Introductory Document - Colombo Stock Exchange

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Depreciation is defined as “The measure of wearing out, consumption or loss of value of an assetwhether arising from use, effluxion of time, or obsolescence.” An asset’s historical cost is anunchanging gross value, whereas its current replacement cost alters. The currently emergingaccountancy procedures require a company to show in its accounts, realistic current values for itsassets. Thus, a valuer is required, in the estimation of the useful life of an asset, to estimate both totaland residual life expectancies. I have considered this in estimating the value of all assets.VALUATION:Land, buildings & other assets:01. Land: 09-1R-32.P or 1512P @ Rs.75,000/- p.p. Rs. 113,400,000.0002. Buildings: (in-situ value)a) 3 storeyed building at entrance (workers rest room & shops)1810 sq.ft. @ Rs.3000/-p.s.f. Rs. 5,430,000.00b) Main building, reception area, banquet hall and rooms4 floors 11556 sq.ft. @ Rs. 4000/- p.s.f. Rs. 46,224,000.00c) Suite of five bed rooms 1827 sq.ft. @ Rs. 3000/- p.s.f. Rs. 5,481,000.00d) Ladies’ toilets & staff meal room 646 sq.ft. @ Rs. 2500/- p.s.f. Rs. 1,615,000.00e) Office & guides’ meal room 646 sq.ft. @ Rs. 2000/- p.s.f. Rs. 1,292,000.00f) Cool room 132 sq.ft. @ Rs. 1000/- p.s.f. Rs. 132,000.00g) Lower restaurant, bar & pantry 3215 sq.ft. @ Rs. 3000/- p.s.f. Rs. 9,645,000.00h) Extension G.F.& F.F. 3060 sq.ft. @ Rs. 4500/- p.s.f. Rs. 13,770,000.00i) Side restaurant & toilets 1636 sq.ft. @ Rs.2000/- p.s.f. Rs. 3,272,000.00j) Basement liquor store, laundry, miscellaneous stores1288sq.ft. @ Rs. 1000/- Rs. 1,288,000.00k) New addition of 3 executives’ rooms and attached toilets435 sq.ft. @ Rs. 4000/- p.s.f. Rs. 1,740,000.00l) 2 chalets – each 850 sq.ft.- 1700 sq.ft.@ Rs.6000/- p.s.f. Rs. 10,200,000.00Total value of Land &Buildings Rs. 213,489,000.0003. Infrastructure facilities such as landscaping, tarred road ways,children’s play area, name board, etc. Rs. 1,000,000.00114 Ramboda Falls Limited – Introductory Document
04. Assets:As per inventory taken (attached)a) Office Rs. 2,099,400.00b) Accounts Office Rs. 170,000.00c) Front Office Rs. 168,250.00d) Restaurant down/upper Rs. 1,929,750.00e) Cutlery Rs. 794,607.00f) Items in rooms Rs. 3,343,950.00g) Kitchen Down/upper including cutlery Rs. 1,056,625.00h) Stores Rs. 1,505,000.00i) New 2 chalets with 4 apartments (inventory completed) Rs. 1,092,557.00j) New additional items T.V. systems to existing rooms Rs. 290,000.00k) New additional tables & chairs Rs. 530,000.00l) Laundry items Rs. 900,000.00m) Furniture for restaurant & bar Rs. 2,222,000.00n) Furniture for 2 Nos. chalets Rs. 712,000.00o) Bulk supply for 160 KW transformer Rs. 5,542,000.00p) Installation of new lift for 5 floors with new pathway,carpeted floor with cladding Rs. 7,200,500.00q) New generator for 75 KW Rs. 2,446,000.00r) Solar power hot water system Rs. 200,000.00s) Electrical installation & light fitting fabricating Rs. 1,000,000.00t) Linen stock Rs. 416,265.00u) Photocopy machine Rs. 45,000.00v) Printer (Cannon) Rs. 25,000.00w) CEB add. cost Rs. 152,095.00x) Vehicles Rs. 11,050,000.00y) Total for infrastructure & assets Rs. 45,890,499.00Total Rs. 259,379,499.00Income basis valuationTotal nett annual income for the years 2009/2010 & 2010/2011 Rs. 27,294,893.71Average Nett annual income Rs. 13,647,446.86Years purchase 20Market value of propertyRs.272,948,937.20Value of the property (say) Rs. 265,000,000.00Considering both methods, the value of the property is estimated in a sum of Rs.265,000,000.00.Rupees Two Hundred and Sixty Five Million.115 Ramboda Falls Limited – Introductory Document
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RAMBODA FALLS LIMITEDIncorporated u
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ABBREVIATIONS USED IN THIS INTRODUC
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Information Relevant to the Introdu
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2. OVERVIEW OF THE COMPANY2.1 RAMBO
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A visitor to Ramboda Falls Hotel wi
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agreement with the new owners of Ra
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Construction of a hot water swimmin
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Employee Risk - The business perfor
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3. SENIOR MANAGEMENTThe senior mana
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4. THE BOARD OF DIRECTORSThe Board
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Mr. Ananda Karunarathne - Executive
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5. CORPORATE GOVERNANCE5.1 INDEPEND
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6. CAPITAL STRUCTURE6.1 STATED CAPI
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6.6 SHAREHOLDERS OF RFLThe major sh
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8. DECLARATION BY THE DIRECTORSWe,
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Unaudited Unaudited Unaudited Unaud
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RAMBODA FALLS LIMITED Unaudited Una
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AUDITED FINANCIAL STATEMENTS AS AT
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RAMBODA FALLS (PVT) LIMITEDINCOME S
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RAMBODA FALLS (PVT) LIMITEDSTATEMEN
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RAMBODA FALLS (PVT) LIMITEDNOTES TO
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3.2.2 Inventories (Cont’d)RAMBODA
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d. Defined benefit plans (Cont’d)
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RAMBODA FALLS ( PVT) LIMITEDNOTES T
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AUDITED FINANCIAL STATEMENTS AS AT
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59 Ramboda Falls Limited - Introduc
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RAMBODA FALLS (PVT) LTD.CASH FLOW S
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Page 69 and 70: RAMBODA FALLS (PVT) LTDNotes to the
Page 77 and 78: RAMBODA FALLS (PVT) LTD.INCOME STAT
Page 79 and 80: RAMBODA FALLS (PVT) LTD.STATEMENT O
Page 95 and 96: RAMBODA FALLS (PVT) LTD.Statement o
Page 97 and 98: Capital allowances For the Addition
Page 99 and 100: Members and Trading Members of the
Page 101 and 102: ANNEXURE II - TRANSFER OF SHARESNam
Page 103 and 104: Name of Transferor Name of Transfer
Page 105 and 106: PreambleIt is with great pleasure t
Page 107 and 108: LEGAL TITLE OF THE PROPERTY:Title t
Page 109 and 110: From the lower floor another flight
Page 111 and 112: Basement liquor store, laundry & mi
Page 113: SITE CHARACTERISTICS, LOCALITY, ARE
Page 117 and 118: ANNEXURE IV - EXTRACTS FROM PROJECT
Page 119: Tax ComputationY1 Y2 Y3 Y4 Y5 Y6Pre
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