Elpitiya Plantations Plc Annual Report 2010/11 - Colombo Stock ...

Annual Report of the Board of Directors
The Directors are pleased to submit their Report together with the
Audited Accounts for the year ended 31 March 2011.
Principal Activities of the Company
The principal activities of the Company are cultivation,
manufacture and sale of black Tea, Rubber, Palm Oil and other
crop.
Review of Performance
The Chairman’s and the Managing Director’s reviews contain a
detailed account of the years’ operations and developments of
the Group.
Profit/(Loss)
The net profit/(loss) for the year is Rs. 363,504,155/-
Taxation
A detailed statement of the income tax rates applicable is set out
on pages 48 & 49.
Dividend
The Directors recommended a First & Final Dividend of 36 cents
per share for the year ended March 31, 2011.
The Directors are confident that the Company would meet the
requirement of the Solvency test under Section 56(2) of the
Companies Act No.7 of 2007 immediately after the payment of
the first and final dividend is made.
Capital & Reserves
The Capital and the Reserves of the Company as at 31st March
2011 is given below
Shareholder Information
Information relating to earnings, net assets, market price per
share is given in the financial highlights and the shareholder and
the investor information on pages 2 & 55 of the Annual Report.
Corporate Governance
The Company’s corporate governance practices are set out on
pages12,13, 14 & 15.
Major Shareholders
The 20 largest shareholders of the Company as at 31 March
2011 are given in the share information on pages 56 & 57 together
with an analysis of the shareholding.
Directors
The names of the Directors of the Company as at the date of the
Report are on Pages 7, 8 & 60.
In terms of Article 92 of the Articles of Association of the Company,
Dr. S A B Ekanayake and Mr. L N D S Wijeyeratne retire by rotation
and being eligible stand for re-election and are being
recommended by the Board for re-election at the forthcoming
Annual General Meeting.
Mr. Merrill J Fernando attained the age of 70 years on May 6,
2000 and in accordance with Section 210(2) of the Companies
Act No.7 of 2007, he vacates office at the forthcoming Annual
General Meeting. In terms of Section 211 of the Companies Act
No. 7 of 2007, a shareholder has given notice of an Ordinary
Resolution to the Company that the age limit of Mr. Merrill J
Fernando in terms of Section 210(1) of the said Companies Act
No. 7 of 2007, shall not apply to him. The Directors recommend
the adoption of the Ordinary Resolution.
Details are as follows:
Rs.
Stated Capital 694,236,120.00
Accumulated Profits 669,048,314.00
1,363,284,434.00
Share Split Information
Mr. D V H de Mel resigned as a Director on 10 th August 2011.
Directors’ Interest in Contracts
The Directors have disclosed their interest in contracts of the
Company at meetings of the Directors. The details of which are
set out in the notes to the financial statements (Pages 51 & 52)
Company subdivided every one (01) ordinary share into two (02)
issued and fully paid ordinary shares on 19th October 2010.
Consequently, the number of ordinary shares of the company
increased from 36,433,215 to 72,866,430.
Interest Register
The Interest Register is maintained as per the requirements of the
Companies Act No. 7 of 2007 and is available for inspection.
Elpitiya Plantations Plc Annual Report 2010/11
9