Annual Report.CDR - Colombo Stock Exchange

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2010 2009/2010 2008/2009 Rs. Rs. 1. INTEREST INCOME Interest Income on Hire Purchase 1,805,339,487 2,872,339,511 Earned Income from Leasing 163,698,559 291,393,239 Land Sales on Easy Payment Terms 560,845,177 800,375,107 Interest Income on Housing Loans 200,542,413 459,548,057 Interest Income on Other Products 512,971,140 646,036,943 Interest on Overdue Rentals 382,097,238 418,883,969 Interest on Related Co. Lending 76,758,160 496,292,138 Pawn Brokering 23,926,594 23,458,992 Interest on Investments in Deposits with Banks 3,754,207 16,148,786 Interest Income in Government Securities 74,120,035 673,011,506 3,804,053,010 6,697,488,248 2009/2010 2008/2009 Rs. Rs. 2. INTEREST EXPENSES Interest on Fixed Deposits & Certificate of Deposits 4,099,100,013 5,004,983,762 Interest on Savings Deposit 146,404,725 216,525,721 Interest on Debenture 67,827,141 76,245,843 Interest on Bank Loans & Overdrafts 233,960,676 391,471,085 Interest on Short-term Borrowings 92,924,977 271,085,926 Interest on Related Co. Borrowings 125,563,615 652,521,295 Other Interest Expenses 49,928,758 10,777,193 4,815,709,905 6,623,610,825 2009/2010 2008/2009 Rs. Rs. 3. OTHER OPERATING INCOME Income on Real Estate & Housing Projects 101,821,520 439,063,153 Recovery of Bad Debts Written Off 32,553,550 56,032,534 Finance Charges 5,470,759 57,190,145 Fees & Commission Income 99,880,465 87,612,120 Repossessed & Others 16,907,573 24,311,808 256,633,867 664,209,760 2009/2010 2008/2009 Rs. Rs. 4. OTHER INCOME Dividend Received 7,454,062 10,742,613 Valuation Fees 8,600 1,390,850 Profit on disposal of Property, Plant & Equipment 45,038,300 42,293,705 Investment Properties - Rent Income - 24,047,172 Profit on disposal of Investments Securities 157,684,566 121,907,393 Sundries 10,866,216 46,475,538 221,051,744 246,857,271 T H E F I N A N C E C O . P L C - A N N U A L R E P O RT 2 0 0 9 - 2 0 1 0 31
NOTES TO THE FINANCIAL STATEMENTS (CONTD.) 2009/2010 2008/2009 Rs. Rs. 5. EMPLOYEES' RETIREMENT BENEFIT EXPENSES Contributions to Staff Pension Scheme 2,906,226 15,097,994 Contributions to Staff Gratuity Fund - 25,609,336 Contributions to Provident Fund 60,471,316 79,753,798 Contributions to Employees' Trust Fund 12,230,766 15,950,760 75,608,308 136,411,888 6. PROFIT BEFORE PROVISION FOR CREDIT 2009/2010 2008/2009 LOSSES & TAXATION Rs. Rs. Profit/(Loss) before Provision for Credit Losses & Taxation has been arrived at after charging including the followings Directors' Emoluments Directors' Remuneration 8,240,020 53,098,678 EPF & ETF on Directors' Remuneration 1,242,216 9,557,762 Auditors' Remuneration Audit Fees 1,500,000 1,500,000 Fees paid for Non Audit Services - - Provision for fall in value of Investment Securities 92,231,260 133,858,826 Provision for Doubtful Receivables of Related Companies 1,186,767,938 200,000,000 Provision for Investment in Dealing Securities 12,814,771 - Depreciation 178,022,315 158,133,067 Charities & Donations - 9,294,477 2009/2010 2008/2009 Rs. Rs. 7. INCOME TAX Current Income Tax Expense (Note 7.1) - - Deferred Tax (Note 7.2) - - - - Income tax on profits of the company has been computed at the rates as stipulated in the Inland Revenue Act No. 10 of 2006 and subsequent amendments thereto. T H E F I N A N C E C O . P L C - A N N U A L R E P O RT 2 0 0 9 - 2 0 1 0 32
Page 2 and 3: C O N T E N T S Financial Highlight
Page 4 and 5: C O R P O R AT E I N F O R M AT I O
Page 6 and 7: K E Y E X E C U T I V E S M E S S A
Page 8 and 9: R E V I E W O F O P E R AT I O N S
Page 10 and 11: R E P O RT O F T H E D I R E C T O
Page 12 and 13: R E P O RT O F T H E D I R E C T O
Page 14 and 15: C O R P O R AT E G O V E R N A N C
Page 16 and 17: STATEMENT OF DIRECTORS RESPONSIBILI
Page 18 and 19: TELEGRAM: ASSETS, COLOMBO E-MAIL- t
Page 20 and 21: BALANCE SHEET AS AT 31.3.2010 31.3.
Page 22 and 23: CASH FLOW STATEMENT FOR THE YEAR EN
Page 24 and 25: S I G N I F I C A N T A C C O U N T
Page 34 and 35: NOTES TO THE FINANCIAL STATEMENTS (
Page 58 and 59: S H A R E H O L D E R I N F O R M A
Page 60 and 61: B R A N C H N E T W O R K AMBALANTO
Page 62 and 63: S E RV I C E C E N T R E S Maharaga
Page 64 and 65: F O R M O F P R O X Y I/We………

Annual Report.CDR - Colombo Stock Exchange

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