2010-11 - Grasim
2010-11 - Grasim
2010-11 - Grasim
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ULTRATECH CEMENT LANKA (PVT) LIMITED<br />
18 TRADE RECEIVABLES<br />
Trade receivables 122,1<br />
22,138,836<br />
49,336,788 172,085,882 67,777,685<br />
Provision for bad and<br />
doubtful debts (10,972,872)<br />
(4,432,384) (10,972,872) (4,321,771)<br />
<strong>11</strong>1,1<br />
1,165,964<br />
44,904,404 161,<strong>11</strong>3,010 63,455,914<br />
19 VALUE<br />
ADDED TAX RECOVERABLE<br />
Value Added Tax recoverable 322,394,519 130,228,1<br />
30,228,<strong>11</strong>2 293,481,295 <strong>11</strong>5,590,440<br />
The Value Added Tax (VAT) recoverable represents the excess input credit refund due from the Department<br />
of Inland Revenue. This refund is fully substantiated by valid invoices/ import documents. This refund has<br />
mainly arisen due to limitation in allowing input tax setoff only up to 85% of output tax and mark up on CIF<br />
value on importation goods at <strong>11</strong>0% at the time of import. Further, due to the lower margins, the Company<br />
was unable to recover the excess input tax credit.<br />
The Company filed a refund application and made representations to the Government of Sri Lanka(GOSL).<br />
Subsequently the GOSL amended the Value Added Tax act via amendment No 09 0f 20<strong>11</strong> as follows;<br />
The restriction on the deductibility of VAT input credits on any valid claim made on or after 01.01.20<strong>11</strong> has<br />
now been relaxed to 100% of the output VAT in relation to any tax invoice or customs declaration.<br />
Any unabsorbed VAT inputs as at 31.12.<strong>2010</strong> calculated under the respective provisions of the VAT Act will<br />
be deductible from any output VAT in every month of each taxable period, with a maximum of 10% of the<br />
total undeducted inputs outstanding as at 31.12.<strong>2010</strong>, or 5% oF the VAT payable, if any (after deducting the<br />
input tax).<br />
Consequently, the Directors conclude that the balance due as at the reporting date is recoverable.<br />
20 CASH<br />
AND CASH EQUIVALENTS<br />
For the purpose of cashflow statement, the year end cash and cash equivalents comprise the following;<br />
Cash in hand 2,097,90<br />
,901 847,427<br />
1,901,159 748,790<br />
Cash at bank 698,945,9<strong>11</strong> 282,332,363 456,2<strong>11</strong>,210 179,683,187<br />
701,043,81<br />
1,043,812 283,179,790<br />
458,<strong>11</strong>2,369 180,431,977<br />
20<strong>11</strong> <strong>2010</strong><br />
SLR<br />
INR SLR INR<br />
21. STATED TED CAPITAL<br />
AL<br />
Issued & fully paid number of shares<br />
50,000,000 ordinary shares 500,0<br />
0,000,0<br />
0,000 201,970,1<br />
1,970,109<br />
09 500,000,000 196,929,825<br />
Rights, Pref<br />
reference, erence, and<br />
Restrictions of Classes of Capital<br />
al<br />
The hodlers of ordinary shares are entitled to receive dividend from time to time and are entltled to one<br />
vote per share at a meeting of the company<br />
126
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