Annual Report.CDR - Colombo Stock Exchange

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NOTES TO THE FINANCIAL STATEMENTS (CONTD.) 30. STATUTORY RESERVE FUND In accordance with the direction No. 1 of 2003 (Capital Funds) issued by the Central Bank of Sri Lanka, licensed finance companies have to maintain a reserve fund. If the Capital Funds of the company less than 25% of the total deposit liability and not less than 10% thereof, the company required to transfer not less than 20% of the net profit for the year to the said reserve fund. If the capital funds of the company less than 10% of the total deposit liability, the company is required to transfer not less than 50% of the net profit for the year to the said reserve fund. 31.3.2010 31.3.2009 Rs. Rs. Deposits Liability 25,747,254,728 27,065,133,232 Capital Funds (2,916,806,296) 1,478,005,900 Capital Funds to Deposit Liability (%) (11.32%) 5.46% Net Profit /(Loss) for the year (4,285,937,283) (2,563,400,716) Percentage required as per Direction No. 1 of 2003 50.00% 50.00% Amount required to be transferred to Statutory Reserve Fund - - Amount transferred during the year to Statutory Reserve Fund - - Balance at the beginning of the year 659,910,000 659,910,000 Balance at the end of the year 659,910,000 659,910,000 31. NET ASSETS PER SHARE The Net Assets Value per share is based on the total Net Assets at the year end divided by the number of ordinary shares outstanding during the year and calculated as follows: 31.3.2010 31.3.2009 Total Net Assets at the year end (Rs.) (2,916,806,296) 1,478,005,900 Number of Ordinary Shares outstanding at the year end 20,419,365 20,419,365 Net Asset per Share (Rs.) (142.85) 72.38 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 47
NOTES TO THE FINANCIAL STATEMENTS (CONTD.) 32. MATURITY ANALYSIS Less than Between Between More than Total as at Total as at 1 year 1 to 3 years 3 to 5 years 5 years 31.3.2010 31.3.2009 Rs. Rs. Rs. Rs. Rs. Rs. Interest Earning Assets Investments in Government Securities - - - - - 954,863,929 Investments in Deposits with Banks 31,619,603 - - - 31,619,603 39,312,771 Investments in Hire Purchase 2,227,701,272 1,803,006,080 136,083,550 16,974,440 4,183,765,342 8,342,279,660 Investment in Leases 394,975,147 419,877,777 277,843,936 226,621,186 1,319,318,046 2,004,483,088 Easy Payments Loans on Lands 723,880,978 784,801,212 516,084,708 524,760,818 2,549,527,716 3,769,449,735 Housing Loans 192,521,811 362,111,264 261,457,529 181,107,643 997,198,247 1,394,578,335 Loans on Fixed Deposits 912,286,256 - - - 912,286,256 1,229,332,838 Related Company Lending 1,097,988,608 - - - 1,097,988,608 2,462,373,234 Other Loans and Advances 1,855,839,336 235,563,831 165,343,752 34,517,922 2,291,264,841 2,966,223,708 7,436,813,011 3,605,360,164 1,356,813,475 983,982,009 13,382,968,659 23,162,897,298 Non Interest Earning Assets Cash in Hand 11,365,052 - - - 11,365,052 17,914,747 Balance with Banks 387,300,155 - - - 387,300,155 484,974,252 Investments in Share Market 35,642,450 - - - 35,642,450 140,920 Investments in Real Estate 4,634,406,716 - - - 4,634,406,716 5,183,525,517 Housing Projects 2,134,383,989 - - - 2,134,383,989 1,158,900,353 Other Receivables 937,574,869 - - - 937,574,869 1,076,686,157 Investment Properties - - - 2,146,291,090 2,146,291,090 1,414,118,716 Investment Securities - - - 229,531,398 229,531,398 371,389,665 Deferred Tax Assets - 47,806,321 47,806,321 95,612,643 191,225,285 191,225,285 Property, Plant & Equipment - - - 3,321,337,773 3,321,337,773 3,575,708,805 Capital Working Progress - - - 42,866,948 42,866,948 67,069,679 8,140,673,231 47,806,321 47,806,321 5,835,639,852 14,071,925,725 13,541,654,096 Total Assets 15,577,486,242 3,653,166,485 1,404,619,796 6,819,621,861 27,454,894,384 36,704,551,394 Percentage 56.75% 13.31% 5.12% 24.84% 100.00% 100.00% Interest Bearing Liabilities Debentures 14,225,000 359,759,000 - - 373,984,000 488,457,000 Long-term Loans 244,570,545 273,502,064 - 247,685,947 765,758,556 987,639,271 Public Deposits 20,557,573,503 3,594,118,412 1,254,721,828 340,840,985 25,747,254,728 27,065,133,232 Lease Creditors 158,480,776 - - - 158,480,776 265,586,899 Related Company Payables 69,085,000 - - - 69,085,000 1,114,490,991 Short-term Borrowings 285,853,925 - - - 285,853,925 605,722,572 Bank Overdrafts 659,166,869 - - - 659,166,869 1,990,230,118 21,988,955,618 4,227,379,476 1,254,721,828 588,526,932 28,059,583,854 32,517,260,083 Non Interest Bearing Liabilities Interest Payable on Public Deposits 1,057,502,983 1,057,502,983 1,667,638,671 Trade and Other Payables 1,248,211,315 - - - 1,248,211,315 1,036,133,243 Unclaimed Dividend 6,402,528 - - - 6,402,528 5,513,498 Shareholders' Funds - - - (2,916,806,296) (2,916,806,296) 1,478,005,900 2,312,116,826 - - (2,916,806,296) (604,689,470) 4,187,291,312 Total Liabilities 24,301,072,444 4,227,379,476 1,254,721,828 (2,328,279,364) 27,454,894,384 36,704,551,395 Percentage 88.38% 15.37% 4.56% (8.31%) 100.00% 100.00% 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 48
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 32 and 33: NOTES TO THE FINANCIAL STATEMENTS F
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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