DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

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Notes to the Financial Statements 16. Stated Capital 2009 Rs ‘000 2008 Rs ‘000 Issued & fully paid 59,861,512 ordinary shares (March 31, 2008 - 59,861,512) 598,615 598,615 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. 17. Retirement benefit obligations Consolidated 2009 Rs ’000 2008 Rs ’000 Company 2009 Rs ’000 2008 Rs ’000 a. At beginning of the year 741,653 609,204 144,054 130,351 Amortisation of transitional liability 1,740 - 8,200 - Effects of movements in foreign exchange (219) 4,411 - - Benefit paid by the plan (59,495) (52,690) (6,864) (16,058) Current service cost 12,363 - 9,857 - Provision for the year - 180,728 - 27,111 Interest cost 29,115 - 27,750 - Transfer from subsidiary - - - 2,650 Actuarial (gain)/loss 86,209 - (20,304) - At end of the year 811,366 741,653 162,693 144,054 b. Expense recognised in the Income Statement Administrative expenses 129,427 - 25,503 - c. Amortisation of transitional liability as at March 31, 2008 Actuarial valued liability 777,973 - 185,053 - As per Payment of Gratuity Act 741,653 - 144,054 - Difference 36,320 - 40,999 - Amortisation for the year 8,645 - 8,200 - Credit for the Year (6,905) - - - Net amortisation for the year 1,740 - 8,200 - Amount to be amortised in the future 34,580 - 32,799 - d. Market value of unfunded gratuity 845,947 777,973 194,518 185, 053 Total present value of the obligation 845,947 777,973 194,518 185, 053 The Group has adopted SLAS 16 - (Revised 2006) - Employee Benefits, which is applied prospectively from April 1, 2008. As such comparative figures have not been adjusted. SLAS 16- (Revised 2006) requires the use of actuarial techniques to make a reliable estimate of the amount of retirement benefit that employees have earned in return for their service in the current and prior periods and discount that benefit using the Projected Unit Credit Method in order to determine the present value of the retirement benefit obligation and the current service cost. This requires an entity to determine how much benefit is attributable to the current and prior periods and to make estimates about demographic variables and financial variables that will influence the cost of the benefit. The actuarial valuation was carried out by a professionally qualified firm of actuaries, Messrs Acturial and Management Consultant (Pvt) Ltd. The following key assumptions were made in arriving at the above figure. 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 63
Notes to the Financial Statements Year 1 2 3 4 5 6 7 8 9+ Rate of discount (%) 15 15 15 14 13 12 11 10 10 Salary increase (%) 14 14 14 13 12 11 10 9 9 Assumptions regarding future mortality are based on a 67/70 mortality table, issued by The Institute of Actuaries, London. The demographic assumptions underlying the valuation with respect to retirement age early withdrawals from service and retirement on medical grounds. Retirement age: Executive and clerical - 60 years Manual grade - 55 years According to the transitional provisions of SLAS 16- (Revised 2006) the Group can recognize the difference between the liability at transition and the liability that would have been recognised at the date of transition under the Group’s new accounting policy over five years. The liability as per Payment of Gratuity Act for Group and Company as at March 31,2009 are Rs 675,510,274 and Rs 76,588,932 respectively. 18. Agents’ indemnity fund Consolidated 2009 Rs ‘000 2008 Rs ‘000 At beginning of the year 33,819 26,208 Provision for the year 4,344 3,947 Effects of movements in foreign exchange (162) 3,664 38,001 33,819 Payments during the year (2,622) - At end of the year 35,379 33,819 19. Interest bearing borrowings – due after one year Consolidated 2009 Rs ‘000 2008 Rs ‘000 Company 2009 Rs ‘000 2008 Rs ‘000 Term loans - (note 19.1) 851,260 987,116 - - Finance lease obligations net of interest - (note 19.2) 367,813 373,136 - - 19.1 Term loans 1,219,073 1,360,252 - - Consolidated 2009 Rs ‘000 2008 Rs ‘000 Company 2009 Rs ‘000 2008 Rs ‘000 At beginning of the year 1,238,191 1,388,518 30,253 153,053 Obtained during the year 168,844 115,620 - - Effect of movements in foreign exchange 5,702 57,622 - - Repayments during the year (255,039) (323,569) (30,253) (122,800) At end of the year 1,157,698 1,238,191 - 30,253 Repayments due within one year (included under current liabilities - note 22) (306,438) (251,075) - (30,253) Repayments due after one year 851,260 987,116 - - 64 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
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For more details: visit : www.dpl-f
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Chairman’s Statement “Group tur
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INPUT MATERIALS AND IMPLEMENTS TO A
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Managing Director’s Review “The
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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 63: Notes to the Financial Statements 1
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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