Multi Finance : Annual Report 2019/20

POWERING AHEAD

Annual Report 2019/20

"POWERING AHEAD"

No.100, Buthgamuwa Road, Rajagiriya Tel: [phone]

Fax: [phone]

E-Mail: [e-mail]

Website: www.multifinance.lk

2	ANNUAL REPORT 2018/19 | CIC HOLDINGS PLC

Persistence, patience and planning-three words that sum up the progress we have made during our 45-year history and the success we plan to share over years to come. With a culture that thrives on innovation and commitment, we have positioned ourselves as one of Sri Lanka's leaders in financial services.

Despite facing challenging macro-economic conditions last year, we powered ahead owing to a sharp growth strategy that enabled us to drive sustainable growth and uplift the lives of rural farming communities. With a well-consolidated year behind us, today we're powering ahead in to the future with a promise to keep delivering enduring value to our stakeholders.

MULTI FINANCE PLC | ANNUAL REPORT 2019/20

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CONTENTS

1 - 9

Introductory Reports

4 What we Do

1. Performance Highlights

1. Branch Network
2. Honours & Achievements

10 - 25

Executive Reports

12 Chairman's Statement

1. Chief Executive Officer's Statement

1. The Board of Directors

1. Corporate Management Team
2. Management Team

26 - 31

Management Reports

28 Management Discussion and Analysis

32 - 67

Governance Reports

34 Corporate Governance

1. Report of the Integrated Risk Management Committee
2. Report of the Remuneration Committee
3. Related Party Transactions Review Committee (RPTRC)
4. Report of the Audit Committee

64 Annual Report of the Board of Directors on the Affairs of the Company

68 -128

Financial Reports

1. Statement of Directors' Responsibility
2. Independent Auditors' Report on the Directors' Statement on   Internal Control over Financial Reporting

1. Directors Statement on Internal Control Over Financial Reporting
2. Independent Auditor's Report

1. Statement of Profit or Loss and Other Comprehensive Income
2. Statement of Financial Position
3. Statement of Changes in Equity
4. Statement of Cash Flows
5. Notes to the Financial Statements

129 -136

Investor Information

1. Investor Information

1. Five Year Summary
2. Notice of Annual General Meeting
3. Form of Proxy

Vision

To be the first choice for financial solutions.

Mission

• To enhance shareholder value through financial stability and growth.
• To satisfy our valued customers by providing innovative solutions to their financial needs.
• To train, develop and empower employees to give their best.
• To achieve highest operational efficiency through advanced technology.
• To adhere to the highest corporate ethics and social responsibilities.
• To be recognised for our expertise and professionalism.

2	MULTI FINANCE PLC | ANNUAL REPORT 2019/20

About Multi Finance

Multi Finance PLC (MFP) is a licensed Finance Company under the Central Bank of

Sri Lanka. The Company was incorporated on the 14th of October 1974 as a Limited Liability Company in Kandy. It was re-registered under the Companies Act No.07 of 2007 on the 26th of February 2009. The Ordinary shares of the Company were listed on the Colombo Stock Exchange on the 13th of July, 2011 and thus the Company changed its status to a public quoted company. In February 2017, Fairway Holdings, a diversifying conglomerate acquired Multi Finance under its patronage.

Multi Finance PLC has long been a source of strength and support for people to grow. For over forty five (45) years, we have grown in stature and retained the confidence and trust of thousands of Sri Lankans from all across the island, partnering them in our bold vision. To be the first choice for financial solutions for everyone, everywhere. We are proud of how we have realised this vision today; the passion and commitment we have brought to our work, the good governance and integrity that have enabled us to help so many people to help themselves.

Over the years, we have served all walks of life from grassroot level to the SME sector and high level corporate clients. MFPLC has made its presence felt with an innovative and differentiated array of products in terms of leasing, hire purchase, business loans, multi draft, SME financing, gold loan, micro finance, personal loans, educational loans and trader financing etc. We have been playing a pivotal role in the Sri Lankan economy in providing trustworthy, reliable, financial solutions to different sectors of the economy creating new markets and livelihoods with our expert and trained staff.

Fixed Deposits

Savings

Leasing

Business Loans

Hire Purchase

Multi Draft		Educational Loans		Gold Loans		Trader Finance		Personal Loans

MULTI FINANCE PLC | ANNUAL REPORT 2019/20

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