directors - Colombo Stock Exchange

notes to the Financial statements
Notes
i. The value of the freehold land owned by the Group was last assessed by an independent valuer as
at 30th September 2008.
The valuation of the freehold land has been written up to correspond with the market value and the
details are as follows:
Location Extent Cost Revalued Pledged
Rs. ’000 Rs. ’000
No. 65 & 56, Jetawana Road, Colombo 14 2A-0R-33.29P 414 821,660 –
No. 61, Jetawana Road, Colombo 14 0A-1R-04.00P 18,014 132,000 –
No. 74, Jetawana Road, Colombo 14 0A-1R-14.56P 113,808 172,313 √
No. 135, Mahena Road, Siyambalape 7A-3R-05.90P 16,483 94,290 √
Kirindiwela Road, Weliweriya 16A-0R-36.31P 89,958 154,026 √
Total 238,677 1,374,289
ii. Group property, plant & equipment with cost of Rs. 317 mn (2008/09 - Rs. 308 mn), have been
fully-depreciated and continue to be used by the Group. The cost of fully-depreciated assets of the
Company amounts to Rs. 296 mn (2008/09 Rs. - 288 mn).
iii. Group land and building with a carrying value of Rs. 821 mn (2009 - Rs. 821 mn), have been
pledged as security for term loans obtained.
iv. There has been no permanent fall in the value of Property, Plant & Equipment which require a
provision other than disclosed above.
14. Leasehold Property
154
Consolidated Company
2009/10 2008/09 2009/10 2008/09
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Cost
Balance at the beginning of the year 2,400 2,400 2,400 2,400
Balance at the end of the year 2,400 2,400 2,400 2,400
Amortisation
Balance at the beginning of the year 960 880 960 880
Amortisation for the year 80 80 80 80
Balance at the end of the year 1,040 960 1,040 960
Carrying amount at the end of the year 1,360 1,440 1,360 1,440
The leasehold property represents leasehold land situated at Anuradhapura which is on a 30-year lease
and expires in 2026.
ANNUAL RepoRt 2009/10 DIeseL & MotoR eNGINeeRING pLC
statements of Changes in equity 138 Cash flow statements 139 Notes to the financial statements 141 ten year summary 165 share Information 166