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notes to the Financial statements 27.2 Finance Lease Obligations Principal Amount Consolidated Company 160 2009/10 2008/09 2009/10 2008/09 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Gross liability at the beginning of the year 10,901 22,068 10,901 22,068 Repayments during the year (7,678) (11,167) (7,678) (11,167) Net lease obligation at the end of the year 3,223 10,901 3,223 10,901 Finance charges unamortised (1,023) (2,532) (1,023) (2,532) Net liability at the end of the year 2,200 8,369 2,200 8,369 Transferred to current liabilities (repayable within one year) 728 5,783 728 5,783 Non-current portion of finance lease obligations (repayable after one year) 1,472 2,586 1,472 2,586 28. Deferred Tax Assets/(Liabilities) Consolidated Company 2009/10 2008/09 2009/10 2008/09 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Balance at the beginning of the year 42,319 41,132 41,315 40,990 Origination and reversal of temporary differences (14,182) 1,187 (5,237) 325 Balance at the end of the year 28,137 42,319 36,078 41,315 Recognised Deferred Tax Assets and Liabilities Property, plant & equipment 246,922 246,078 235,687 235,180 Defined benefit obligations (142,048) (125,167) (132,607) (117,137) Provisions (24,482) – – – Net temporary differences 80,392 120,911 103,080 118,043 Deferred tax liability (net) at the rate of 35% 28,137 42,319 36,078 41,315 The amount of deferred tax assets and liabilities recognised in the Balance Sheet for each year is presented as follows: Consolidated Company 2009/10 2008/09 2009/10 2008/09 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Deferred tax assets (7,941) – – – Deferred tax liabilities 36,078 42,319 36,078 41,315 28,137 42,319 36,078 41,315 Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the following items Tax losses as at 31 March 2010 (Note 9.2) 12,805 19,861 – – Unrecognised deferred tax asset 4,482 6,951 – – Deferred tax asset in respect of above has not been recognised because it is not probable that future taxable profit will be available. 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
DIeseL & MotoR eNGINeeRING pLC ANNUAL RepoRt 2009/10 29. Deferred Income Consolidated Company 2009/10 2008/09 2009/10 2008/09 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 At the beginning of the year 363 1,222 363 1,222 Income deferred during the year 16,673 56 16,137 56 Amortised during the year (5,261) (915) (5,261) (915) Balance at the end of the year 11,775 363 11,239 363 Income deferred during the year represents the market value of the telephone system received free of charge. This would be amortised on a systematic basis over the contract period with the supplier of the equipment. 30. Defined Benefit Obligations Consolidated Company As at 31st March 2009/10 2008/09 2009/10 2008/09 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Present value of unfunded obligation 142,138 125,167 132,607 117,137 Recognised liability for defined benefit obligations 142,138 125,167 132,607 117,137 Balance at the beginning of the year 125,167 107,735 117,137 100,699 Current service cost 10,344 9,325 9,210 8,292 Interest cost 18,774 17,238 17,571 16,111 Actuarial losses/(Gain) (894) 2,849 (1,673) 1,751 Total charge for the year 28,224 29,412 25,108 26,154 Benefits paid by the plan (11,247) (11,980) (9,638) (9,716) 142,144 125,167 132,607 117,137 Transfer to assets classified as held for sale (6) – – – Balance at the end of the year 142,138 125,167 132,607 117,137 The current service cost, interest cost and actuarial losses for the year under review are included under Administration Expenses. An actuarial valuation was carried out on 31st March 2010 by Messrs Actuarial & Management Consultants (Pvt) Ltd. The following assumptions and data were used in valuing the defined benefit obligation by the actuarial valuer. Rate of discount - 11% Salary increase - 9.5% notes to the Financial statements Assumptions regarding future mortality are based on a 67/70 mortality table, issued by the Institute of Actuaries, London. Normal retirement age of an individual is assumed to be 60 years and employees over 60 years are assumed to retire on their next birthdays. Network of branches, Workshops & showrooms 170 historical Note 171 Key principals 173 Country Report 175 Alphabetical Index 179 161
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Annual Report 2009/10 DIESEL & MOTO
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Vision To be the leader in all the
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Contents Overview Financial Highlig
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oVerView operational hIGhLIGhTS Har
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oVerView CHairMan & Ceo’s REvIEW
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oVerView 12 C H a i r M a n & Ceo
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Overview Board of DIRECTORS ANNUAL
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Overview Group ManaGeMent COMMITTEE
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ManageMent report Business PERFORMA
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ManageMent report The performance o
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ManageMent report Tata Commercial V
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ManageMent report We continue to ex
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ManageMent report A Year of Importa
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ManageMent report Performance Dimo
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ManageMent report The Business unit
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ManageMent report The division has
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ManageMent report FinanCial REvIEW
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ManageMent report Finance Expenses*
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ManageMent report Working Capital T
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ManageMent report Segment Performan
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goVernance report enterprise GOvERN
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goVernance report SECTION 1: THE CO
Page 56 and 57: goVernance report The Company Secre
Page 58 and 59: goVernance report The Committee con
Page 60 and 61: goVernance report RELATIONS WITH SH
Page 62 and 63: goVernance report e n t e r p r i s
Page 64 and 65: goVernance report CHairMan & Ceo’
Page 66 and 67: goVernance report Risk Management A
Page 68 and 69: goVernance report Industry Trends D
Page 70 and 71: goVernance report tHe reMuneration
Page 72 and 73: goVernance report group STRUCTURE 1
Page 74 and 75: FINANCIAL CALENDAR Interim Financia
Page 76 and 77: annual RepoRt oF the boaRd oF diRec
Page 78 and 79: annual RepoRt oF the boaRd oF diRec
Page 80 and 81: statement oF diRectoRs’ RespoNsIb
Page 82 and 83: income stAteMeNts 136 Consolidated
Page 84 and 85: statements oF ChANGes IN eqUIty 138
Page 86 and 87: cash Flow statements Reconciliation
Page 88 and 89: notes to the Financial statements 3
Page 90 and 91: notes to the Financial statements T
Page 92 and 93: notes to the Financial statements A
Page 100 and 101: notes to the Financial statements N
Page 102 and 103: notes to the Financial statements T
Page 108 and 109: notes to the Financial statements F
Page 112 and 113: Share INFORMATION 1. Stock Exchange
Page 114 and 115: S h a r e I n f o r m aT I o n 9. T
Page 116 and 117: neTwork of BRANCHES, WORKSHOPS & SH
Page 118 and 119: h I STo r I c a l n oT e The key at
Page 120 and 121: k eY p r I n c I pa l S Principals
Page 122 and 123: co u n T rY r e p o rT Sectoral Com
Page 124 and 125: co u n T rY r e p o rT Expectation
Page 126 and 127: GloSSarY of FINANCIAL TERMS Account
Page 128 and 129: corporaTe INFORMATION Name of the C
Page 130 and 131: The creative approach we adopted fo
Page 132: f o r m o f p rox Y Instructions as
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