DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

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Independent Auditors’ Report To the Shareholders of Dipped Products <strong>PLC</strong> Report on the Financial Statements We have audited the accompanying Financial Statements of Dipped Products <strong>PLC</strong>, the consolidated Financial Statements of the Company and its subsidiaries as at that date which comprise the Balance Sheet as at March 31, 2009, and the Income Statement, Statement of Changes in Equity and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory notes as set out on pages 40 to 69 of the Annual Report. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Sri Lanka Accounting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of Financial Statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Scope of Audit and Basis of Opinion Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with Sri Lanka Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall Financial Statement presentation. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. We therefore believe that our audit provides a reasonable basis for our opinion. Opinion In our opinion, so far as appears from our examination, the Company maintained proper accounting records for the year ended March 31, 2009 and the Financial Statements give a true and fair view of the Company’s state of affairs as at March 31, 2009 and its profit and cash flows for the year then ended in accordance with Sri Lanka Accounting Standards. In our opinion, the consolidated Financial Statements give a true and fair view of the state of affairs as at March 31, 2009 and the profit and cash flows for the year then ended, in accordance with Sri Lanka Accounting Standards, of the Company and its subsidiaries dealt with thereby, so far as concerns the members of the Company. Report on Other Legal and Regulatory Requirements These Financial Statements also comply with the requirements of Section 153(2) to 153(7) of the Companies Act No. 7 of 2007. KPMG FORD, RHODES, THORNTON & CO.. Chartered Accountants Colombo May 12, 2009 D I P P E D P R O D U C T S P L C A N N U A L R E P O R T 2 0 0 8 – 2 0 0 9 39
Income Statements For the year ended March 31, Notes Consolidated 2009 Rs’000 2008 Rs’000 Company 2009 Rs’000 2008 Rs’000 Turnover 1 11,895,985 11,152,895 1,229,474 1,243,201 Cost of sales (9,503,142) (8,974,331) (1,037,821) (1,003,816) Gross profit 2,392,843 2,178,564 191,653 239,385 Other income 2 15,119 13,345 2,497 4,570 Administrative expenses (1,045,407) (986,172) (184,660) (193,529) Distribution expenses (408,317) (392,893) (4,218) (29,216) Other expenses 3 (4,745) (10,931) (703) (537) Provision for diminution in value of investment in subsidiary - - (50,000) (100,000) Net finance income / (cost) 4 (332,675) (223,435) 344,125 283,322 Share of profit/(loss) of associate (net of tax) (381) 37,491 - - Profit before tax 5 616,437 615,969 298,694 203,995 Income tax (expense) / release 6 (113,709) (100,627) 5,561 8,599 Profit for the year 502,728 515,342 304,255 212,594 Attributable to : Equity holders of the Company 362,870 371,122 304,255 212,594 Minority interest 139,858 144,220 - - Profit for the year 502,728 515,342 304,255 212,594 Basic earnings per share ( Rs.) 7 6.06 6.20 5.08 3.55 Diluted earnings per share ( Rs.) 7 6.06 6.20 5.08 3.55 Dividends per share ( Rs.) 8 3.00 3.00 3.00 3.00 The figures in brackets indicate deductions The Accounting Policies on pages 45 to 53 and notes on pages 54 to 69 form an integral part of these Financial Statements 40 D I P P E D P R O D U C T S P L C A N N U A L R E P O R T 2 0 0 8 – 2 0 0 9
Page 1 and 2: DIPPED PRODUCTS PLC / ANNUAL REPORT
Page 3 and 4: For more details: visit : www.dpl-f
Page 5 and 6: Chairman’s Statement “Group tur
Page 7 and 8: INPUT MATERIALS AND IMPLEMENTS TO A
Page 9 and 10: Managing Director’s Review “The
Page 11 and 12: Managing Director’s Review “…
Page 13 and 14: Managing Director’s Review “KVP
Page 15 and 16: Managing Director’s Review “Our
Page 17 and 18: partnerships Our partnership with B
Page 19 and 20: technology 18 The high speed latex
Page 21 and 22: environment “Firstlight” cares
Page 23 and 24: IT TRAINING CENTRE INGESTRE ESTATE
Page 25 and 26: INPUT MATERIALS COMMUNITY CAPACITY
Page 27 and 28: Financial Calendar 2008/2009 Interi
Page 29 and 30: Annual Report of the Board Donation
Page 31 and 32: Annual Report of the Board Stock ma
Page 33 and 34: Corporate Governance Responsibiliti
Page 35 and 36: Corporate Governance Major transact
Page 37 and 38: Corporate Governance Level of compl
Page 39: Audit Committee Report Composition
Page 43 and 44: Statements of Changes in Equity Con
Page 45 and 46: Cash Flow Statements For the year e
Page 47 and 48: Accounting Policies 3.1.2 Associate
Page 49 and 50: Accounting Policies commercially fe
Page 51 and 52: Accounting Policies 5.2. Agents’
Page 53 and 54: Accounting Policies 11.1.2. Permane
Page 55 and 56: Notes to the Financial Statements 1
Page 65 and 66: Notes to the Financial Statements Y
Page 67 and 68: Notes to the Financial Statements A
Page 71 and 72: Ten Year Financial Review Gross Div
Page 73 and 74: The Share 1. Stock exchange listing
Page 75 and 76: The Share History of dividend and s
Page 77 and 78: Notice of Meeting DIPPED PRODUCTS P
Page 79 and 80: Form of Proxy INSTRUCTIONS AS TO CO

DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

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