MIRA INFORM REPORT
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Report Date : |
02.12.2011 |
IDENTIFICATION DETAILS
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Name : |
PEOPLE’S BANK |
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Registered Office : |
# 75 Sir Chittampalam A Gardiner Mawatha, Colombo -02 |
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Country : |
Sri Lanka |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.07.1961 |
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Com. Reg. No.: |
Act No 29 of 1961 |
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Legal Form : |
A Licensed Commercial Bank under the banking Act No. 30 |
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Line of Business : |
Retail Banking & Corporate Banking |
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No. of Employees
: |
Approximately 10,000 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Sri Lanka |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GENERAL- Basic information at a
glance
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Name of Subject of Inquiry |
: |
PEOPLE’S BANK
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Legal Form & Status |
: |
A Licensed Commercial Bank under the banking Act
No. 30 Of 1988 incorporated as a commercial bank by
People’s bank Act No. 29 of 1961. |
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Chairman |
: |
W. Karunajeewa |
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Primary Line of Business |
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Retail Banking & Corporate Banking |
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Head office |
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# 75, Sir Chittampalam A Gardiner Mawatha, Colombo 02. Tel No:
(00 94 11) 2327 841 / 2446 316/ 248 1481 Fax No: (00 94 11) E Mail: info@people’s bank.lk Cable: JANABANK Swift:
PSBKLKLX |
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Corporate Banking Division |
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P.O. Box 437 Tel.: 2320651-6, 2437239-41
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No. of Employees |
: |
Approximately
10,000 |
COMPANY DETAILS - Registration and Shareholder Details
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Registration No |
: |
Act No 29 of 1961 |
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Date of Registration |
: |
01st of July 1961 |
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Registered Office |
: |
# 75 Sir Chittampalam A Gardiner Mawatha,
Colombo -02 |
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Board of Directors As at 31st March, 2011 |
: |
W. Karunajeewa |
Chairman |
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Anil Parakrama Weerasinghe |
Director |
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D.J.D. Jayakody |
Director |
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Jehan P. Amaratunga |
Director |
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Ajith Panditharatne |
Director |
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Mrs. Lakshmi Kumari Sangakkara |
Director |
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Mrs. Dharma N. Gammampila |
Director |
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Mrs. Visakha Amarasekera |
Director |
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Priyantha Mayadunne |
Director |
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Pawara Dassanayake |
Director |
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Issued Share Capital |
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Rs. 50,000,000.00 |
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Nominal Value of Share |
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Rs. 50.00 |
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Secretaries |
: |
Rohan Pathirage |
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Auditors |
: |
Auditor General |
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FINANCIAL DETAILS - Most recent available Financial Information
Balance Sheet USD
Interim Financial
Statements
(End of 31st
March 2011)
Balance Sheet
Cont…
Note: Full document will
be attached with the mail
CURRENT INVESTIGATION
·
History.
The Subject Company, PEOPLE’S BANK is a licensed Commercial bank
under the banking Act No.30 of
1988 incorporated on 1st of July
1961 as a commercial bank by People’s Bank Act No.29 of 1961.
The PEOPLE’S
BANK is the one of largest State owned bank in Sri
Lanka and it maintains an island-wide network of 332 Branches, 94 Counter
Services, 188 Pawning Centres and 110 ATM Island wide
People's Bank opened the first financial
supermarket in Colombo to mark the golden anniversary of the Bank. The Borella
City Branch in a state-of-the art building named the Golden Anniversary Branch. The 12 storied building is also the head
office of the Peoples Leasing Company, a fully owned subsidiary of the People's
Bank. The branch is ready to provide all facilities
to exporters and this facility is in line with the Bank's vision to be the
exporters' bank by 2016. Facilities available for exporters include export
credit support to search for suppliers and buyers, project financing and
investment banking. The 8-8 X 365 days banking service is on line with real
time service.
The
Subsidiary/associate companies of PEOPLE’S
BANK are:
o
Peoples Leasing Co. Ltd.
o
Peoples Merchant Bank PLC
o
Peoples Travels (Pvt) Ltd
·
Location.
The Subject
Company is located at No 75, Sir Chittampalam A. Gardiner Mw,
Colombo 2, housed in a fully owned multi-storied building with all facilities
in the heart of the city.
·
Operational
Details.
General
The subject company’s
primary line of business is all types of Retail & Corporate Banking, Leasing/ Credit Cards/ Foreign Exchange
Services etc.
The subject company Peoples Bank completed
its 50th anniversary at the beginning of last month; the performance of the People’s
Bank has been reported as impressive, with the profit before tax during 2010
increasing by 44.5%, compared to the previous year.
The Cabinet paper also detailed that deposits have
shown sharp growth, while the non-performance loan ratio has decreased from
6.7% in 2009 to 5% in 2010. Cabinet also commended the bank on its performance
for 2010 by achieving its highest-ever after tax profit in its 49-year history.
Cabinet granted approval to present the annual
report and accounts of the bank for 2010 in Parliament.
Following
is an abstract on the performance of the People’s Bank during the year as
highlighted in the “Financial Times” dated 31.03.2011 which appeared in the
Banks web.
No of Employees
Approximately 10,000
·
Financial Data
The subject bank’s Financial Statements for the
year ending 31st March, 2011 attached.
·
General Comments
The subject company when contacted respond very politely and
provided all the necessary details to
prepare this report.
·
Trade references
The subject State
Bank is well known in the country.
·
Credit
Recommendations
No computerised data bases exist to make checks whether the partners or
the company has any legal action or lawsuit initiated against any of them but
informal (but not in-depth) checks do not indicate any such cases in the public
know
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.65 |
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UK Pound |
1 |
Rs.81.06 |
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Euro |
1 |
Rs.69.51 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.