Swadeshi Industrial Works : Annual Report 2021/2022

Our Vision

To be the most sought after Sri Lankan Company providing preferred solutions for personal care and cleaning needs of customers in both local and selected international markets.

Contents

	Page no
Our Vision	01
Notice of Meeting	02
Corporate Information	03
Director's Profiles	04
Chairperson's Review	05
Corporate Governance	06
Report of the Audit Committee	10
Report of the Remuneration Committee	12
Report of the Related Party Transactions Review Commitee	13
Annual Report of the Board of Directors	14
Statement of Director's Responsibilities	18
Auditor's Report	19
Statement of Profit or Loss	23
Statement of Financial Position	25
Statements of Changes in Equity	26
Cash Flow Statement	27
Notes to the Financial Statement	28
Investor's Information	65
Five Year Summary	67
Form of Proxy	(Loose Leaf)

Annual Report 2021 - 2022
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The Swadeshi Industrial Works PLC

Notice of Meeting

NOTICE IS HEREBY given that the Annual General Meeting of The Swadeshi Industrial Works PLC will be held at Havelock City Club House, No. 324, Havelock

Road, Colombo 6, on Friday the 16th September 2022 at 3.00 p.m. for the following purposes: -

1. To resolve to receive and consider the Report of the Directors and the Audited Financial Statement of Accounts for the year ended 31st March 2022 and the Report of the Auditors thereon;
2. To resolve to declare that the age limit stipulated in Section 210 of the Companies Act No. 07 of 2007 shall not apply to Mr. Vithanage Mahinda Jinadasa Abeywickrama Perera who has attained the retirement age stipulated in Section 210 of the said Act and who has attained the age of 77 years and that his re-appointment for another one year in terms of Section 211 of the said Act be approved and to Resolve to re-elect him as a Director of the Company in terms of the said Section 211;
3. To resolve to declare that the age limit stipulated in Section 210 of the Companies Act No. 07 of 2007 shall not apply to Mrs. Amari Mandika Wijewardene who has attained the retirement age stipulated in Section 210 of the said Act and who has attained the age of 72 years and that her re- appointment for another one year in terms of Section 211 of the said Act be approved and to Resolve to re-elect her as a Director of the Company in terms of the said Section 211;
4. To resolve to re-electMr. Vithanage Mahinda Jinadasa Abeywickrama Perera who retires by rotation at the Annual General Meeting and has offered himself to be re-elected, as a Director;
5. To resolve to re-elect Mr. Hugh Kavinda Dias - Abeyesinghe, AAL who retires by rotation at the Annual General Meeting and has offered himself to be re-elected,as a Director;

1. To resolve to re-appointM/s. Ernst & Young, Chartered Accountants as the Auditors of the Company and to authorize the Board of Directors to determine their remuneration;
2. To resolve to declare a first and final Dividend of
   Re. 1/= per share as recommended by the Board of Directors on 28th July 2022; and
3. To consider any other business of which due notice has been given.

By order of the Board for and on behalf of

THE SWADESHI INDUSTRIAL WORKS PLC

M & A Company Secretaries (Private) Limited Secretaries to the Company

No. 28 (Level 2),

W.A.D. Ramanayake Mawatha,

Colombo 02.

29th July 2022

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The Swadeshi Industrial Works PLC

Corporate Information

Name of the Company

The Swadeshi Industrial Works PLC

Legal Form

A Quoted Public Company

with limited liability incorporated in Sri Lanka in 1941

Stock Exchange Listing

The ordinary shares of the Company are listed on the Colombo Stock Exchange of Sri Lanka.

Registered Office

No 57,

Colombo Road

Kandana

Factory & Office

No 57,

Colombo Road

Kandana

Auditors

Messrs Ernst & Young

Chartered Accountants

201, De Saram Place

Colombo 10

Lawyers

Messrs D L & F De Saram

Attorney- at Law & Notaries Public

No 47, Alexandra Place

Colombo 07

Bankers

Peoples Bank

Commercial Bank of Ceylon PLC

Nations Trust Bank PLC

DFCC Bank PLC

Hatton National Bank PLC

National Development Bank PLC.

Secretaries

M & A Company Secretaries (Private) Ltd. No. 28(Level 2)

W.A.D Ramanayake Mawatha,

Colombo 02

Annual Report 2021 - 2022
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The Swadeshi Industrial Works PLC

Director's Profile

Board of Director

Mrs.A.M. Wijewardene (Chairperson)

Mrs. A.M. Wijewardene has over 37 years of Commercial and General Management experience in manufacturing and export businesses.

Mr.P.M.Muthukuda

(Alternate Director to Ms.A.M.Wijewardene Appointed with effect from 24th February 2016)

Mrs.C.S.M.Samarasinghe

(Managing Director/Deputy Chairperson)

Possesses a BA Honours Degree and Masters Degree from the University of Hull United Kingdom. Has more than twenty years experience in General Management and Supply Chain Management and functions as Managing Director/Deputy Chairperson of the Swadeshi Industrial Works PLC and its subsidiaries

Mr.Thusantha Wijemanna

(Non Executive Independent Director)

Member of Institute of Chemistry Ceylon and Possess a M.Phil and BSc(Special) Degree from University of Peradeniya. Further he has Diploma in Management from Open University of Sri Lanka. He is a Chartered Chemist having over 32 years of Experience in Research and Development and Management.

Mr.V.M.J.A.Perera

(Non Executive Director)

Member of the Institute of Incorporated Engineers, Sri Lanka. Has more than Forty years experience in Mechanical Engineering, including General Management experience in Manufacturing and Factory Management.

Mr.P.D. Samarasinghe

(Non Executive Director)

Obtained the Bachelor of Laws degree (LLB) with first class Hons from the University of Colombo and Master of Law Degree (LLM) from the University of London. An Attorney at Law and Notary Public. A commonwealth and Chevening scholar in the United Kingdom. Fellow of the Institute of Advance Legal studies, London. A Council member of the open universities of Sri Lanka and a Director of Sanasa Development Bank. Former Legal adviser to the Ministry of Foreign affairs and Director General of SAARC Arbitration Council in Islamabad. Past Chairmen of National Institute of Business Management (NIBM) and Association of Corporate Lawyers Sri Lanka. Counts for over thirty five years of experience as lawyer, Administrator and Banker.

Mr. Hugh Kavinda Dias - Abeyesinghe (Non Executive Independent Director)

Mr. Samarasinghe has 30 years of Professional and Commercial Experience and serves on the Board of Directors of several publicly listed and unlisted corporates.

Mr. Samarasinghe was the past Chairman of the Sri Lanka Institute of Directors, Employer's' Federation of Ceylon, Industrial Association of Sri Lanka, Condominium Developers Association of Sri Lanka and EFC Affiliated Group of Companies. He was Past president of the Chartered Institute of Management Sri Lanka Division and Former Council Member CIMA (UK).He served as a Board member of the Ceylon Chamber of Commerce and Sri Lanka Accounting and Auditing Standards Monitoring Board

Mr. Samarasinghe is a Fellow Member of Institute of Chartered Accountants of Sri Lanka and holds a Master's Degree in Business Management.

1. Honor's Graduate in Law from the University of Hull, England, a Barrister of the Middle Temple England and an Attorney at Law. Holds a Master's Degree in International Relations from the University of Colombo. A Senior Counsel with over 28 years of experience in Civil Litigation in the original and Appellate Courts of Sri Lanka and specialised in Banking and Commercial Law.

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The Swadeshi Industrial Works PLC