DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

More documents

Recommendations

Info

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 59
Notes to the Financial Statements 10. Intangible assets - Goodwill Consolidated 2009 2008 Rs’000 Rs’000 Cost At beginning of the year 58,152 58,152 Incurred during the year - - At end of the year 58,152 58,152 Amortisation and impairment losses At beginning of the year 42,468 42,468 Amortisation charge for the year - - At end of the year 42,468 42,468 Carrying amount 15,684 15,684 The aggregate carrying amounts of goodwill allocated to each unit are as follows: There has been no permanent impairment of intangible assets that require a provision. Value in use was determined to estimate the recoverable amount. 11. Investments a. Investments in subsidiaries (at cost) Unquoted investments Rs’000 Venigros (Pvt) Ltd. 6,080 ICOGUANTI S.p.A. 9,604 15,684 % Holding No. of Shares Company Value Rs ’000 2009 2008 2009 2008 2009 2008 Palma Ltd. 100 100 4,000,000 4,000,000 40,000 40,000 Grossart (Pvt) Ltd. 100 100 4,200,000 4,200,000 42,000 42,000 DPL Plantations (Pvt) Ltd. 100 100 10,100,000 10,100,000 101,000 101,000 Venigros (Pvt) Ltd. 100 100 8,000,000 8,000,000 202,450 202,450 Neoprex (Pvt) Ltd. 100 100 4,000,000 4,000,000 40,000 40,000 Texnil (Pvt) Ltd. 100 100 7,500,000 7,500,000 75,000 75,000 Dipped Products (Thailand) Ltd. 98 98 1,351,250 1,351,250 327,366 327,366 ICOGUANTI S.p.A. 55 55 1,100,000 671,000 89,872 89,872 Feltex (Pvt) Ltd. 100 100 1,500,000 1,500,000 15,000 15,000 Hanwella Rubber Products Ltd. 70 70 6,090,000 6,090,000 31,000 31,000 963,688 963,688 Provision for diminution in value of investments - Palma Ltd. (20,000) (20,000) - Dipped Products (Thailand) Ltd. (150,000) (100,000) 793,688 843,688 The Company has an investment of Rs 327 million in Dipped Products (Thailand) Ltd. (DPTL). DPTL has incurred losses during last few years. Accordingly the Directors have made an additional provision of Rs 50 million against the investment in DPTL. 60 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 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 and 56: Notes to the Financial Statements 1
Page 59: 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
show all

DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?