Financial Statements - Hemas Holdings, Ltd

Hemas Holdings PLC - Annual Report 2007 - 2008Notes to the Financial Statements23.1.1 Fully Paid Ordinary Shares2008 2007Number Rs. Number Rs.Balance at the Beginning of the Year 101,308,124 1,329,012,573 99,801,249 1,185,528,893Issue of shares under EmployeeShare Ownership Plan - - 1,506,875 143,483,680Balance at the End of the Year 101,308,124 1,329,012,573 101,308,124 1,329,012,57323.2 Rights, Preferences and Restrictions of Classes of CapitalThe holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at ameeting of the Company.23.3 PREFERENCE SHARE CAPITAL23.3.1 Terms of Redemption of 12% Cumulative Redeemable Preference Shares12% Cumulative Redeemable Preference Shares of Rs. 200 Mn. (Group Share - Rs. 100 Mn.) has been issued to DFCC Bank PLC for initialfund requirement for the construction of the plant of Heladhanavi Ltd. These shares are to be redeemed by the Company in 12 equal semiannualinstallments, commencing after 24 months from the first date of subscription (from December 2005).The preference shares do not carry the right to vote.24. RESERVESGroupCompany2008 2007 2008 2007Summary Rs. Rs. Rs. Rs.(a) Revaluation and Other Capital ReservesOpening Balance as Previously Reported 688,186,008 567,822,473 372,663,859 372,663,859Revaluation Reserve during the Year - 118,090,002 - -Transfer to during the Year 84,570,545 62,498,689 - -Net Gain/(Loss) Recognised Directly in Equity 224,431 (38,622,545) - -Effect of Adopting SLAS 40 (Investment Property) 70,700,000 (19,151,023) - -Adjustment in respect of changes in Group Holding (18,094,054) (2,451,588) - -825,586,930 688,186,008 372,663,859 372,663,859(b) Capital Redemption ReserveBalance at the Beginning of the Year 25,000,000 8,333,335 - -Transfer from Retained Earnings (25,000,000) 16,666,665 - -Balance at the End of the Year - 25,000,000 - -(c) Exchange ReserveBalance at the Beginning of the Year (77,741,757) 14,427,822 - -Transfer from/(to) Retained Earnings 35,568,054 (92,169,579) - -Balance at the End of the Year (42,173,703) (77,741,757) - -Total Reserves 783,413,227 635,444,251 372,663,859 372,663,859The above revaluation surplus consists of net surplus resulting from the revaluation of Property, Plant and Equipment as described in Note 11to these financial statements.83