Annual Report 2021/22

S E N K A D A G A L A F I N A N C E P L C

Emerging Stronger

Senkadagala Finance PLC has given a helping hand to many fledgling entrepreneurs, of whom I am only one. Little did I know that after finishing my school education, my brief training at a ceramic shop would create a career path for me and lead me to becoming the owner of a small but thriving business.

I stumbled on this occupation of producing stoneware ceramics quite unexpectedly. I was introduced to working at a ceramics lab as I awaited my A-Level results. Spending time in the lab and training in the various segments of the industry birthed my curiosity of the different properties used in the clay production. It was here that I started testing different properties and materials of clay and becoming intrigued by the results. Under a trainer and a supervisor, I continued my sampling and testing for the next six months. I gained insights into how far the industry has moved from simple beginnings, and this inspired me to strike out on my own.

ATI Ceramics was established specialising in stoneware ceramics segment, which became my passion. Once production began, demand for our products outstripped supply. Procuring raw materials at a uniform, superior standard was always a challenge and transportation issues emerged as another obstacle. It was imperative that we acquire our own vehicles. It was Senkadagala Finance PLC that came to our aid by providing us with two vehicle leases, which expedited turnaround times for my business and helped its growth.

Support for small-scale enterprises is vital especially in an industry like mine, which faces many barriers to progress. For example, even though the industry pays well since all the work is handcrafted, we struggle with attracting an adequate supply of human resources. There are many people in the community with varying specialties and talents, but they are deterred from entering such industries due to lack of knowledge and awareness. Creating pathways for people to enter industries like ours - along with creating networks to connect consumers with small-scale enterprises - can play a vital role in the economic revival of the country.

K. H. Ruwan Iranga Wijayarathna

Senkadagala Finance PLC with its Annual Report 2021/22 is exploring the process of manufacturing stoneware ceramics to shed some light upon the industry.

Emerging Stronger

The Company's perseverance with a proven business model underpinned by a pragmatic strategy has helped us emerge stronger in this year of challenge. Several tweaks we made to our product and service offerings made the Senkadagala proposition more customer-oriented than ever, and these and other like measures allowed the Company to grow in profitability. Another vindication

of our strength and sustainability and the reputation the Company enjoys was manifested through our ability to attract US dollar funding, which we achieved within an inclement economic climate.

Contents



03

About

this Report

04

Organisational

Overview

05

Our Group

Structure

06

Highlights

of the Year

08

Chairman's

Message

11

Managing Director/

Chief Executive

Annual Report 2021/22

Officer's Review

Senkadagala Finance PLC

15

31

63

Business

Model

  1. Our Business Model
  1. Operating Environment
  1. Stakeholder Engagement
  1. Materiality

Our Story in 2021/22

  1. Financial Capital
  1. Institutional Capital
  1. Customer Capital
  1. Employee Capital
  1. Social and Environmental Capital
  1. Shareholder and Investor Capital

Governance

  1. Board of Directors' Profiles
  1. Corporate Governance
  1. Report of the Audit Committee
  2. Report of the Integrated Risk Management Committee
  3. Report of the Remuneration Committee
  4. Report of the Related Party Transactions Review Committee
  5. Risk Management

107 Financial

Reports

108 Annual Report of the Board of Directors of Senkadagala Finance

PLC

  1. Directors' Statement on Internal Control
  2. Independent Auditors' Report
  1. Statement of Profit or Loss
  2. Statement of Other Comprehensive Income
  3. Statement of Financial Position
  1. Statement of Changes in Equity
  1. Statement of Cash Flows
  1. Notes to the Financial Statements

255 Annexes

  1. Ten Year Summary
  2. Key Ratios and Indicators
  1. Branch/Service Centre Network
  1. GRI Content Index
  1. Notice of Meeting

Enclosed Form of Proxy

Inner back cover Corporate Information

2

About this Report

This is our sixth Report following the adoption of the Integrated Reporting framework, and it has been structured to provide an overview of how Senkadagala Finance manages to create value for its many stakeholders through its business activities. It hopes to present a comprehensive and fair appraisal of the impact of corporate operations on shareholders and investors, customers, employees, society and on the environment. The value-creating ability of the Company is assessed in the short, medium and long-term.

Compliance

The reporting period coincides with the Company's financial reporting cycle which covers a 12-month period from 1 April 2021 to 31 March 2022. An annual reporting cycle is followed when reporting on financial aspects, and sustainability aspects are reported in accordance with the GRI standards. Further, all applicable laws, regulations, directions, and standards are adhered to along with the relevant guidelines of disclosure.

Boundaries to the Report

The focal point of the Report is the operations of Senkadagala Finance PLC and its subsidiaries - Senkadagala Insurance Brokers (Pvt) Ltd. and Senfin Asset Management (Pvt) Ltd. All business operations are carried out by these companies, based in Sri Lanka.

Framework of Reporting

We have drawn on the concepts and principles mentioned in the following guides in preparation of this report:

  • The International Integrated Reporting Framework (2013) www.theiirc.org
  • Global Reporting Initiative (GRI) Standards https://www.globalreporting.org/ standards
  • The Smart Integrated Reporting MethodologyTM www.smart.lk

Queries

We welcome your comments and queries on this Report and we invite you to direct them to:

The ESMS Planning Manager Senkadagala Finance PLC 2nd Floor,

267, Galle Road, Colombo 3, Sri Lanka

Phone: +94 11 230 1301

Fax: +94 11 230 1937

Email: info@senfin.com

PLC Finance Senkadagala 2021/22 Report Annual

3

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Disclaimer

Senkadagala Finance plc published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 11:25:02 UTC.