Notes to the Consolidated Financial Statements - Seylan Bank

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302 North Bound > Seylan Bank Annual Report 2011 Notes to the Consolidated Financial Statements 2011 2010 Cost Market Value Cost (Reclassified) Market Value (Reclassified) Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 19. INVESTMENT SECURITIES Seylan Bank PLC (Note 19.1) 28,609,888 28,793,445 21,749,282 22,084,698 Seylan Developments PLC (Note 19.2) 268 899 2,394 3,275 Total Investment Securities - Group 28,610,156 28,794,344 21,751,676 22,087,973 19.1 Seylan Bank PLC Quoted Shares 2011 2010 No. of Cost Market No. of Cost Market Ordinary Value Ordinary Value Shares Rs. ’000 Rs. ’000 Shares Rs. ’000 Rs. ’000 19.1.1 Quoted Shares Visa Inc. 13,328 61,422 140,331 13,328 61,422 104,121 The Finance Company PLC 4,607,760 135,007 186,614 – – – Total Quoted Shares - Bank 196,429 326,945 61,422 104,121 Unquoted Shares 2011 2010 No. of Cost Directors’ No. of Cost Directors’ Ordinary Valuation Ordinary Valuation Shares Rs. ’000 Rs. ’000 Shares Rs. ’000 Rs. ’000 19.1.2 Unquoted Shares Credit Information Bureau of Sri Lanka* 2,900 290 9,598 2,900 290 6,790 Transnational Lanka Records Solutions (Pvt) Limited* 1,000,000 10,000 19,078 1,000,000 10,000 16,780 Lanka Clear (Pvt) Limited* 1,000,000 10,000 43,593 1,000,000 10,000 38,720 Lanka Financial Services Bureau Limited* 225,000 2,250 3,312 225,000 2,250 2,948 Grameen Micro Credit Company Limited** (15% Cumulative/ Redeemable/Convertible/ Preference Shares) 100,000,000 1,000,000 – 100,000,000 1,000,000 519,944 Less - Provision for impairment Grameen Micro Credit Company Limited*** – (1,000,000) – – (480,056) – Total Unquoted Shares - Bank 22,540 75,581 542,484 585,182 * The valuation is based on net assets per share basis as per the Audited Financial Statements of these companies as at following dates: Credit Information Bureau of Sri Lanka - 31st December 2010 Transnational Lanka Records Solutions (Pvt) Limited - 30th June 2011 Lanka Clear (Pvt) Limited - 31st March 2011 Lanka Financial Services Bureau Limited - 31st March 2011
North Bound > Seylan Bank Annual Report 2011 303 ** The Bank has restructured its loan portfolio to Grameen Micro Credit Company Limited (Rs. 2.725 Bn.) by obtaining approval from the Monetary Board and converted Rs. 1 Bn. of the outstanding loan to 15% Cumulative/Redeemable/Convertible/Preference Shares. Further, Bank has converted the balance of Rs. 1.725 Bn. to Secured Debentures at an Interest Rate of Treasury Bills + 10% per annum which will mature from 2012 to 2019. (Refer Note 19.1.7) *** Board of Directors decided to impair the total investment in Grameen Micro Credit Company Limited and the Bank has provided Rs. 1,883.225 Mn. for the investment after discounting for the Securities available (Note 19.1.2 and 19.1.7). Subsequently, the Central Bank of Sri Lanka has directed to convert the investments in Grameen Micro Credit Company Limited to Rs. 665 Mn. debentures (redeemable from 2020 to 2040) and the balance Rs. 2,060 Mn. together with interest due amounting to Rs. 272 Mn. to 233,200,000 non voting shares of Rs. 10/- each. This proposal is under discussion and no final agreement has been reached. 19.1.3 Government of Sri Lanka Treasury Bills Face Value Rs. ’000 Year of Maturity Discounted Value Rs. ’000 2011 2010 Cost Market Value Cost Market Value Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 – – 143,392 143,411 Total Treasury Bills - Bank – – 143,392 143,411 19.1.4 Government of Sri Lanka Treasury Bonds Face Value Rs. ’000 Year of Maturity Discounted Value Rs. ’000 3,271,575 2012 3,242,412 1,996,000 2013 2,066,494 3,865,000 2014 3,772,627 10,020,000 2015 10,288,154 2,850,000 2016 2,574,276 2,550,000 2018 2,356,412 200,000 2020 164,605 24,464,980 24,464,980 17,026,300 17,276,300 CWE Bond 2016 250,000 250,000 250,000 250,000 Total Bonds - Bank 24,714,980 24,714,980 17,276,300 17,526,300 19.1.5 Foreign Currency Bonds Face Year of Value Maturity USD. ’000 Discounted Value USD. ’000 3,000 2012 3,000 9,000 2014 9,000 5,000 2015 5,000 5,000 2016 5,000 22,000 2,504,700 2,504,700 2,220,000 2,220,000 Total Foreign Currency Bonds - Bank 2,504,700 2,504,700 2,220,000 2,220,000 Total Bonds - Bank 27,219,680 27,219,680 19,496,300 19,746,300
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Notes to the Consolidated Financial Statements - Seylan Bank

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