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h I STo r I c a l n oT e The key attribute of DIMO is that as a company with a long history of over 70 years it has through its expansions always held true to the spirit of its founders and has spurned compromise. It takes pride in its historical situation as probably the oldest sole distributor for Mercedes Benz passenger and commercial vehicles in the Asian region. In 1960, the Company extended its rear boundaries up to Bloemendhal Road, facilitating the expansion of its workshop. In 1964, DIMO was converted into a public Quoted Company by obtaining a listing at the Colombo Brokers’ Association, as it was then known. Since its modest beginning, the Company has grown in size as well as in scope, and presently has a workforce of over 800. With over seven decades of experience in the automobile and engineering industry, the Company over the years has made a significant contribution towards the development of the transportation sector in Sri Lanka. In 1966, the Company commenced manufacturing of radiators, radiator cores, silencer barrels and light engineering products for motor vehicles. Dimo Industries (Pvt) Ltd., and Dimo (Pvt) Ltd. were incorporated as wholly owned subsidiaries in the early 70s. Dimo Industries (Pvt) Ltd. was established to manufacture automobile parts, while Dimo (Pvt) Ltd. was for the sale and service of Power Systems, Power Engineering and Medical Equipment. In 1986, the Hayleys Group acquired a stake in the equity capital making DIMO one of its associate companies. The divisional organisational structure was introduced in 1987 to support and nurture the development of the Company and to institutionalise the corporate management process. As part of its evolving strategy of enhancing local expertise, in 1990 DIMO set up it’s first automobile training school offering a two-year comprehensive service and maintenance course designed by Mercedes-Benz Germany. It is the only such enterprise of its kind in the corporate sector. The school has expanded, also offering automotive training courses for the UK-based City & Guilds programme. DIMO is involved in a number of related fields, but maintains its core expertise representing many prestigious principal automobile and heavy-vehicle manufacturers and their allied services. Its portfolio consists of “best in class” brands such as Daimler, TATA, Bosch, MTU, Komatsu, Siemens, Michelin, Osram and Mahindra & Mahindra to name but a few. Its portfolio reaffirms the prestige and historicity of DIMO as a company committed to providing truly top-end products and services. In 1996, the Company relocated its after sales and service activities of commercial vehicles, construction machinery and power systems at Siyambalape, Biyagama which is about ten kilo metres away from Colombo city limits. The workshop complex is equipped with state-of-the-art machinery and equipment. The Company continues to expand its branch network and presently has five showrooms within Colombo city limits and five remote branches located at Anuradhapura, Kurunegala, Matara, Kandy and Jaffna. In addition Company established it’s owned six display points at Ambalangoda, Ampara, Puttalum, Ratnapura, Yakkala and Vauniya. 172 ANNUAL REPORT 2009/10 DIESEL & MOTOR ENGINEERING PLC The Head office conveniently and spaciously remains located in an area of approximately 10,000 sq. metres in a central commercial sector in Colombo. The complex houses the Company’s administrative and sales offices, passenger car and automotive workshops with its showrooms. During 2006, the Company invested in tyre retreading under Dimo Industries (Pvt) Ltd. The retreading factory is located at Homagama. The Company’s logistical operations are being carried out from its own property at Weliweriya which is in the Gampaha district from February 2008. In 2008, the entirety of the divested stockholding of Hayleys Group was repurchased by DIMO. During the last few decades DIMO has achieved sustainable growth with its annual turnover increasing from a mere Rs. 215 mn to Rs. 10.4 bn. The stated capital has increased from Rs. 10 mn to Rs. 182 mn through rights issues and capitalisation of reserves. Thus DIMO has laid the foundation towards achieving world class status. Historical Note 171 Key Principals 173 Country Report 175 Alphabetical Index 179 Glossary of Financial Terms 180
DIESEL & MOTOR ENGINEERING PLC ANNUAL REPORT 2009/10 France Carl Zeiss Meditec Carl Zeiss Meditec SAS Haulotte Group Michelin Germany Blaupunkt Werke GmbH Bomag GmbH Carl Zeiss Meditec Daimler AG DEMAG Cranes & Components GmbH Draeger Medical Fischer Werke GmbH KHD Humbldt Wedag AG KSB AG OSRAM GmbH Road Trains TschuTschu GMBH Robert Bosch Ew. Robert Bosch GmbH Rudolf Zimmermann Siemens AG SiTeco Lighting (M) Sdn Bhd Tognam GmbH Vossloh-Schwabe GmbH WOMA GmbH India Bimetal Bearings Ltd. Bosch Chassies Systems India Ltd. Bosch Ltd. Claas India Ltd. Fenner (India) Ltd. Gabriel India Ltd. India Pistons Ltd. Mahindra & Mahindra Ltd. MRF Rane Brake Linings Ltd. Rane Engine Valves Ltd. Schwing Stetter Sri Bhavani Castings Ltd. Sri Ramadas Motor Transport Ltd. Tata Motors Ltd. Turbo Bearings (P) Ltd. VE Commercial Vehicles Ltd. Victor Gaskets India Ltd. ITALY VM MOTORI S.P.A. Japan Bosch Automotive Systems Corporation Komatsu Ltd. Komatsu Utility Co. Ltd. Zenoah Malaysia Davex Engineering (M) SDN Bhd. See Hau Global sdn bhd SSI Schaefer Systems International Pte Ltd. Singapore Chrysler South East Asia Pte. Ltd. Daimler Regional Logistic Centre Daimler South East Asia Ptd. Ltd. John Deere Asia (Pvt) Ltd. Komatsu Asia & Pacific Pte. Ltd. Komatsu Forklift Asia Pte. Ltd. MHE-Demag (s) Ptc. Ltd. Power Source International Pte. Ltd. Tognum South Korea Everdigm Hanwa Company keY PRINCIPALS UK Interpower International Ltd. USA BF Goodrich Indo Marine Engineering Co., Pvt. Ltd. Snap-on Tools (Pvt) Ltd. WD 40 Company Historical Note 171 Key Principals 173 Country Report 175 Alphabetical Index 179 Glossary of Financial Terms 180 173
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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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goVernance report RELATIONS WITH SH
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goVernance report e n t e r p r i s
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goVernance report CHairMan & Ceo’
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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
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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 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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