DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

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Accounting Policies 11.5. Grants Grants related to property, plant and equipment other than grants received for forestry are initially deferred and allocated to income on a systematic basis over the useful economic life of the related Property, plant and equipments as follows: Buildings Sanitation & water supply Plant & equipment 40 years 20 years 131/3 years Grants related to income are recognised in profit & loss in the year in which it is receivable. Grants received for forestry are initially deferred and credited to profit & loss at once when the related blocks of trees are harvested. 11.6. Retirement benefits to employees The Defined Retirement Benefit Plan adopted is as required under the Payment of Gratuity Act No. 12 of 1983 and Indian Repatriate Act No. 34 of 1978 to eligible employees. This item is grouped under retirement benefit obligations in the Balance Sheet. Provision for gratuity on the employees of the company is based on an actuarial valuation using the Projected Unit Credit (PUC) method as recommended by Sri Lanka Accounting Standard (SLAS) 16 - Retirement Benefit Costs. The actuarial valuation was carried out by a professionally qualified firm of actuaries, Messrs Actuarial and Management Consultants (Pvt.) Limited as at December 31, 2008. The company expects to carry out an actuarial valuation once in every two years. The key assumptions used by the actuary include the following: Rate of interest – 10% (per annum) Rate of salary increase - Workers – 22% (every two years) - Staff – 10% (per annum) Retirement age - Workers – 60 years - Staff – 60 years Daily wage rate - Tea – Rs. 200/- - Rubber – Rs. 200/- The company will continue in business as a going concern. However according to the Payment of Gratuity Act No. 12 of 1983, the liability for payment to an employee arises only after the completion of 5 years continued service. The liability is not externally funded. 11.7. Revenue recognition In keeping with the practice in Plantation Industry, revenue and profit or loss on sale of Perennial crops are recognised in the financial period of harvesting. Revenue is recorded at invoice value net of brokerage, sale expenses and other levies related to revenue. 12. Cash Flow Statement The Cash Flow Statement has been prepared using the “indirect method”. Interest paid is classified as operating cash flows, interest, dividends and grants received are classified as investing cash flows while dividends paid is classified as financing cash flows for the purpose of presenting of Cash Flow Statement. 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 53
Notes to the Financial Statements 1. Turnover 2009 Rs ‘000 Consolidated 2008 Rs ‘000 Dipped Products <strong>PLC</strong>. 1,229,474 1,243,201 Grossart (Pvt) Ltd. 1,333,945 1,235,900 Venigros (Pvt) Ltd. 1,304,405 1,452,673 Neoprex (Pvt) Ltd. 625,251 417,442 Texnil (Pvt) Ltd. 268,042 446,980 Dipped Products (Thailand) Ltd. 1,367,411 1,067,590 ICOGUANTI S.p.A 3,035,730 2,710,254 Feltex (Pvt) Ltd. 24,956 40,580 Hanwella Rubber Products Ltd. 907,166 807,467 DPL Plantations (Pvt) Ltd. 1,021 - Kelani Valley Plantations <strong>PLC</strong>. 3,108,571 2,827,974 13,205,972 12,250,061 Intra-group sales/services (1,309,987) (1,097,166) Segment information on turnover is given in note 24. 2. Other income Consolidated 2009 Rs ‘000 2008 Rs ‘000 11,895,985 11,152,895 2009 Rs ‘000 Company 2008 Rs ‘000 Gain on disposal of property, plant & equipment 3,768 5,183 31 2,104 Amortisation of grants 11,351 8,162 - - Lease rental - - 2,466 2,466 3. Other expenses 15,119 13,345 2,497 4,570 Consolidated 2009 Rs ‘000 2008 Rs ‘000 2009 Rs ‘000 Company 2008 Rs ‘000 Research and development expensed as incurred 4,745 10,931 703 537 54 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
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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 and 40: Audit Committee Report Composition
Page 41 and 42: Income Statements For the year ende
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: Accounting Policies 11.1.2. Permane
Page 57 and 58: Notes to the Financial Statements 6
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
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DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

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