Annual report for 2004/05 - Hemas Holdings, Ltd

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Notes to the Financial StatementsYear ended 31 March 200529. ACQUISITION OF SUBSIDIARY AND ASSOCIATES DURING THE YEAR - GroupThe acquisitions had the following effects on the groups Assets & Liabilities2005Rs.(a) Exchange & Finance Investment Ltd.AssetsWritten Down Value of Property, Plant and Equipment 1,667,762Investments 7,282,415Net Current Assets 10,928,239Cash & Cash Equivalents 2,109,65921,988,075LiabilitiesInterest Bearing Liabilities 1,209,234Creditors and Accruals 21,504,95522,714,189Net assets (726,114)Minority Interest - 44% (319,490)Net Assets Acquired (406,624)Goodwill Acquired 5,410,175Cash & cash equivalents (2,109,659)Cash Consideration 2,893,892(b) Peace Haven Resort Ltd 26,570,816(c) Investment in Associates 33,124,912Total Cash Consideration 62,589,620The disposal had the following effect on the Group Assets & LiabilitiesHemas Garments (Pte) LtdAssetsWritten Down Value of Property, Plant and Equipment 211,546,921Inventories 102,372,137Trade and Other Receivables 286,275,512Amounts due from Related Parties 70,000,000Deferred Expenditure 20,000,000690,194,570LiabilitiesTrade and Other Payables 175,896,686Interest Bearing Loans 350,545,642526,442,328Net Assets 163,858,153Cash and cash equivalent 3,336,215167,194,368Transferred to Associate (44,126,591)Proceeds from Disposal 123,067,777The net impact to the Group Cash Flow StatementTotal Proceeds from Disposal of Subsidiary 123,067,777Total Investment in Subsidiaries & Associates (62,589,620)Net Proceeds 60,478,15764H E M A S H O L D I N G S L I M I T E D
Notes to the Financial StatementsYear ended 31 March 200530. EVENTS OCCURRING AFTER THE BALANCE SHEET DATEThere have been no events subsequent to the balance sheet date,which would have any material effect on the Company and the Group.31. COMMITMENTS AND CONTINGENCIES31.1 Lease Commitments(a)Serendib Leisure Management LimitedCommitments for minimum lease payments under finance lease and non-cancelable operating leases as at 31st March are as follows:Non CancelableOperating Leases2005 2004Rs.Rs.Not later than 1 year - 930,000Later than one year and not later than 5 years - 527,500Later than 5 Years - -Later than 5 Years - 1,457,500Under the terms to the lease agreements, no contingent rentals are payable.(b)Hemas Corporate Services (Pte) LimitedFinance Leases 2005 2004Rs.Rs.Not later than 1 year - 444,598Later than 1 year and not later than 5 years - -Interest in Suspense - (19,889)- 424,70931.2 Capital Expenditure CommitmentsThe Company and the Group do not have significant capital expenditure commitments as at the balance sheet date, other than thefollowing;The purchase commitments in respect to acquisition of Property, Plant and Equipment incidental to the ordinary course of business asat 31 st March, are as follows:(a)Leisure Asia Investments Limited2005 2004Rs.Rs.Contracted but not provided for 8,353,225 -Authorised by the Board, but not contracted for 6,982,742 160,000,00015,335,967 160,000,000(b)Hemas Manufacturing (Pte) LimitedThe Company has committed through a sale and purchase agreement, a total sum of Rs. 97 million to Nimesha Enterprises (Pvt) Ltd.,for the acquisition of the "Nimex" brand and assets such as buildings and machinery as at the balance sheet date. An amount of Rs. 6.5million was paid as at the year end from the total sum committed, in line with the sale and purchase agreement.A N N U A L R E P O R T 2 0 0 4 - 2 0 0 5 65
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Group ProfileIt was a far thinking
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Financial HighlightsYear Ended 31st
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CEO’s Reviewfinancial year. We pe
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Members of the BoardDebu BhatnagarD
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Group Management CommitteeFrom left
Page 15 and 16: Review of OperationsFinancial Revie
Page 17 and 18: Financial ReviewTaxationGroup provi
Page 19 and 20: FMCG Sectorin the market. In the Ha
Page 21 and 22: Leisure SectorThe primary business
Page 23: Strategic InvestmentsPowerAs report
Page 26 and 27: Hemas Tsunami Response Plan26 Decem
Page 28 and 29: Piyawara ProgrammeEarly Childhood C
Page 30 and 31: The Hemas TeamOur team has always b
Page 32 and 33: Corporate GovernanceCommitment to t
Page 34 and 35: Report of the DirectorsDIRECTORS’
Page 36 and 37: Statement of Directors’ Responsib
Page 38 and 39: Income StatementYear ended 31 March
Page 40 and 41: Statement of Changes in EquityYear
Page 42 and 43: Notes to the Financial StatementsYe
Page 72 and 73: Five Year SummaryYear Ended 31st Ma
Page 74 and 75: GlossaryCAPITAL EMPLOYEDTotal share
Page 76 and 77: Notes74H E M A S H O L D I N G S L
Page 78: Form of ProxyNote:1. *Please delete
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Annual report for 2004/05 - Hemas Holdings, Ltd

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