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cash Flow statements Reconciliation of Operating Profit with Cash Flows from Operating Activities 140 Consolidated Company As at 31st March Note 2010 2009 2010 2009 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Profit before Taxation from continuing Operations 420,095 175,082 306,315 107,879 Loss before Taxation from discontinued operations 10 (32,427) (20,060) – – Profit before Taxation 387,668 155,022 306,315 107,879 Interest cost 354,962 584,992 344,041 551,129 Interest and Dividend Income (1,264) (3,232) (4,013) (2,730) Share of profit of equity accounted investee (8,236) 177 – – Depreciation on property, plant & equipment 13 94,252 97,916 86,459 88,200 Amortisation of Intangible Assets and leasehold lands 14/15 782 782 782 782 Amortisation of Deferred Income 29 (5,261) (915) (5,261) (915) Movement of impairment on property, plant and equipment (5,959) 6,594 (6,594) 6,594 Impairment of investment in jointly controlled entities – – 1,323 6,677 Gain on disposal of property, plant and equipment 2,366 (16,998) 4,211 (16,901) Gain on disposal of investment – (34,720) – (34,720) Provision for slow moving inventories 8.1 46,704 19,015 30,979 18,493 Provision for bad and doubtful debts 8.1 115,662 20,585 90,826 26,440 Provision for defined benefit plans 30 28,224 29,412 25,108 26,154 Operating profit before working capital changes 1,009,900 858,630 874,176 777,082 Movement in Working Capital (Increase)/decrease in inventories (33,230) 840,942 (27,557) 864,776 (Increase)/decrease trade debtors & other receivables (434,604) 444,023 (368,860) 469,872 Increase/(decrease) in trade creditors & other payables 792,527 (792,960) 802,396 (798,652) Cash generated from operations 1,334,593 1,350,635 1,280,155 1,313,078 Interest Paid (364,453) (572,199) (353,514) (538,354) Retirement benefits paid 30 (11,247) (11,980) (9,638) (9,716) Income Taxes paid 32 (112,060) (140,804) (98,166) (130,772) Net cash flow generated from operating activities 846,833 625,652 818,837 634,236 Figures in brackets indicate deductions. The Notes to the Financial Statements from pages 141 to 164 form an integral part of these Financial Statements. The Report of the Auditors is on page 135. ANNUAL RepoRt 2009/10 DIeseL & MotoR eNGINeeRING pLC balance sheets 137 statements of Changes in equity 138 Cash flow statements 139 Notes to the financial statements 141 ten year summary 165
DIeseL & MotoR eNGINeeRING pLC ANNUAL RepoRt 2009/10 1. Reporting Entity Diesel & Motor Engineering PLC and its Subsidiaries are limited liability companies, incorporated and domiciled in Sri Lanka. The Parent Company and its Subsidiaries have the registered office at No. 65, Jethawana Road, <strong>Colombo</strong> 14. The Consolidated Financial Statements of Diesel & Motor Engineering PLC as at and for the year ended 31st March 2010 comprise the Company and its fully-owned Subsidiaries (together referred to as the ‘Group’ and individually as ‘Group Entities’) and the Group’s interest in an equity accounted investee and jointly controlled entity. Diesel & Motor Engineering PLC does not have any identifiable parent of its own. The Financial Statements of all Companies in the Group are prepared to a common financial year, which ends on 31st March. 1.1 Principal Activities and Nature of Operations 1.1.1 Group The principal activities of the Company are import, sale and repair of passenger cars, commercial vehicles, material handling machinery, storage systems, construction machinery, agri machinery, medical equipment, power engineering solutions, power engines, power tools and import and sale of vehicle spares, components accessories and lighting products. 2. Basis of Preparation 2.1 Statement of Compliance The Financial Statements have been prepared in accordance with the Sri Lanka Accounting Standards (SLAS) issued by The Institute of Chartered Accountants of Sri Lanka (ICASL), and the requirements of the Companies Act No. 07 of 2007. 2.2 Approval of Financial Statements by Directors The Financial Statements for the year ended 31st March 2010 were authorised for issue by the Board of Directors on 18th May 2009. 2.3 Basis of Measurement The Financial Statements have been prepared on the historical cost basis, except for the following: � Land included in property, plant & equipment is stated at cost at the acquisition and subsequently at revalued amounts, less accumulated impairment losses, if any. Further details are explained in Note 13 to the Financial Statements. � Assets held for sale are measured at lower of its carrying amount and fair value less cost to sell. 2.4 Functional and Presentation Currency The Financial Statements are presented in Sri Lankan Rupees, which is the Group’s functional and presentation currency. All financial information presented in Sri Lankan Rupees has been rounded to the nearest thousand, unless otherwise stated. notes to the fINANCIAL stAteMeNts 2.5 Responsibility for Financial Statements The Board of Directors is responsible for the preparation and presentation of the Financial Statements. The statement containing the Directors’ Responsibilities for Financial Statements is given on page 134. 2.6 Use of Estimates and Judgments The preparation of Financial Statements in conformity with SLAS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Judgments and estimates are based on historical experience and other factors, including expectations that are believed to be reasonable under the circumstances. Hence, actual experience and results may differ from these judgments and estimates. Estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if revision affects both current and future periods. Information about significant areas in which estimates are made and critical judgments have been made, in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes. 2.6.1 Income tax The Group recognises liabilities for anticipated tax, based on estimates of taxable income. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will be adjusted in the current year’s income tax charge and/or in the deferred assets/liabilities as appropriate in the period in which such determination is made. 2.6.2 Defined Benefit Obligation The present value of the defined benefit obligation depend on a number of assumptions made in doing actuarial valuation. Key assumptions used in determining the retirement benefit obligations are given in Note 30. Any changes in these assumptions will impact the carrying amount of retirement benefit obligation. 2.6.3 Economic Useful Lives Economic useful lives of assets are estimated as follows: Years Buildings 36-40 Plant & Machinery 08-13 Workshop Implements 03-04 Motor Vehicles 03-04 Furniture & Fittings 09-13 Office Equipment & Electrical 06-10 Computer Hardware & Software 03-04 statements of Changes in equity 138 Cash flow statements 139 Notes to the financial statements 141 ten year summary 165 share Information 166 141
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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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Page 36 and 37: ManageMent report Performance Dimo
Page 38 and 39: ManageMent report Business PERFORMA
Page 40 and 41: ManageMent report The Business unit
Page 42 and 43: ManageMent report The division has
Page 44 and 45: ManageMent report FinanCial REvIEW
Page 46 and 47: ManageMent report Finance Expenses*
Page 48 and 49: ManageMent report Working Capital T
Page 50 and 51: ManageMent report Segment Performan
Page 52 and 53: goVernance report enterprise GOvERN
Page 54 and 55: 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 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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directors - Colombo Stock Exchange

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