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

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Notes to the Financial Statements Year Ended 31 st March 2011 12.3 Short Term Loans 2011 2011 2011 Rate of terms of Repayable Repayable Repayable total total Interest Repayment within after 1 year Less after 05 years as At as At 1 year than 05 years 31.03.2011 31.03.2010 Rs. Rs. Rs. Rs. Rs. HNB Money Market Loan 75,000,000 - - 75,000,000 100,000,000 (XVII) Marketing Development Tempory Loan 826,000 - - 826,000 4,035,576 (XVIII) 75,826,000 - - 75,826,000 104,035,576 Payable within 03 months Payable within 03 months 12.4 Tea Securitising Loans National Development Bank 19,400,000 - - 19,400,000 49,100,000 National Development Bank 17,000,000 28,500,000 - 45,500,000 50,000,000 (XIX) National Development Bank 28,200,000 78,200,000 - 106,400,000 115,000,000 (XX) National Development Bank 19,000,000 129,000,000 - 148,000,000 150,000,000 (XXI) State Bank of India-through NDB 25,000,000 223,200,000 - 248,200,000 250,000,000 (XXII) 108,600,000 458,900,000 - 567,500,000 614,100,000 12.5 Finance Leases Gross Liability 9,415,897 17,734,068 - 27,149,965 27,873,881 Less: Finance charges (3,340,176) (3,863,319) - (7,203,495) (6,295,816) allocated to future periods Net liability 6,075,721 13,870,749 - 19,946,470 21,578,065 12.6 Guaranteed Redeemable Debentures (Rs.75,000,000/-) The above balance represents 03 Guaranteed Redeemable Debenture, for the value of Rs. 25,000,000/- each at the par value of Rs. 25,000,000/- each (principal sum) payable to Plantations Trust Fund. The rate of interest will be 13.08% per annum is payable semi-annually on or before 30 June and 31 December until the said debenture shall have been redeemed on 04 December 2012. Debentures shall mandatorily be converted to ordinary shares if Company fails to adhere to the conditions stated in the debenture invested agreement. (I) (II) (III) (IV) (V) (VI) (VII) (VIII) 15.75% per annum. 4% reduction on timely payments. 17.6% per annum. 4% reduction on timely payments. 18.33% p.a 4% reduction on timely payments 18 % per annum. 4% reduction on timely payments. 18% per annum, 4%, reduction on timely payments. AWPR+ 2 per annum AWPLR + 3% (reviewed monthly) AWPLR + 3% (reviewed monthly) (XV) (XVI) (XVII) (XVIII) (XIX) (XX) (XXI) (XXII) Short term money market rate. AWPLR-0.2T% per centum per annum Short term money market rate. 18% per annum. 18.43% per annum. AWPLR + 1.95% per annum. AWPLR of 1.75% per annum. AWPLR + 2.25% per annum. (IX) 6.5% {untill refinance funds are received at AWPLR+3% (reviewed monthly)} (X) 16% per annum. (XI) AWPLR + 2.5% with a floor rate of 21.0% p.a (XII) 16.44% per annum. (XIII) AWPLR +2.0% with a floor rate of 16% p.a (XIV) AWPLR +2.0% with a floor rate of 19% p.a 44 Elpitiya Plantations Plc Annual Report 2010/11
13. RETIRING BENEFIT OBLIGATIONS 2011 2010 Rs. Rs. At the beginning of the year 448,410,122 326,727,983 Provisions for the year 78,468,529 172,695,485 Payments for the year (62,723,984) (51,013,346) At the end of the year 464,154,667 448,410,122 The actuarial valuation had been carried out as at 31 March 2010 and updated as at 31 march 2011 which amounts to Rs. 464,154,667/=. The provision made in the current year, comprised with current service cost and interest cost amounting to Rs. 22,973660/- and Rs. 54,209,134/-. 14. DEFERRED INCOME 2011 2010 Rs. Rs. 14.1 Deferred Grants and Subsidies 156,951,693 128,301,074 14.2 Sub Lease Income 49,759,970 58,215,852 206,711,663 186,516,926 14.1 Deferred Grants and Subsidies Notes to the Financial Statements Year Ended 31 st March 2011 At the beginning of the year 128,301,074 93,793,612 Add : Grants received for the year - Monitory 38,854,140 42,046,975 Less : Amortisation for the year (10,203,521) (7,539,513) At the end of the year 156,951,693 128,301,074 The Company has received funding from the Plantation Housing and Social Welfare Trust and Asian Development Bank for the development of workers facilities such as re-roofing of line rooms, latrines, water supply and sanitation etc. The amounts spent are included under the relevant classification of Property, Plant & Equipment and the grant component is reflected under Deferred Grants and Subsidies. Further this includes the C.T.C. Machinery Subsidy which represents the funds received from Sri Lanka Tea Board in relation to C.T.C. Project. 14.2 Sub Lease Income 2011 2010 Rs. Rs. At the beginning of the year 58,215,852 55,382,302 Add: Cash received for the year 1,292,901 13,839,091 Less : Amortisation for the year (9,748,782) (11,005,541) At the end of the year 49,759,970 58,215,852 15. NET LIABILITY TO THE LESSOR OF SLSPC / JEDB ESTATES 2011 2010 Rs. Rs. Repayable after 5 years Gross liability 302,182,594 312,492,594 Less : finance charges (126,654,359) (133,816,159) Net liability 175,528,235 178,676,435 Repayable after1 year less than 5 years Gross liability 41,240,000 41,240,000 Less : finance charges (29,355,258) (29,812,363) Net liability 11,884,742 11,427,637 Repayable after1 year 187,412,977 190,104,072 Repayable within1 year Gross liability 10,310,000 10,310,000 Less : finance charges (7,618,905) (7,722,408) Net liability 2,691,095 2,587,592 Total 190,104,072 192,691,664 Elpitiya Plantations Plc Annual Report 2010/11 45
Page 1 and 2: Elpitiya Plantations Plc Annual Rep
Page 3 and 4: Contents Financial Highlights 02 Ch
Page 5 and 6: Chairman’s Statement It gives me
Page 7 and 8: Managing Director’s Review The fi
Page 9 and 10: Board of Directors Mr. J M S Brito
Page 11 and 12: Annual Report of the Board of Direc
Page 13 and 14: Audit Committee Report Composition
Page 15 and 16: Corporate Governance (contd.) • E
Page 17 and 18: Corporate Governance (contd.) 2. Au
Page 19 and 20: CORPORATE SUSTAINABILITY REPORT (co
Page 21 and 22: CORPORATE SUSTAINABILITY REPORT (co
Page 23 and 24: Management Team Head Office Left to
Page 25 and 26: Auditors’ Report Chartered Accoun
Page 27 and 28: Income Statement Year Ended 31 st M
Page 29 and 30: N note 2011 2010 Rs. Rs. CASH FLOWS
Page 31 and 32: Notes to the Financial Statements Y
Page 37 and 38: d) Leasehold Property Notes to the
Page 45: 12. INTEREST BEARING LOANS AND BORR
Page 53 and 54: 25. CAPITAL COMMITMENTS 2011 2010 F
Page 55 and 56: Value Added Statement Figures in Rs
Page 57 and 58: Ten Year Summary Year ended 31 st M
Page 59 and 60: Shareholder & Investor Information
Page 61 and 62: Financial Calendar 2010/2011 August
Page 63 and 64: Notice of Meeting NOTICE is hereby
Page 65 and 66: Form of Proxy I/We ……………
Page 67 and 68: Elpitiya Plantations Plc Annual Rep

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