Annual Report 2010-2011 - Colombo Stock Exchange

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Notes to the Financial Statements Contd. 2.6.8 Borrowing costs Borrowing costs are recognized as an expense in the period in which they are incurred except to the extent where borrowing costs that are directly attributable to the acquisition, construction or production of assets that takes a substantial period of time to get ready for its intended use or sale, is capitalized. 2.7 SIGNIFICANT ACCOUNTING POLICIES THAT ARE SPECIFIC TO THE BUSINESS OF ASSOCIATE COMPANIES 2.7.1 Asian Alliance Insurance PLC a) Non - Life (General) Insurance Business - Gross Written Premiums Gross Written Premium is generally recognized as written upon inception of the policy. Upon inception of the contract, premia are recorded as written and are earned primarily on a pro-rata basis over the term of the related policy coverage. However, for those contracts for which the period of risk differs significantly from the contract period, premia are earned over the period of risk in proportion to the amount of insurance protection provided. Earned premia are calculated on the 24th basis except for marine business, which is computed on a 60-40 basis. b) Life Insurance Business – Gross Written Premium Premia from traditional long term insurance contacts, including participating contacts and annuity policies with life contingencies, are recognized as revenue when cash is received from the policyholder. 2.9 Effect of Sri Lanka Accounting Standards issued but not yet effective a) The following standards have been issued by the Institute of Chartered Accountants of Sri Lanka. - Sri Lanka Accounting Standard 44 Financial Instruments; Presentation (SLAS 44) - Sri Lanka Accounting Standard 45 Financial Instruments; Recognition and Measurement (SLAS 45) - Sri Lanka Accounting Standard 39 Share Based Payments (SLAS 39) The effective date of SLAS 44, 45 and 39 was changed during the year to be effective for financial periods beginning on or after 01 January 2012. These three standards have been amended and forms a part of the new set of financial reporting standards mentioned under note (b) below. b) Following the convergence of Sri Lanka Accounting Standards with the International Financial Reporting Standards, the Council of the Institute of Chartered Accountants of Sri Lanka has adopted a new set of financial reporting standards that would apply for financial periods beginning on or after 01 January 2012. The application of these financial reporting standards is substantially different to the prevailing standards. 2.8 SEGMENT INFORMATION 2.8.1 Reporting segments The activities of the segments are described in the Segmental Review of Operations. Segmentation has been determined based on primary format and secondary format. Primary format represents the business segments, identified based on the differences in the products and services produced which has a similar nature of process, risk and return while the secondary format is on the basis of geographical areas in which the products or services are sold. The operating results of the segments are described in Note 21 to the financial statements. The geographical analysis is by the location of the customer. Since the manufacturing and marketing service as well as the assets and liabilities are located in Sri Lanka, only the turnover has been analyzed into the geographical location. 2.8.2 Segment information Segment information has been prepared in conformity with the accounting policies adopted for preparing and presenting the consolidated financial statements of the group. Richard Pieris and Company PLC | Annual Report 2010/2011 74
3. Property plant & equipment A. Group As at Additions Impairment Disposals/ Effect of As at 01.04.2010 transfers foreign 31.03.2011 currency translation Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Cost / valuation Land / Land Improvements 1,754,805 120,789 - - - 1,875,594 Buildings/Buildings improvements 2,320,801 146,331 - (23,065) (2,440) 2,441,627 Immature / mature plantations 3,920,727 441,204 - - - 4,361,931 Plant, machinery, tools & electrical installations 3,475,953 219,570 - (45,079) (14,888) 3,635,556 Office & other equipment 430,882 101,251 - (3,087) - 529,046 Furniture, fixtures & fittings 389,390 32,784 - (847) (324) 421,003 Motor vehicles 500,412 22,919 - (1,240) (970) 521,121 Computers 312,306 26,305 - (1,676) - 336,935 Capital work in progress 183,906 140,804 - (50,739) - 273,971 13,289,182 1,251,957 - (125,733) (18,622) 14,396,784 As at Charge Impairment Disposals Effect of As at 01.04.2010 for the foreign 31.03.2011 year currency translation Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Depreciation / amortisation Land Improvements 38,927 7,779 - - - 46,706 Buildings 422,400 70,970 1,609 (1,538) (643) 492,798 Immature / mature plantations 501,279 98,129 - - - 599,408 Plant, machinery, tools & electrical installations 1,955,805 239,126 60,410 (12,494) (8,027) 2,234,820 Office & other equipment 310,630 39,317 - (1,120) - 348,827 Furniture, fixtures & fittings 233,323 32,749 - (251) (300) 265,521 Motor vehicles 432,532 32,362 - (1,240) (970) 462,684 Computers 273,457 22,494 - (1,233) - 294,718 4,168,353 542,926 62,019 (17,876) (9,940) 4,745,482 75 Annual Report 2010/2011 | Richard Pieris and Company PLC
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Richard Pieris & Company PLC Annual
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4 Financial Highlights 5 Corporate
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Financial Highlights 2010/2011 2009
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Chairman’s Review Need Image Rich
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Chairman’s Review It gives me gre
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Chairman’s Review Retail The reta
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The Board of Directors [1] Dr. Sena
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Sector Review - Retail Retail The s
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Sector Review - Retail Special even
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Sector Review - Plantations The yea
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Sector Review - Plantations Organiz
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Sector Review - Tyre The Tyre Secto
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Page 30 and 31: Sector Review - Rubber The Group’
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Page 36 and 37: Corporate Social Responsibility A C
Page 38 and 39: Financial Review Geographical Turno
Page 40 and 41: Financial Review Minority Interest
Page 42 and 43: Financial Review Capital Structure
Page 44 and 45: Risk Management Risk Exposure Group
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Page 48 and 49: Our People Another key factor in th
Page 50 and 51: Group Structure PLASTISHELLS LIMITE
Page 52 and 53: Group Structure ASIAN ALLIANCE INSU
Page 54 and 55: Annual Report of the Board of Direc
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Page 62 and 63: Statement of Directors’ Responsib
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Page 66 and 67: Cash Flow Statement Group Company 2
Page 68 and 69: Statement of Changes in Equity Attr
Page 70 and 71: Notes to the Financial Statements C
Page 106 and 107: Ten Year Summary Net Turnover Rs. m
Page 108 and 109: Shareholder Information The Ordinar
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Page 112 and 113: Glossary of Financial Terms Contd.
Page 114 and 115: Notes Contd. Richard Pieris and Com
Page 116 and 117: Notice of Meeting NOTICE IS HEREBY
Page 118 and 119: Form of Proxy Contd. INSTRUCTIONS A
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Annual Report 2010-2011 - Colombo Stock Exchange

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