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Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
PEOPLES BANK |
|
|
|
|
Registered
Office : |
# 75, Sir Chittampalam A Gardiner Mawatha, Colombo
02, |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2013 |
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|
|
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Date of
Incorporation : |
01.07.1961 |
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|
|
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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 Of 1988 incorporated as a commercial bank by People’s bank Act No. 29 of 1961. |
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Line of Business
: |
Retail Banking & Corporate Banking |
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|
|
|
No. of Employees
: |
11,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SRI LANKA - ECONOMIC OVERVIEW
Sri Lanka continues to
experience strong economic growth following the end of the 26-year conflict
with the Liberation Tigers of Tamil Eelam. The
government has been pursuing large-scale reconstruction and development projects
in its efforts to spur growth in war-torn and disadvantaged areas, develop
small and medium enterprises and increase agricultural productivity. The
government's high debt payments and bloated civil service have contributed to
historically high budget deficits, but fiscal consolidation efforts and strong
GDP growth in recent years have helped bring down the government's fiscal
deficit. However, low tax revenues are a major concern. The 2008-09 global
financial crisis and recession exposed Sri Lanka's economic vulnerabilities and
nearly caused a balance of payments crisis. Agriculture slowed due to a drought
and weak global demand affected exports and trade. In early 2012, Sri Lanka
floated the rupee, resulting in a sharp depreciation, and took steps to curb
imports. A large trade deficit remains a concern, but strong remittances from
Sri Lankan workers abroad help offset the trade deficit. Government debt of
about 80% of GDP remains among the highest in emerging markets
|
Source
: CIA |
|
a. |
Name of Subject of Inquiry |
: |
PEOPLE’S BANK
|
|
b. |
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. |
|
c. |
Chairman |
: |
Gamini Senarath |
|
d. |
Primary Line of Business |
: |
Retail
Banking & Corporate Banking |
|
e. |
Head office |
: |
# 75, Sir Chittampalam A Gardiner Mawatha, Colombo 02, Sri Lanka. 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
|
|
|
Corporate Banking Division |
|
Tel.: 2320651-6, 2437239-41
|
|
f. |
No. of Employees |
: |
Approximately 11,000 |
|
a. |
Registration No |
: |
Act No 29 of 1961 |
|
|
b. |
Date of Registration |
: |
01st of July 1961 |
|
|
c. |
Registered Office |
: |
# 75 Sir Chittampalam
A Gardiner Mawatha, |
|
|
d. |
Board of Directors
As at 31st December, 2013 |
: |
Gamini Senarath |
Chairman |
|
Jehan P. Amaratunga |
Director |
|||
|
Ms. Lakshmi
Kumari Sangakkara |
Director |
|||
|
Ajith Panditharatne |
Director |
|||
|
Ms. Dharma N. Gammampila |
Director |
|||
|
Pawara Dassanayake |
Director |
|||
|
G.K.D. Amarawardena |
Director |
|||
|
R.M.P. Ratnayake |
Director |
|||
|
Piyadasa Kudabalage |
Director |
|||
|
f. |
Issued Share Capital |
: |
Rs. 49,998,000.00 |
|
|
Number of Shares |
: |
999,960 |
||
|
g. |
Nominal Value of Share |
: |
Rs.
50.00 |
|
|
h. |
Secretaries |
: |
Rohan Pathirage |
|
|
i. |
Auditors |
: |
Auditor General |
|
Company Logo
·
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, 463 ATM Island wide,
Outlet 735 and Customer Accounts over 13
million,
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/Sub-subsidiary and associate companies of PEOPLE’S BANK are:
o
Peoples Travels (Pvt) Ltd
o
People’s Leasing
& Finance Plc
o
People’s Finance
Plc
o
People’s Insurance
Ltd
o
People’s Leasing
Property Development Ltd
o
People’s Leasing
Fleet Management Ltd
o
People’s
Microfinance Plc
o
People’s Leasing
Havelock Properties Ltd
o
People’s Merchant
Finance Plc
·
Location.
The Subject
Company is located at # 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.
No of Employees
Approximately 11,000
·
Financial Data
The subject bank’s Financial Statements for the
year ending 31st December, 2013 attached.
·
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
Tel No: (0009911) 2327841
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
Calling Done by
: |
SVA |
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
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.