Annual Report 2009/2010 - Colombo Stock Exchange
Annual Report 2009/2010 - Colombo Stock Exchange
Annual Report 2009/2010 - Colombo Stock Exchange
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Fi F n i n a a n n c c i i a l l S t t a t e m e n t s<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
14 LONG TERM INVESTMENT<br />
In Rs.'000s<br />
Name of the company<br />
South Asian Breweries (Pte) Ltd<br />
%<br />
Holding<br />
Cost as<br />
at 31st<br />
March<br />
<strong>2010</strong><br />
Directors'<br />
value as<br />
at 31st<br />
March<br />
<strong>2010</strong><br />
%<br />
Holding<br />
22.5%<br />
1,447,415 1,447,415<br />
22.5%<br />
1,447,415<br />
1,447,415<br />
Cost as at<br />
31st March<br />
<strong>2009</strong><br />
1,091,677<br />
1,091,677<br />
Directors'<br />
value as at<br />
31st March<br />
<strong>2009</strong><br />
1,091,677<br />
1,091,677<br />
A consortium comprising of Carlsberg A/S, The Industrialization Fund for Developing Nations, SA Lion Holdings<br />
(Pte) Limited and Lion Brewery (Ceylon) PLC incorporated a company based in Singapore, South Asian Breweries<br />
Pte Ltd - Singapore , (SABL) which in turn wholly owns Carlsberg India Private Limited, India. The latter company<br />
was formed for the purpose of investing in breweries across the various states of India. The Company owns 22.5%<br />
of the share capital of SABL. The Board of SABL comprises of nine Directors two of whom represent the Company on<br />
the Board of SABL. Consequent to a comprehensive assessment carried out by the management, based on Sri Lanka<br />
Accounting Standard 27 “Investment in Associates” (Revised 2005), this investment has been classified as a Long<br />
Term Investment by the Company due to its limited influence over SABL because of its minority position both in<br />
ownership and on the Board.<br />
During the year the Company invested Rs.355,738,000 /- (<strong>2009</strong> - Rs. 346,833,725/-) in South Asian Breweries<br />
Pte Ltd - Singapore.<br />
The Directors have carried out a detailed assessment of the investment taking in to consideration the future projection<br />
and are of the view that there was no impairment as at the Balance Sheet date and the classification under Long<br />
term Investment was appropriate.<br />
As at 31st March<br />
In Rs.'000s<br />
15 INVENTORIES<br />
Raw and packing materials<br />
Work in progress<br />
Finished goods<br />
Bottles and crates<br />
Maintenance spares<br />
Others<br />
Provision for obsolete & slow moving items (Note 15.1)<br />
15.1 Provision for obsolete & slow moving items<br />
Balance as at beginning of the year<br />
Provisions during the year<br />
Write offs during the year<br />
Balance as at end of the year<br />
<strong>2010</strong><br />
151,339<br />
46,406<br />
127,696<br />
402,791<br />
99,767<br />
123,474<br />
951,473<br />
(90,763)<br />
860,710<br />
34,328<br />
83,115<br />
(26,680)<br />
90,763<br />
<strong>2009</strong><br />
164,432<br />
70,024<br />
167,545<br />
368,654<br />
88,485<br />
90,306<br />
949,446<br />
(34,328)<br />
915,118<br />
3,148<br />
39,184<br />
(8,004)<br />
34,328<br />
40
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