Annual Report 2009/10 - Colombo Stock Exchange

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32 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. 12. Trade & Other Receivables Trade Receivables 462,242,266 521,170,006 - - Less: Provision for Bad and Doubtful Debts (13,232,501) (8,143,660) - - 449,009,765 513,026,346 - - Other Receivables 356,508 6,331,700 - - Other Taxes Receivable 134,731,528 96,770,080 1,114,818 1,114,819 Deposits & Prepayments 7,358,073 7,619,740 2,028,750 2,028,750 591,455,874 623,747,866 3,143,568 3,143,569 13. Amounts Due from Related Companies Trading Sierra Property Development (Pvt) Ltd 532,872 532,872 - - Sierra Civil Engineering & Construction (Pvt) Ltd 422,035 422,035 - - Sierra Construction Limited 51,752,868 27,976,624 - - Sierra Electrical Engineering (Pvt) Ltd 3,616,785 4,309,445 - - Sierra Information Technologies Ltd 42,328 42,328 - - Sierra Global Network (Pvt) Ltd 1,980,426 1,980,426 - - Sierra Road Engineering (Pvt) Ltd 5,109,318 5,109,318 - - Sierra Telecommunication (Pvt) Ltd 246 19,996,976 - - Sierra Water Works (Pvt) Ltd 522,224 522,225 - - Total Trading 63,979,102 60,892,249 - - Non Trading Alucop Cables Limited - - 482,229,542 517,845,459 Sierra Property Development (Pvt) Ltd (Note 13.a) 32,854,000 32,854,000 25,000,000 25,000,000 Sierra Civil Engineering & Construction (Pvt) Ltd 4,885,000 4,885,000 - - Sierra Power (Pvt) Ltd - - 3,533,332 - Total Non Trading 37,739,000 37,739,000 510,762,874 542,845,459 Total 101,718,102 98,631,249 510,762,874 542,845,459 13.a Sierra Property Development (Pvt) Ltd has agreed to assign two of its apartments to Sierra Cables PLC and Alucop Cables Ltd in settlement of the amount due. Accordingly, an "Agreement to Sell" has been signed in April 2009.
Connecting Sri Lanka to Progress Sierra Cables PLC - Annual Report 2009/10 33 Notes to the Financial Statements GROUP COMPANY As at 31 March 2010 2009 2010 2009 Rs. Rs. Rs. Rs. 14. Stated Capital 537,512,430 Ordinary Shares 894,565,898 894,565,898 894,565,898 894,565,898 894,565,898 894,565,898 894,565,898 894,565,898 The total amount received by company in respect of issue of shares are referred to as stated capital. 15. Retirement Benefit Obligations Balance at the beginning of the year 9,044,068 6,413,846 - - Gratuity charge for the year 1,785,544 2,121,843 - - Interest charge for the year 672,160 502,371 - - Deficit/(Surplus) charge for the year (95,254) 668,678 - - Less: Payments made during the year (1,682,365) (662,670) - - Balance at the end of the year 9,724,153 9,044,068 - - 15.1 The total amount charged to Income Statement in respect of Gratuity is made up as follows: Gratuity charge for the year 1,785,544 2,121,843 - - Interest cost 672,160 502,371 - - Deficit/(Surplus) for the year (95,254) 668,678 - - 2,362,450 3,292,892 - - 15.2 As required by the Sri Lanka Accounting Standard (Revised 2006) - “Employee Benefits” which came into effect from 1 July 2007, the Group has provided gratuity liability based on the Gratuity Formula Method. The principle assumptions used are as follows: Expected Annual Average Salary Increment 10% Discount Rate/Interest Rate 12% 16. Deferred Taxation Balance at the beginning of the year 42,856,613 43,165,071 (3,277,517) - Charge/(Reversal) for the year 860,763 (308,458) (914,623) (3,277,517) Balance at the end of the year 43,717,376 42,856,613 (4,192,140) (3,277,517) Deferred tax asset (4,513,223) (3,703,322) (4,192,140) (3,277,517) Deferred tax liability 48,230,599 46,559,935 - - 43,717,376 42,856,613 (4,192,140) (3,277,517)
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Annual Report 2009/10 - Colombo Stock Exchange

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