Annual Report 2009/10 - Colombo Stock Exchange

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30 Sierra Cables PLC - Annual Report 2009/10 Connecting Sri Lanka to Progress Notes to the Financial Statements GROUP COMPANY As at 31 March 2010 2009 2010 2009 Rs. Rs. Rs. Rs. 9. Investments No. of % of 9.1 Investments in Subsidiaries Unquoted Investments Shares Holding Alucop Cables Ltd 23,451,978 100 - - 281,062,906 281,062,906 Alucop Marketing (Pvt) Ltd 704,442 100 - - 7,044,375 7,044,375 Sierra Engineering & Construction (Pvt) Ltd 10,003 100 - - 20 20 [Formerly known as Alucop Engineering (Pvt) Ltd] Sierra Power (Pvt) Ltd 2 100 - - 10 - Less: Provision for impairment of investments in Alucop Marketing (Pvt) Ltd. - - (5,000,000) - 9.2 Investment in Associate Movement during the year - - 283,107,311 288,107,301 Balance at the beginning of the year 186,411,187 171,263,340 - - Share of profit for the period 24,334,501 20,634,926 - - Dividend received (6,376,151) (5,487,079) - - Disposed during the year (111,895,926) - - - Transfered to other long-term Investment (92,473,611) - - 186,411,187 - - Associate Company - Central Industries PLC - 186,411,187 - 25,712,683 - 186,411,187 - 25,712,683 9.2.a On 18 February 2010, Sierra Cables PLC disposed of 667,600 shares in its associate company, Central Industries PLC for a net consideration of Rs.146.5 Mn. Consequently, the holding (including the indirect holding) was reduced to 16.75% from 37.01% and it ceased to be an associate. The share of profit of Rs.24.3 Mn. recognised during the period has been based on the unaudited Financial Statements of Central Industries PLC for the 09 months ended 31 December 2009. Further, the profit on disposal of the associate and the amount of the balance investment transferred to other long-term investments has also been based on the same unaudited figures.
Connecting Sri Lanka to Progress Sierra Cables PLC - Annual Report 2009/10 31 Notes to the Financial Statements As at 31 March 9.3 Other Long-Term Investments GROUP COMPANY 9.3.1 Quoted Investments No. of Market Value 2010 2009 2010 2009 Shares 31 Mar 2010 Rs. Rs. Rs. Rs. Rs. Central Industries PLC 551,751 121,385,220 92,473,611 - 11,354,627 - Chevron Lubricants Lanka PLC 10,000 1,700,000 1,801,805 - 1,801,805 - National Development Bank PLC 10,125 2,126,250 210,000 210,000 - - Richard Pieris Exports PLC 10,359 569,745 467,840 467,840 - - ACL Cables PLC. 200 15,000 3,900 3,900 - - DFCC Bank PLC 15,000 3,300,000 1,969,600 1,969,600 - - Seylan Bank PLC 51,000 11,220,000 2,168,323 2,168,324 - - Less: Provision for Diminution in Value of Investments (115,634) (752,173) - - 98,979,445 4,067,491 13,156,432 - 9.3.2 Long-Term Deposits 949,938 868,987 - - 99,929,383 4,936,478 13,156,432 - 9.4 Investments in Treasury Bills/Deposits Treasury Bills 266,261,375 142,171,349 260,034,268 82,786,888 Commercial Papers 19,021,602 21,782,295 19,021,602 16,347,440 285,282,977 163,953,644 279,055,870 99,134,328 10. Goodwill on Consolidation Balance as at the Beginning of the Year 8,578,260 8,578,260 - - Impairment/Amortization for the Year - - - - Balance as at the End of the Year 8,578,260 8,578,260 - - 11. Inventories Raw Materials 99,634,413 35,932,606 - - Work-in-Progress 117,899,294 46,858,433 - - Finished Goods 245,817,767 205,697,253 - - Spare Parts and Consumables 14,342,738 19,439,780 - - Packing Materials 4,664,728 - - - Stationery Stock 835,872 708,899 - - 483,194,812 308,636,971 - - Less: Provision for Obsolete/Slow Moving Items (5,526,430) (3,075,527) - - 477,668,382 305,561,444 - -
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Page 47: Designed & Printed by Printel (Pvt)

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