advances 13,022,027 10,084,877 Provision for losses on loans and advances 363, ,764 Profit from operations before income tax 12,658,958 9,486,113 Income tax expense Profit after tax 12,658,958 9,486,113 Basic earnings per ordinary share (Rs) Figures in brackets indicate deductions. The above figures are provisional and subject to audit.

5 BALANCE SHEET As at (Audited) ASSETS Cash and bank balances 52,401,511 56,629,498 4,136,192 Government securities 4,476,160 4,329,363 4,178,647 Investment securities 211, , ,000 Hire purchase receivables 10,532,108 8,967,955 10,607,991 Secured Loans Rental Receivable 4,506,361 1,576,228 1,178,957 Stock out on hire purchase, lease and other advances 190,539, ,457, ,107,341 Other receivables 7,352,100 5,216,803 2,753,959 Property, plant and equipment 79,037,096 81,394,476 72,880,215 Intangible Assets 1,308,236 1,292,921 1,329,161 Office Refurbishments 2,241,412 Commissioner General of Inland Revenue Income Tax 4,382,234 Investment property 202,061, ,061, ,245,774 Total Assets 552,426, ,137, ,252,883 EQUITY AND LIABILITIES Liabilities Deposit liabilities 46,175,900 35,562,450 37,441,950 Accrued interest on fixed deposits 4,974,360 4,974,360 1,931,185 Short Term Loan 4,863,123 3,205,064 3,684,447 Commissioner General of Inland Revenue Income Tax 1,893,365 6,327,932 Obligation under finance lease & hire purchase 251, ,091 Deferred taxation 17,724,326 17,724,326 16,563,443 Retirement benefit obligations 2,919,108 2,753,911 2,230,020 Accrued charges and other payables 6,214,271 6,334,660 12,108,536 84,764,452 77,134,605 74,562,672 Equity Share capital 125,857, ,857,930 45,513,180 Reserves : Reserve Fund 43,000,000 43,000,000 34,000,000 General Reserve 41,800,000 41,800,000 32,800,000 Revaluation Reserve 66,252,468 66,252,468 63,514,474 Retained Earnings 190,751, ,092, ,862,557 Total Capital and Reserves 467,661, ,002, ,690,211 Total Equity and Liabilities 552,426, ,137, ,252,883 Net assets value per ordinary share Figures in brackets indicate deductions. The above figures are provisional and subject to audit. Certification I certify that the financial statements comply with the requirements of the Companies Act No. 07 of Finance Manager The Board of Directors are responsible for the preparation and presentation of these Financial statements. Approved and Signed for and on behalf of the Board.. Director. Director 27th November 2011 Colombo.

6 CASH FLOW STATEMENT For the Six months ended 30th September Cash flows from operating activities Interest receipts 7,520,874 1,260,252 Interest payments (2,928,515) (2,255,807) Receipts from other operating activities 24,116,180 26,034,741 Cash payments to employees and suppliers (12,148,215) (13,434,059) 16,560,324 11,605,127 Changes in operating assets Short term funds (146,797) 2,395,198 Funds advanced to customers (29,984,878) (7,526,115) Others 12,906,380 (8,825,120) (17,225,295) (13,956,037) Changes in operating liabilities Net Security deposits refunded to customers (1,543,500) (6,065,000) (1,543,500) (6,065,000) Income tax paid (4,434,569) (3,328,447) Retiring gratuity paid (70,787) Net cash inflow/ (outflow) from operating activities (6,643,040) (11,815,144) Cash flows from investing activities Sales Proceeds from disposal of property,plant & equipments 4,464, ,857 Dividend Received Purchase of property, plant and equipment (3,593,775) (344,105) Net cash used in investing activities 870, ,752 Cash flows from financing activities Share Issue Lease rental paid (251,902) (319,144) Term loan received 2,400,000 Term Loan Rental Paid (741,941) (424,840) Dividend paid 138,384 (8,712) Net cash inflow/ (outflow) from financing activities 1,544,541 (752,696) Net change in cash and cash equivalents (4,227,988) (12,019,088) Cash and cash equivalents at the beginning of the period 56,629,498 16,155,280 Cash and cash equivalents at the end of the period (note. A) 52,401,510 4,136,192 Note A. Reconciliation of Cash and cash equivalents Fixed deposit 27,419,391 1,751,263 Cash in hand and cash at bank 24,982,119 2,384,929 52,401,510 4,136,192 Figures in brackets indicate deductions. The above figures are provisional and subject to audit.

7 STATEMENT OF CHANGES IN EQUITY For the six months ended 30th September 2011 Stated Reserve Revaluation General Retained Total Capital Fund surplus Reserve Earnings Balance as at 01st April ,513,180 38,000,000 65,403,791 36,800, ,376, ,093,416 Net profit for the period 9,486,113 9,486,113 Prior year adjustment Balance as at 30th September ,513,180 38,000,000 65,403,791 36,800, ,862, ,579,529 Balance as at 01st April 2010 (As reported) 45,513,180 38,000,000 65,403,791 36,800, ,780, ,497,337 Dividend 2009/10 (3,678,134) (3,678,134) Issue of shares 80,344,750 80,344,750 Surplus on revaluation 1,179,068 1,179,068 Deferred Tax effect on the revaluation surplus (330,391) (330,391) Net profit for the period 16,567,361 16,567,361 Transferred to reserves 5,000,000 5,000,000 (10,000,000) Direct cost on share issue (1,577,125) (1,577,125) Balance as at 31st March ,857,930 43,000,000 66,252,468 41,800, ,092, ,002,866 Profit for the period 12,658,958 12,658,958 Balance as at 30th September ,857,930 43,000,000 66,252,468 41,800, ,751, ,661,823 Figures in brackets indicate deductions. The above figures are provisional and subject to audit.

8 Segment Information For the Six months ended 30th September 2011 Finance Lease Hire Purchase Term Loan Short Term Investment Unallocated Total Investment Property 2011 Revenue 1,348,893 17,600,657 6,740,776 25,690,326 Interest Income 780,099 3,177,243 3,957,342 Rent 1,952,988 1,952,988 Other Income 395, ,684 1,348,893 17,600,657 6,740, ,099 1,952,988 3,572,927 31,996,340 Percentage 4% 55% 21% 2% 6% 11% 100% Expenditure Other Operating & Interest Expenses 733,444 9,570,142 3,665, ,169 1,061,913 1,942,735 17,397,619 Profit before taxation 615,449 8,030,515 3,075, , ,075 1,630,192 14,598,721 VAT on Financial Institution 1,939,763 Profit on ordinary activities before tax 12,658,958 Income tax on profit on ordinary activities 12,658,958 Assets 15,946, ,321,821 75,269,696 6,895, ,061, ,930, ,426,275 Percentage 3% 21% 14% 1% 37% 25% 100% Liabilities 2,446,883 17,541,574 11,549,405 1,058,055 31,004,431 21,164,105 84,764,452 Percentage 3% 21% 14% 1% 37% 25% 100% For the Six months ended 30th September 2010 Finance Lease Hire Purchase Term Loan Short Term Investment Unallocated Total Investment Property 2009 Revenue 903,277 19,395, ,731 21,174,760 Interest Income 384, ,521 Rent 2,730,929 2,730,929 Other Income 3,004,784 3,004, ,277 19,395, , ,521 2,730,929 3,004,784 27,294,994 Percentage 3% 71% 3% 1% 10% 11% 100% Expenditure Other Operating & Interest Expenses 509,015 10,929, , ,685 1,538,934 1,693,257 15,381,287 Profit before taxation 394,262 8,465, , ,836 1,191,995 1,311,527 11,913,707 VAT on Financial Institution 2,427,594 Profit on ordinary activities before tax 9,486,113 Income tax on profit on ordinary activities 9,486,113 Assets 8,230, ,175,135 14,449,141 5,929, ,245,774 81,840, ,870,649 Percentage 2% 31% 3% 1% 44% 18% 100% Liabilities 1,292,513 22,014,318 2,269, ,284 30,820,136 12,852,969 70,180,438 Percentage 2% 31% 3% 1% 44% 18% 100%

9 NOTES TO THE FINANCIAL STATEMENTS 1 The interim financial statements of the Company have been prepared on the basis of the same accounting policies and methods of computation applied in the year ended 31st March 2011 and are in accordance with Sri Lanka Accounting Standards. The interim financial statements are prepared in compliance with Sri Lanka Accounting Standard 35 Interim Financial Reporting. 2 There were no material changes in the composition of assets,liabilities and contingent liabilities. 3 All known expenses have been provided for in these financial statements. 4 Share Information 4.1 Director's shareholding. The number of shares held by the board of directors is as follows. Mr. L.A. Mallawarachchi 17,006,500 Mrs. P. Mallawarachchi 5,102,500 Mr. J.W. Gamage 1,216,360 Mr. H.R. Mayadunne 1,444,730 Mr. K.L. Jagath Perera Nil Mr. S.P. Jayawardane Nil 4.2 Stated Capital Stated capital is represented by the number of shares in issue as set out below: As at Ordinary Shares 100,716, ,716,730 4,001,173

10 NOTES TO THE FINANCIAL STATEMENTS 4.3 The 10 largest shareholders of the Company as at 30th September 2011 are as follows Shareholder No of % Shares 1 Mr. D. Wijemanne 30,215, % 2 Mr. L.A. Mallawarachchi 17,006, % 3 M/s. Nanda Motors Limited 14,750, % 4 Mr. U.C.D. Pinidiyarachchi 7,500, % 5 Mrs. P. Mallawarachchi 5,102, % 6 Mr. M. Mallawarachchi 5,000, % 7 Mr. L. Hapangama 5,000, % 8 Mr. K.A.A. Weerasiri 2,500, % 9 Mr. H.R. Mayadunne 1,444, % 10 Mr. J.W. Gamage 1,216, % 89,735, % 4.4 The percentages of shares held by the public on 30th September 2011 was 25.50% 4.5 There have been no other events subsequent to the Balance sheet date, which require disclosure in the Interim Financial Statement.