2011 Annual Report - Cargills (Ceylon)

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30 Annual Report 2011Annual Report of the Directors on the affairs of theCompany contd...Capital expenditureThe Group’s capital outlay on property, plant and equipment amounted to Rs. 1,408.9 Mn (2010 - 602.7 Mn) while the capital outlayof the Company on property, plant and equipment amounted to Rs. 877.2 Mn (2010 - Rs. 458.4 Mn). Details are given in note 12 to thefinancial statements on pages 48 and 49.The movement of property, plant and equipment during the year is given in note 12 to the financial statements on pages 48 and 49.Market value of propertiesThe Group land and buildings were revalued as at 31 March 2010. Details are given in note 12 to the financial statements on pages48 and 49.The portfolio of the revalued land and buildings are given on page 69 to the financial statements.ShareholdingsThe Company is a subsidiary of C T Holdings PLC and there were 2,243 of registered share holders as at 31 March 2011 (2010 -1,922).An analysis of shareholdings according to the size of holding and the names of the 20 largest shareholders is given on pages 70 and71.DirectorateThe Directors listed on the inner back cover have been Directors of the Company throughout the year under review except forMr. M I Abdul wahid who was appointed on 21 May 2010.Messrs A T P Edirisinghe, E A D Perera and S E C Gardiner retire by rotation in terms of the Company’s Articles of Association andbeing eligible offer themselves for re - election.Mrs. S R Thambiayah tendered her resignation on 21 May 2010 in keeping with the newly established Company policy with regardto Directors over 70 years of age which reads thus:“Group Policy on Retirement Age of DirectorsA Director to retire on reaching the age of 70 years provided such Director has completed five years as a Director of such Company.Such Director may continue up to the said 5 years at his/her request unless the Company decides otherwise.”With the resignation of Mrs. S R Thambiayah Mr. M I Abdul Wahid was appointed to the Board in the capacity of Managing Director& Deputy CEO on 21 May 2010.Consequent to the appointment of Mr. M I Abdul Wahid as Managing Director, Mr. V R Page’s designation was changed from‘Deputy Chairman and Managing Director’ to ‘Deputy Chairman and CEO’.Mr. Jayantha Dhanapala (72) is due to retire in terms of Section 210 (2) (b) of the Companies Act No. 7 of 2007, and offers himself forre-election in terms of Section 211 (1) and (2) of the Companies Act No. 7 of 2007.The newly established Company policy with regard to Directors over 70 years of age does not apply to Mr. Jayantha Dhanapala as hehas not completed 5 years as a Director of the Company being first appointed a Director on 1 June 2008. The re - election of the retiringDirectors has the unanimous support of the other Directors.Directors’ remunerationThe remuneration of the directors is given in note 35 on page 63 to the consolidated financial statements.Directors’ interests in contractsDirectors’ interest in transactions of the Company are disclosed in note 35 to the financial statements and have been declared atmeetings of the directors. The directors have had no direct or indirect interest in any other contracts in relation to the business of theCompany.Interest registerThe Company maintains an Interest Register conforming to the Provisions of the Companies Act No. 7 of 2007.Directors’ shareholdingThe Directors’ shareholdings in the Company were as follows:
Annual Report 201131Annual Report of the Directors on the affairs of theCompany contd...As atAs at31 March 2011 31 March 2010Mr. L R Page 36,760 36,760Mr. V R Page 14,380,200 14,285,000Mr. M I Abdul Wahid (w.e.f. 21 May 2010) 4,000 -Mr. S V Kodikara 124,000 124,000Mr. P S Mathavan 500 20,000Mr. Jayantha Dhanapala - -Mr. A T P Edirisinghe 50,000 50,000Mr. S E C Gardiner 20,000 20,000Mr. Sunil Mendis 20,000 20,000Mr. Anthony A Page 5,050,000 4,838,500Mr. J C Page 1,705,500 1,705,500Mr. E A D Perera 10,000 20,000Mrs. S R Thambiayah (resigned w.e.f. 21 May 2010) - 40,000DonationsDuring the year Rs. 8,765 (2010 - Rs. 71,696) had been made by the Company.AuditorsMessrs KPMG Ford, Rhodes, Thornton & Co. are deemed reappointed as Auditors at the Annual General Meeting of the Companyin terms of Section 158 of the Companies Act No. 7 of 2007. The Directors have been authorised to determine the remuneration of theAuditors and the fee paid to auditors are disclosed in note 7 to the financial statements. As far as the Directors are aware, the auditorsdo not have any relationship (other than that of an auditor) with the Company or any of its Subsidiaries other than those disclosedin the above note.Post balance sheet eventsPost balance sheet events of the Company are given in note 34 to the financial statements on page 63.Statutory paymentsAll statutory payments due to the Government of Sri Lanka and on behalf of employees have been made or accrued for the balancesheet date.Future developmentsThe chairman’s statement describes the future developments of the Group.Environmental protectionAfter making adequate enquiries from the management, the Directors are satisfied that the Company and its subsidiaries operate in amanner that minimizes the detrimental effect on the environment and provide products and services that have a beneficial effect onthe customers and the communities within which the Group operates.Going concernThe directors have adopted the Going concern basis in preparing these financial statements. After making enquiries from the management,the Directors are satisfied that the Group has adequate resources to continue its operations in the foreseeable future.For and on behalf of the BoardSigned M I Abdul Wahid (Managing Director / Deputy CEO)Signed P S Mathavan (Executive Director / CFO)Signed S L W Dissanayake (Company Secretary)17 August 2011
Page 3 and 4: Cargills (Ceylon) PLCThe year 2010/
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Page 7 and 8: Annual Report 20115Financial highli
Page 9 and 10: Annual Report 20117Chairman’s sta
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Page 13 and 14: Annual Report 201111Chairman’s st
Page 15 and 16: Annual Report 201113Corporate gover
Page 17 and 18: Annual Report 201115Corporate gover
Page 20 and 21: 18 Annual Report 2011Risk managemen
Page 22 and 23: 20 Annual Report 2011Sustainability
Page 30 and 31: 28 Annual Report 2011Financial info
Page 34 and 35: 32 Annual Report 2011Statement of D
Page 36 and 37: 34 Annual Report 2011Income stateme
Page 38 and 39: 36 Annual Report 2011Statements of
Page 40 and 41: 38 Annual Report 2011Notes to the f
Page 70 and 71: 68 Annual Report 2011Five year fina
Page 72 and 73: 70 Annual Report 2011Investor relat
Page 74 and 75: 72 Annual Report 2011Notice of Annu
Page 76: 74 Annual Report 2011Proxy form con

2011 Annual Report - Cargills (Ceylon)

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