DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

Notes to the Financial Statements
Land Buildings Plant &
Machinery,
Stores &
Lab
Equipment
Furniture,
Fittings,
Office &
Other
Equipment
Vehicles 2009
Total
b. Company Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000
Cost/Valuation
At beginning of the year 118,079 98,657 275,583 55,517 32,129 579,965 532,819
Additions - 498 64,437 2,212 7,300 74,447 49,194
Disposals - - - (410) - (410) (2,048)
At end of the year 118,079 99,155 340,020 57,319 39,429 654,002 579,965
2008
Total
Depreciation and impairment losses
At beginning of the year - 49,694 223,086 44,488 23,851 341,119 316,959
Charge for the year - 3,945 15,711 3,960 6,342 29,958 26,208
On disposals - - - (393) - (393) (2,048)
At end of the year - 53,639 238,797 48,055 30,193 370,684 341,119
Net book value at year end 118,079 45,516 101,223 9,264 9,236 283,318 238,846
Capital work in progress 15,871 72,294
Carrying amount 299,189 311,140
(i)
The value of land which has been revalued by independent qualified valuer is indicated below together with the last date
of revaluation
Written up as at
March 31, 2009 March 31, 2008
Company Location Revaluation date Rs.’000 Rs.’000
Dipped Products PLC Brahmanagama, Kottawa March 31, 2007 52,682 52,682
Dipped Products PLC Nedungamuwa, Weliveriya March 31, 2007 46,721 46,721
Palma Limited Gonawala, Kelaniya March 31, 2007 17,781 17,781
Venigros (Pvt) Limited Nedungamuwa, Weliveriya March 31, 2007 28,224 28,224
145,408 145,408
There are no tax implications or tax liabilities pertaining to revaluation of land.
(ii)
(iii)
(iv)
Leasehold property, plant & equipment include the leasehold rights to bare land on all 27 estates of Kelani Valley
Plantations PLC (KVPL), the immovable leased assets standing thereon at the inception of the company and improvements
to leasehold property since the formation of the company. Unexpired lease period of KVPL land is 37 years.
Property, plant & equipment with a carrying amount of Rs 1,969,605,903 (2008 - Rs 2,126,322,939) have been pledged as
security to obtain banking facilities.
The cost of revalued land given above, would amount to Rs 25,620,108 and Rs 18,676,416 respectively for the Group and
the Company.
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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