DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

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Notes to the Financial Statements 4. Finance (income)/cost Finance cost Consolidated 2009 Rs’000 2008 Rs’000 Company 2009 Rs’000 2008 Rs’000 Interest on finance leases 21,371 21,634 - - Interest on long-term borrowings 113,582 118,849 826 9,375 Interest on short-term borrowings 169,550 167,229 57,064 51,765 Exchange loss on working capital/trading 61,406 - - - Finance income 365,909 307,712 57,890 61,140 Interest income (22,625) (15,030) (818) (770) Dividend income - Quoted investments (10,609) (12,377) (10,609) (12,377) - Unquoted investments - - (344,615) (301,223) Exchange gain on working capital/trading - (56,870) (45,973) (30,092) (33,234) (84,277) (402,015) (344,462) 332,675 223,435 (344,125) (283,322) 5. Profit before tax Profit before tax is stated after charging all expenses including the following: Consolidated 2009 Rs’000 2008 Rs’000 Company 2009 Rs’000 2008 Rs’000 Depreciation of property, plant & equipment 384,000 363,089 29,958 26,208 Directors’ emoluments 49,385 46,602 25,341 25,178 Auditors’ remuneration - KPMG Ford, Rhodes, Thornton & Co. 3,570 3,138 520 460 - Other auditors 3,119 2,594 - - Fees paid to auditors for non-audit services - KPMG Ford, Rhodes, Thornton & Co. 1,006 651 65 289 - Other auditors 25 24 - - Bad debts written-off/provision 19,196 16,310 43 - Provision for slow-moving/obsolete inventories 23,327 22,272 5,170 5,543 Staff costs ( note 5.1 ) 2,752,919 2,514,776 174,627 206,795 Legal fees 8,607 5,013 643 234 Donations 1,185 1,756 79 60 5.1 Staff costs Consolidated Company 2009 Rs’000 2008 Rs’000 2009 Rs’000 2008 Rs ‘000 Defined contribution plan costs 208,185 186,442 25,502 24,023 Defined benefit plan costs 129,427 180,728 25,503 27,111 Other staff costs 2,415,307 2,147,606 123,620 155,661 2,752,919 2,514,776 174,625 206,795 No of employees at year end 16,929 17,085 371 352 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 55
Notes to the Financial Statements 6. Income tax expense / (release) Consolidated 2009 Rs ‘000 2008 Rs ‘000 Company 2009 Rs ‘000 2008 Rs ‘000 Income tax on current year profits 103,746 84,065 3,990 2,913 (Over)/under provision in respect of previous years 49 - 108 - Irrecoverable economic service charge 141 1,255 - - Write back of ESC previously written-off (4,576) (23,984) - (4,107) 99,360 61,336 4,098 (1,194) Share of associate company income tax - 10,711 - - Origination and reversal of temporary differences (2,394) 18,286 (9,659) (7,405) Withholding tax on dividends 16,743 10,293 - - Reconciliation of accounting profit to income tax expense 113,709 100,626 (5,561) (8,599) Consolidated 2009 Rs ‘000 2008 Rs ‘000 Company 2009 Rs ‘000 2008 Rs ‘000 Profit before tax 616,437 615,969 298,694 203,995 Share of (profit)/loss of associate 381 (37,491) - - Intra-group eliminations 476,097 258,342 - - 1,092,915 836,820 298,694 203,995 Disallowable expenses 504,494 651,774 126,864 165,760 Tax deductible expenses (642,316) (407,870) (32,401) (11,334) Tax exempt income (905,362) (1,004,402) (381,920) (336,975) Tax loss b/f (1,113,943) (573,050) - - Adjustments for tax loss b/f (271,702) (178,974) - - Tax loss c/f 1,673,931 1,113,943 - - Taxable income 338,017 438,241 11,237 21,446 Income tax @ 35% 20,162 13,019 3,933 1,059 Income tax @ 33% - 55,586 - - Income tax @ 27.5% 53,401 - - - Income tax @ 15% 12,933 - - - Income tax @ 10% - 1,842 - 1,842 Income tax at other tax rates 16,808 13,363 - - Social responsibility levy 442 255 57 12 Income tax on current year profits 103,746 84,065 3,990 2,913 Dipped Products <strong>PLC</strong>., and Venigros (Pvt) Ltd., have entered into an agreement with the Board of Investment of Sri Lanka (BOI) and have been granted a ten-year tax holiday on its business activity as “ Thrust Industries “, up to March 31,2009. Similarly Grossart (Pvt) Ltd., Hanwella Rubber Products Ltd., and Texnil (Pvt) Ltd., have been granted a ten-year tax holiday on its business activity as “ Thrust Industries “ up to March 31,2010, March 31, 2011 and March 31,2013 respectively. Neoprex (Pvt) Ltd., has completed ten-year tax holiday period on March 31,2008 . Feltex (Pvt) Ltd., has entered in to an agreement with BOI and has been granted a five-year tax holiday on its business activities from the year of making profits or any year of assessment not later than two years reckoned from the date of commencement of commercial operations or production whichever is earlier. Accordingly, tax holiday period had been commenced in 2006/2007 and Feltex (Pvt) Ltd., enjoys a five-year tax holiday on its business activity as “Thrust Industries”, up to March 31, 2011. 56 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 and 54: Accounting Policies 11.1.2. Permane
Page 55: Notes to the Financial Statements 1
Page 59 and 60: Notes to the Financial Statements 9
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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