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notes to the Financial statements 34.4 Dealings with Subsidiaries, Associates and Jointly Controlled Entities 34.4.1 Transactions with Fully Owned Subsidiaries and Jointly Controlled Entities Name of the Company Dimo Dimo Dimo Dimo-KLN Relationship Shareholding 164 (Pvt) Ltd. Industries Travels Industries Subsidiary 100% (Pvt) Ltd. (Pvt) Ltd. (Pvt) Ltd. Subsidiary 100% Subsidiary 100% Jointly Controlled entity/49% Total Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Opening balance as at 1st April 2009 41,355 26,783 (375) 4,624 72,387 Sale of goods and services 2,044 – – – 2,044 Purchases of goods and services (2,293) (29) – – (2,322) Expense incurred - net 39,346 (1,119) 22 – 38,247 Fund transfers - net (117,350) (2,370) – (4,624) (124,344) Closing balance as at 31st March 2010 (36,898) 23,265 (353) – (13,989) 34.4.2 The outstanding balances with related parties are not secured. 34.4.3 The guarantees and letters of credit taken on behalf of Dimo (Pvt) Ltd., as at 31st March 2010 amounted to Rs. 88 mn (2008/09 Rs. 267 mn). 34.4.4 No provisions were made for bad and doubtful debts nor write-off against any related parties. 35. Warranties Warranties extended to products marketed by the Group are limited to those given by respective manufacturers. 36. Commitments and Contingencies 36.1 Capital Expenditure Commitments There are no capital expenditure commitments as at 31st March 2010. 36.2 Contingent Liabilities Guarantees The contingent liability as at 31st March 2010 on guarantees given by Diesel & Motor Engineering PLC, in respect of bid bonds and performance bonds amounted to Rs. 588,578,269/- (2008/09 - Rs. 413,706,559/-). Litigation Against the Company a. The claims for lawsuits filed against the Company as at 31st March 2010 amounts to Rs. 27.5 mn. Although there can be no assurance, the Directors believe based on the information currently available that the ultimate resolution of such lawsuits are not likely to have a material effect on the results of operations, financial position or liquidity. Accordingly, no provision for any liability has been made in the Financial Statements. 37. Events Occurring After the Balance Sheet Date Subsequent to the Balance Sheet date the Board of Directors of the Company approved the final dividend of Rs. 4/- per share for the year ended 31st March 2010. Details of the above dividend are disclosed in Note 12 to the Financial Statements. There were no other material events that occurred after the Balance Sheet date that require adjustments to or disclosure in the Financial Statements. 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 Year ended 31st March 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Operating Results Group turnover 2,686,939 1,843,662 3,404,734 4,796,905 7,565,327 10,512,326 12,989,916 12,687,289 9,187,966 10,530,587* Profit before taxation 119,992 38,753 58,912 148,396 253,633 382,235 512,895 344,444 175,082 420,095* Taxation (46,102) (10,523) (20,119) (48,131) (76,431) (117,062) (211,118) (139,351) (72,054) (141,842)* Profit after taxation 73,890 28,230 38,793 100,265 177,202 265,173 301,777 205,093 103,028 278,253* Capital Employed Stated capital – – – – – – – 182,500 182,500 182,500 Share capital 48,000 48,000 48,000 90,000 90,000 90,000 121,000 – – – Share premium 19,500 19,500 19,500 37,500 37,500 37,500 61,500 – – – Revaluation reserves 182,301 182,301 182,301 182,301 311,522 311,522 311,522 311,522 1,135,612 1,135,612 Revenue reserves 314,846 325,076 363,869 432,634 566,836 777,009 1,012,486 1,163,129 686,733 882,816 Shareholders’ Funds 564,647 574,877 613,670 742,435 1,005,858 1,216,031 1,506,508 1,657,151 2,004,845 2,200,928 Total borrowings (including both long-term and short-term borrowings) 458,146 596,514 866,946 958,049 1,608,915 2,796,158 2,864,688 2,802,374 2,709,671 1,966,600 Net Capital Employed 1,022,793 1,171,391 1,480,616 1,700,484 2,614,773 4,012,189 4,371,196 4,459,525 4,714,516 4,167,528 Assets Employed Non-current assets 480,468 517,030 528,826 559,752 734,720 775,323 1,005,370 1,463,068 2,234,911 2,149,405 Current assets Total liabilities 803,832 952,905 1,197,756 1,692,349 2,460,687 3,794,288 4,193,262 4,368,090 3,028,263 3,389,023 (excluding borrowings) (261,507) (298,544) (245,966) (551,617) (580,634) (557,422) (827,436) (1,371,633) (548,658) (1,370,901) Capital Employed 1,022,793 1,171,391 1,480,616 1,700,484 2,614,773 4,012,189 4,371,196 4,459,525 4,714,516 4,167,528 Cash Flow From Operating activities 88,131 (102,684) (153,014) (39,915) (587,299) (990,433) 383,134 520,706 625,652 846,833 From Investing activities (53,658) (56,104) (57,827) (75,584) (97,584) (91,474) (287,636) (519,212) 1,918 (24,275) From Financing activities (201,671) (12,640) (17,488) 26,434 92,125 305,800 (49,458) 179,289 (416,861) (295,885) Net Cash Inflow/(Outflow) (167,198) (171,428) (228,329) (89,065) (592,758) (776,107) 46,040 180,783 210,709 526,673 Key Indicators Earnings per share (Rs.) 6.40 2.44 3.36 8.68 15.34 22.96 25.76 16.95 9.36 28.53 Net assets per share (Rs.) 94.11 95.81 102.28 82.49 100.59 121.60 124.50 136.95 230.39 252.92 Market value per share (Rs.) Return on average 38.00 30.00 50.00 53.00 103.00 138.50 120.00 88.75 60.25 394.25 shareholders’ equity (%) Dividends proposed/declared 14.00 4.95 6.53 14.79 20.27 23.87 22.17 12.97 4.88 11.80 (Rs. ’000) 24,000 18,000 18,000 31,500 50,000 60,000 72,600 48,400 26,107 34,810 Dividends cover (no. of times) 2.88 1.17 1.28 3.29 3.18 3.99 3.88 4.02 2.34 3.11 Price earnings ratio (no. of times) 5.94 12.27 14.89 6.11 6.71 6.03 4.66 5.24 6.44 14.89 Dividend per share (Rs.) 4.00 3.00 3.00 3.50 5.00 6.00 6.00 4.00 3.00 7.00 Annual sales growth (%) 79.74 (31.38) 84.67 40.89 57.71 38.95 23.57 (2.33) (27.58) 14.61 Current ratio (no. of times) Turnover to capital 1.24 1.16 1.16 1.20 1.24 1.33 1.30 1.26 1.31 1.20* employed (no. of times) 2.63 1.57 2.30 2.82 2.89 2.62 2.97 2.84 1.95 2.53 Equity to total assets ratio (%) 43.97 39.11 35.54 32.97 31.48 26.61 28.98 28.42 38.09 39.78 Interest Cover (no. of times) 2.66 1.39 1.53 2.54 2.73 2.43 2.11 1.67 1.31* 2.20* Number of employees 564 572 595 613 627 714 820 866 869 867 * Includes only continuing operations Notes to the Financial Statements 141 Ten year Summary 165 Share Information 166 Network of Branches, Workshops & Showrooms 170 Historical Note 17 Ten Year SUMMARy 165
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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
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goVernance report The Company Secre
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goVernance report The Committee con
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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
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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
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Page 122 and 123: co u n T rY r e p o rT Sectoral Com
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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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