Annual Report 2009/10 - Colombo Stock Exchange

34 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.
16.1 The closing Deferred Tax Liability/Asset balance relates to the following:
Accelerated Depreciation for Tax Purposes 66,155,607 73,464,498 422,180 369,407
Retirement Benefit Obligations (3,323,693) (2,992,948) - -
Benefits arising from Tax Losses (19,114,538) (27,614,937) (4,614,320) (3,646,924)
43,717,376 42,856,613 (4,192,140) (3,277,517)
16.2 The Deferred Tax Liability/Asset has been provided using average effective tax rates applicable to each company in the group
and the rates used are as follows:
Sierra Cables PLC 33.33%
Alucop Cables Limited 34.18%
Sierra Engineering and Construction Limited 35.00%
17. Long Term Loans Commercial Amana 2010 2009 2010 2009
Bank
Investments
Rs. Rs. Rs. Rs. Rs. Rs.
Balance at the begining of the year 14,239,882 76,553,413 90,793,295 29,609,882 - -
Loans Obtained during the year - 8,348,069 8,348,069 78,851,413 - -
14,239,882 84,901,482 99,141,364 108,461,295 - -
Repayments during the year (12,960,000) (3,447,000) (16,407,000) (17,668,000) - -
Balance at the end of the year 1,279,882 81,454,482 82,734,364 90,793,295
Amount Payable within one year 1,279,882 24,825,048 26,104,930 16,406,999 - -
Amount Payable after one year - 56,629,434 56,629,434 74,386,296 - -
17.1 Security and Re-payment Terms
Lending Institution Assets Pledged Facility Obtained Interest Rate Repayment
Terms
Commercial Bank of Land, Building, Plant, Machinery Term Loan Facility AWPLR + 1% p.m Repayable over 3 installments
Ceylon Ltd & Equipment of the Group (3.4 Mn) amounting to Rs.1,080,000 and a
and a Corporate Guarantee.
final instalment of Rs.199,882.
Amana Investments Ltd Machinery imported under the Import a Drum 44 monthly repayments as per
facility (Drum Twister Twister Machine payment schedule.
Machine), Movable Properties (72.5 Mn)
and a corporate guarantee.
Amana Investments Ltd Vehicles obtained under the Purchase two 60 monthly repayments as per
facility. motor vehicles payment schedule