piramal glass ceylon plc -audited financial statements 31.03.2011
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PlRAMAL GLASS CEYLON PL
FINANCIAL S A EMENT
31 MARCH 2011
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I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I J I " " " a t ERNST&YOUNG
APAG!NAPJ/HLW/ AD
Chartered Accountants
20 1 D e S aram P laceP .O . B ox 1 01Colombo 10S r i L anka
Tel: (0) 11 2463500FaxGen: (0) 11 2697369
Tax: (0) 11 [email protected]
INDEPENDENT AUDITORS' REPORTTO THE SHAREHOLDERS OF P1RAMAL GLASS CEYLON PLC
Report on the Financial Statements
We have audited the accompanying financial statements of Piramal Glass Ceylon PLC which comprise
the balance sheet as at 31 March 2011. and the income statement. statement of changes in equity and
cash flow statement tor the year then ended, anda summary of signifi.cant accounting policies and other
explanatory notes,
Management's Responsibilfty for the Financial Statements
Management is responsible for the preparation and fair presentation of these financfal statements in
accordance with Sri Lanka Accounting Standards. This responsibility includes: designing, implementingand maintaining internal controls relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to frauc or error; selecting and
applying appropriate accounting pollcles: and making accounting estimates that are reasonable in the
circumstances.
Scope of AudIt and Basis of Opinion
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audi t in accordance with Sri Lanka Auditing S andards. Those standards require that we
plan and perform the audit to obtain reasonable assurance whether the financial statements are free
from material misstatement.
An audit includes examining. on a test basis. evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accounting policles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation.
We have obtained all he information and explanations which °to the besl of our knowledge and belief
were necessary for the purposes of our audit. We therefore believe that our audit provides a reasonable
basis for our opinion.
Opinion
In our opinion, so far as appears from our examination, the Company maintained proper account ing
records for the year ended 31 March 2011 and the financial statements give a true· and fair view of the
Company's state of affairs as at 31 March 2011 and its profit and cash flows for the year then ended in
accordance with Sri Lanka Accounting Standards.
Report on other Legal and Regulatory Requirements
In our opinion, these finandal statements also cemply with the requirements of Section 151(2) of the
Companies Act No. 07 of 20
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P ir am a l G la ss C e ylo n PLC
31.03.2011 J1.03.2010
L ote R.'l. Rs.
( Ree r a te d )
< I 4.140,343,713 4.386,344,675
s 23,524.910 24,629,990
6 666,130,000 666,130,000
7 261.359 161,359
4,830,25Q, q 2 5,077.366.024
8 !:lO6.022,536 633,656,806
9 783.251. 770 1,018.304. 43
23,139, .430 28,001,636
205,1 01 ,327 44,057.834
1,817.515,063
6,647,775,045
BALANCE SHEETAs at 31 March 2011
SETS
Non-C urreD ! sse ts
Property, Plant and Equipment
Leasehold Property
l n ve s tr n e n t P r o pe r ty
Long Term investment
Cu rren A sets
[n ventories
Trade and Other Receivables
I n eome T a x R e ce iv a bl es
Cash and Bank Balances
To ta J sse rs
EQ lTV AND LIABILITIES
Capital and Reserves
Slated Capi t a l
Reserves
Reta i ned Earn i ngs
Tom:IEqui ty
to
11
Non-Current Llablllrte
In te rest B ea rin g Lo an s a nd Borrowings
Deferred Tax Liabilities
Retirement Benefit Obligations
12
14
15
u rren t LiabilitiesT ra de a nd O th er I'a ya ble s
Dividends Payable
In te res t B ea rin g Lo an s a nd Bor row ings
16
17
12
Total Equity and iA.bilitie.
1,526,407,485 1,526,407.4 5
688,535,043 6 8,535,043
578,697,447 2),379
2,793,639,975 2,214,965,907
1,691,150,877 1.77 ,967, .6
18,979,571 1 ,979,-11
99.543.230
1,809,673,684
822,962,963 795,077,359
3.952.361 LO,860,992
1,217,546,062 1,900,609,806
2,044,461,386
6,647,775,045
These Financial S ta te me nt. a n in c om plia nc e with th e requirements o f the Companies A c t 0: 07 o f 2 00 7.
Th e bo ard o f d ire cto rs is re spo n ible fo r the prepa ra tio n an d presen ta tio n o f these F in an cia l ta tem en ts. Signed fo r and o n b eh n lf of
:the board by
2 1 A p r i1 20 11
Co l ombo-2-
- ~.,~~
...........~~;~~ .
tarernents,
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Piramal Glass Ceylon PLC
INCOME STATEMENTYear ended 31 March 2011
ear ended ear ended
31.03.2011 31.03.2010
ole R s . Rs.
Re enue 3 4 163,266,245 3,51 ,763,226
CO$t of Sates (2.897.996,308) (2,6 I9.3 t 5.579)
G r os s P ro fi t 1.265,269,937 899,447,648
Other Operali:og Income 19 1 t ,567,370 3,365,143
Distribut ion COSIS (97.704,397) (t01. 39,5(4)
Administrative Expenses (280,709, 14) (2 1,379.111)
Fi n an ce COSL 20 (306,469.76S) (5 i.: 5.991)
Profitl(Los~) Before Tax 591,953,328 (61,(191.8761
I nc om e T ax ( Ex pe ns e) I Reversal 13 (13,279,260)
Profl (Los) for the Period 578,674.068 (61.091.876)
Eamingl(Loss) Per Share - Basic 22 0.61 (0.06)
The accounting policies and notes on pages 6 through 24 form an integral pan of the f in a n c ia l s ta t emen ts .
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Piramal Glass Ceylon PLC
STATEMENT OF CHANGES fN EQUITYYear ended 31 March 2011
tilted Other Revaluattcn Retained TOlal
Note Capital R serves Reserve Ellrningsl
(Lo ses)
Rs . . R s . R. R. R s .
Balance n lit 1 April 2009 1.526,407,4 5 21,502500 667.032 .543 61.115.255 2,276,057,783
et Loss far the Period (61,091.876) (6L091, 76)
Balance as 01 31 Moreh 2010 1,526,407.,485 21,502,500 667,032,543 23,379 2,214,96 -,907
ct Profit for the Period 21 578,674,06 578,674,068
Balance II at 31 March 2011 l,526,'f07 ASS 21,502.500 667,032.543 578,697,447 2, 93,639.975
The accounting policies and notes on pag 6 through 24 form an integral part of the financial taternents,
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P i r a r n a l l a s s Ceylon P L C
C A S H F L O W S T A T E M f f i N T
Year ended 31 March 2011
Ca h l i10ws Froml (Used in) Operating c.fivitlcs
II h Flow from Operating Aclivill
I e t P ro fi t/(L o ss) b ef or e lax
d ju '!m en t for
Div i dends unclaimed written back
Depreciat ion
Work- i n -p rog re s s I Asse t write o f f '
A m orti a tio n o f L ea seh old Pro pe rty
P ro vi si on f or Retirement B e n ef it O b li g at io n ~
Invesunenuncorne
Profit on Sale of P r op e rt y, P la n ! & Equipment
E xc ha n ge D if fe re nc e A d ju stm en t in r esp ec t o f I nte re st B ea rin g L ia bili tie s
F in an ce C p sl
perating Profitl Los Before Working Capital Changes
( In c r ea s e) /D e c re a se i n I n ve n to r ie s
(In cre a e)rD eo re as in T ra de a nd O the r R ec eiva ble s
In crea e /(D ec re ase ) in T ra de a nd O the r Pa ya bles
Cash Generated from Operarions
Income Tax Paid
Re t i r emen t Benef i t Obl i gauens Costs Pa i d
Interest Paid
Ca. h Flow Irom Operattng etlvities
Ca. h Flon' from Investing Acth'il:ie
Acquisition of Property, I ' lan t and Equipment
P ro ce ed s f ro m S ale o f P ro per ty , P la nt a nd E qu ip me nt
I n t er e st R e c e i ve d
O i id end Rece ived
I et Cash Flow II ed in In,,€! tino cti itie
CIl b Flow from Finllncing Aetlvltle
P ro ce ed s f ro m In te re st B ea rin g L oa ns a nd B orro win gs
P rin cip al P aym en t u nd er F in an ce L ea se L ia bility
D iv id en ds P aid
Repayment o f B link Loan
Net C h F lo w s f t'o m l(u ed in) FinanCing Activities
Nel lncres el (Decrease) in ash and Cash Equivalents
GILhand Ca h ECluivalen! at the beginning of Ihe period
IIh an d C h Equ jva le n t lit the e nd of th e period
Note
Year ended
31.03.20U
Rs.
591,953328
19
< I
(6, 43,445)
415,026,841
5
15
19
21
12
20
i , I O S . D B O
15,33'4,520
(767,584)
(5.701,989)
(3 J ,535,010)
306,469.768
1,285,041,510
(172,365,731 )
235,052,574
27,8 5,604
1,375,613,957
Year ended
3 l.(l3.2010
R.
(61,091, 76)
348,571,119
676,950
1.105,0 0
5.581. 701
(34 ,023)
(2,975,3 7)
581.18).991
72,705,555
24,742 ,512
(67,340,458)
146.299 ,42
916,407 .037
1 5
20
(8,417054)
(2,716,508)
(306,469,7()8) _",,-=-~c.::...:..;...:..:..:..
U15S,010627
4 (172,63().912)
9.307,021
661,144
106.440
19
19
(4 ,411,3 9)
127.47
12
12
2,173.307186
(1,174.113)
(65,185)
(2,922,393,318) ~=.:..:.!.....:..:..::.:.....;:!...
(750.325,430)
12
145,128.891
18 (209 ,8M,819)
(64,7 5,928)'
T he a cc ou ntin g po lic ie s a nd n ote s o n pa ge s 6 thr ou gh 24 fo rm a JJ i nte gra l pa rt o f the f in an cia l sta te me nts.
-5-
11.1 9,19
( 28 1.0 54 .0 I 7 )
(209,864. 19)
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Piramal Glass Ceylon PLC
IOTES TO THE FINANCIAL STATEMENTSYear ended 31 March 2011
1. CORPORATE INFORMATION
1.1 General
Piramal Glass Ceylon PLC ("Company") is a public limited liability Company incorporated and domiciled ill
Sr i Lanka and Listed in m e Colombo Stock Exchange. The regi. tered office of the Company and principle
place of Busines is located at 14 • Maligawa Road Borupana, Ratmalana and the production facility is
located in Horan a .
1.2 Principal Activitie. and ature of peration
During i l1e year, the principal activity o r the Company was the manufacturing and sale of glass bottles.
1.3 Parent Enterprise and Itlm ate Parent En terprlse
The Company' parent undertaking i Piramal Glass limited, which i. incorporate in India.
1.4 Date of uthorization for ue
The. Financial Statements of Piramal Glass Ceylon PLC for the year ended 31 March 20J.l was authorized for
issue in accordance with a resolution of the Board of Directors on 2J. April 20 I j ~
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Piramal Glass Ceylon PLC
NOTES TO THE FINANCIAL STATEMENTSYear ended 31 M arch 20 I 1
2.1 BASISOFPREPARATl.O 1
The Financial Statements have been prepared on a historical cost basis ,excep! forcertain classes of asset
categories that have been measured at fair value. The Financial Statements are presented in Sri Lanka. Rupees ..
The preparation. and presentation o r these financial statemerus is in compliance with the Companies Act. No.
070[2007.
2.1.1 Statement ofComplia.ncc
The Financial S t at em e nt ." o f Piramal GIEl .S~Ceylon PLe ("Company") ha s been prepared in accordance with S ri
Lanka Accounting Standards (SlAS).
2.2 CRANGESIN ACCO NTING POLICIES
The accounting policies adopted are consistent with those of the previous audited financial year except where
the Company has made voluntary changes. The principal effects of this decision are discussed below and in
Note 23.
Voluntary Change in Accounting PoUcyfor the Rr:cognitio.nofl\loulds and Neckring Equipment
T he C omp an y c ha ng ed its policy inaceounting for Moulds an d N eckrin g Equ ipm en t w ith e ffec t fro m I A pril
~OlO lobe consistent with the policy changes o f its pa ren t company. Under the new po licy Moulds and
Neckring Equipment are accounted under Property, Plant and Equipment and would be depreciated according
to the usage. Previously Moulds and Neckring Equipment were accounted as inventories and was charged to
the income statement according tn the usage.
2.3 S :Ml\iARYOF SIGNIFICANT ACCOUNT ING POLICIES
2 ..3.1 Foreign Currency Tran latien
The financial statenema ere presented in Sri Lanka Rupees, which is the Company's functional and
presentation currency. Transactions in foreign currencies are initially recorded .at the functional currency rate
ruling at the dare of the transaction, Monetary assets and liabilities denominated in foreign currencies are
retranslated at tile functional currency rate of exchange ruling at the balance sheet dale. A ll differences are
taken to profit or loss. Non monetary itemsthat are measured ill terms of historical cost in II foreign currency
are translated using m e exchange rates as at the dales of the initisl transactions. Non monetary items measured
at fair value in II foreign currency are translated using the exchange rates at the dine when the fair value was
determined,
2.3.2 Taxation
Current Taxes
The provision for income 1 . a . . 1 ( is based an the elements of income and expenditure as reported in Lhefinancialstatements and computed in accordance with the provisions of the InJand Revenue Act.
Pursuant to agreement dated 19 July .2006 entered into with Board of Investment, the imposition, payment and
reco ve ry o f income ta x shall nO I apply for a period of 5 years from 10 December 2007. Thisexemption expires
01 1 9 December 20 I .2 .
After the said taxexemption period, the Company would be liable for income lax at the rate of 10% fo r a
period of 2 years and at the rate o r 20% thereon.
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Pira ma l G la ss C eylo n PLC
OTES TO THE F IN ANC IA L STATEMENTSYear ended 31 Marth 2011
Deferred Ta. ation
Deferred income L a X is provided. using the liability method, on temporary differences at the balance sheet date
between the lax bases of a e and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax. liabilities are recognised for all taxable temporary differences except where the deferred
income tax liability arises from me initial recogniti n of an a set or liability in a transaction that i not a
business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit
or loss.
Defe r r ed income la x a s se t s are recognised for all deductible temporary differences, carry-forward ofunu ed tax
asset. and unused tax 10 , to the extent tha t it is probable that taxable profit will be available aga i n t which the
deductible t empora ry difference and th e carry-forward of unused tax assets and unused tax losses can be utilise e l
except w here the deferred income tax a sse t r ela tr n g to the deductible temporary difference a n es from the
initial recognition of an et or liability in a transaction that is not a business combination and, at the lime of
the transaction, affects neither Lheaccounting profit nor taxable profit or loss; and
The carrying amount of deferred income lax assets is reviewed at each balance sheet dale an d reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of tiledeferred income lax a . et t be utilised,
Deferred income tax a sets and liabilities are measuredat the lax roles that are expected to apply La the period
when the asset is realis ed or the liability is ertled based on la x rates (and la x laws) that have been enacted or
substantively enacted at the balance heet date.
Deferred income ta x relating to item recogniseddirectly i n e qu ity is recognised in equi ty and no t in th e income
s ta tement ,
The Inland Revenue Act doe!' nOI apply as stated above under current taxes w.e.f 10December 2007_ Therefore
temporary differences do not arise during the year under review.
ales Tax
Revenues, expenses and a e are r ecognised net of the amount of sales tax except where the sales tax incurred
on a purchase of as et or service i not recoverable from me taxation authorities in which case the sale: tax is
r ecognised as a par t of the cost of the asset or pan of the expense items as applicable and receivable and
payable that are stated with the amount of sales tax included. The amount of sales tax recoverable and payable
in respect of taxation authorities i included as a part of recei vables and payables in the Balance Sheet,
2.3.3 Borrowing Costs
Borrowing cos ts are recognised as an expense in the year in which they arc incurred. except to the extent where
borrowing costs tha: are directly attributable to the acquisition. construction. or production of an asset thattakei a substantial period of time to get ready for its intended use or sale. are capitalized 8"pan of that a' et
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Piramal Glass Ceylon PLC
OTES TO THE FINANCIAL STATEMENTSYear ended 31 March 2011
2.3.4 Inventories
Inventories are valued at the lower of cost and net realizable value, after making due allowances for obsolete
and slow moving i le rru . Net realizable value is the price at which inventor ies can be sold in the ordinary course
of'busines less the estimated cost of completion and the estimated cost necessary to make the sale.
The co t incurred in bringing inveorories to its present location and conditions are accounted u ing the
f ollo win g c osr f or mu la e.-
Raw Materials -At actual COSI on weighted average basis
Fini bed Goods & Work-in-
progress
-At LIte c ost o f direct materials. direct labour and an appropriate proportion
of fixed production overhead based on normal operating capacity.
Consumable & Spares -A t actual cost on weighted av rage basis
Goods in Transi t -At actual cost
2.3. Trade and Other Recelvi bles
Trade receivables are tated at the amounts they are estimated to realize net of allowance for badand doubtful
receivables,
Other receivables and dues from Related Parties are r ecognized a1co t less allowances for bad and doubtful
receivables.
2.3.6 Cs h find ash Equivalents
Cash and cash equivalents are defined as cash in hand, demand deposit and short term highly liquid
inve tments, readily convertible to known amounts of ca h and subject to in.ignificant fisk of changee in value.
For me purpose of cash flow statement, cash and cash equivalents can is t of cash in hand and depo its in banksnet of outstanding bank overdrafts. Investments with short mammies i.e, three months or less from the date of
acquisition a re a lso treated a. cash equivalents.
2.3.7 Property Plant and Equipment
Cost and VaJuation
All items of Property Plant & E-quipment are ini t ially recorded at cost, Where items a Property. Plant and
Equipment are subsequently revalued, the entire cIa .. of, uch tIS! ets i revalued, Revaluations are made with
sufficient regularity (0 ensure that their carrying amounts do nOI differ materially from their fair values at the
balance sheet dale. Subsequent 10 the initial recognition a an ru er at cost. revalued Property, Plant and
Equipment are carried at re slued amounts less any. ubsequenr depreciarion thereon. AIl other Property. Plant
and Equipment are. tared at historical cost less depreciation.
When an asset is revalued, any increase in the carrying amount is credited directly to a revaluation surplus
unless it reverses a previou revaluation decrease relating to the same asset, which was previously recognized
as an expense. In the e circum lances the increase is recognized as income 10 the extent of tbe previous write
down. When an asset' carrying amount il decreased 8l a result of a re aluaiion. the decrease i recognized as
an expen e unless it reverses a previou increment relating 10 that asset, in which ca e it r charged against any
related revaluation surphe to iheextent that t h e decreat e does not exceed the amount held in the revatuarion
surplus in respect of tbat same asset Any balance remaining in the revaluation surplus in respect of an asset, is
transferred directly to Retained Earn ings on re t i rement or disposal of the asset,
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Piramal Glass Ceylon PLC
OTES TO THE FINA ClAL STATEMENTS
Accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the as et
and the net amount is restated to the revalued amount of the asset. Upon disposal, any revaluation reserve
rela ting to the p ar tic ula r a sse t b ei ng so ld is t ra nsf er re d ro Retained Earn ings .
When each major inspection IS performed irs cost is recognised in the carrying amount of the plant and
equipment a ' a replacement if t he r ec o gn it io n c ri te ri a are sarisfied,
An item of pr perty plant and equipment is derecognised upon dispo al or when no future economic benefits
are expected from i t us or disposal. Any gain or loss arising on dereoognition 0 the asser (calculated a, the
difference between lhe net di posal proceeds and the carrying amount of the asset) is Included in the income
statement in the year the asset is derecognised.
The asset's residual values. useful lives and methods of depreciation are reviewed and adjusted if appropriate.
at each f inanc ia l year end.
2.3.8 Lenses -Company tIS Q te ee
Finance leases, which t ransfer (0 the ornpany substantially all the ri ks and benefits incidental (0 ownership
of th e le ase d item. are capitalised at the inception of the lease at the fair alue of the leased property or. iflower, at the present value of the minimum lease payment. Lease payments are apportioned between the
f inance charges and reduction of the lease liability so as to achieve a eon t30! rille of interest on the remain ing
ba lance of the liability. Finance charges are reflected in the income ta~ meat,
Capitalised leased assets are depreciated over the shorter of the estimated. usefu l life of the asset and the lea e
term, if there is no reasonable certai nIy that the Company will obtain ownership by the end of the lease term,
Operating lease paymen ts are recogni ed as an expense in the income tatement on a straight line basi 0 er
th e lease term,
2.3.9 Leasehold Property
Prepaid lease rentals paid to acquire land use r ights are amortised over the lease term in accordance with thpattern of'benefits provided. Leasehold Property is tested for impairment annually and is written down where
applicable.
The impairment loss if any. is recognised in the income statement.
2.3.10 'Investments
Long Term Inve tments
Long term in vestm en ts a re sta led a t cosl. The cos t of the investment is the cost of acquisition inclusi e of
brokerage fees. dutie and bank fees .
The carrying amount of long leon investments is reduced to recognize a dec l ine other than temporary in the
value of investments, determined on an ind iv idua l investment basis.
1.3.11 Investment Properti
Investment propertie are measured initially a t cost, including transaction co I'.1 he carrying amount Includes
the cost of replacing part of an existing in estment property a l the lime that co t (cost model) is incurred if the
recognition criteria are met: and excludes the costs of d ay to da y servicing of a l l inves tmen t property,
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Pirarnal Glass Ceylon PLC
NOTES TO THE FINANC1AL STATENIENTSYear ended 31 M arch 20 I I
Investment properties are derecognised when either they have been eli posed of or when the investment
property is permanently withdrawn from use and no future economic benefit is expected from i t ' > disposal,
Any gain' or losses on the retirement or disposal of an investment property are recognised in the income
s ta temen t ill the e ve nt o f retirement or dispo ill.
Transfers are made [0 investment property when. and onl when. there is a change in use evidenced by the
end of owner occupation, commencement of au operating lease to an0ther party or completion of construction
or development, Transfers are made [rom investment property when, and only when, there is a change in use.
evidenced by commencement of owner occupation or commencement of development with a view to sale.
For a transfer from inve tmenr property to own e r occupied property o r inventories, the d eemed co 1 of
property for subsequent accounting is it s cost at the date of change in use. If the property occupied b. the
Compa n y as an owner occupied property becomes an investment property, the Company accounts for such
property in accordance with the policy stated under property, plant and equipment up to the dale of change in
use,
2 .3 .1 2 P ro v l ions
Provisions are recognized when the company has a pre ent obligation (Legal or cons t ruc t ! e) as are ult of a
past event; where it is probable that an outflow of resources embodying economic benefit wil l be required to
ettle the obligation and a reliable estimate can be made of the amount of the obligation.
2 .. 13 Retiremen Benefit Obligations
a) efined Benefit Plan - Gratuity
The Company measures the present value of th e promised retirement benefits of gratuity whicb is a defined
benefit plan with the advice of an actuary every f inanc ia l year u ing Projected Unit Cost Method. Actuarial
gains and losses are recognized as income or expense, in the period in which it arise . The liability i not
funded.
b) Defined Contribution Plsns - Employees' Provident Fund & Employee' TnLS t Fund
All employees who are eligible f O T Employees' P rov id en t Fund Con t r ibu t i o n s and Employee" Trust Fund
Contributions are covere d by relevant contribution funds in line with r e s pecti e tatute and r eg ula tio n . The:
Company contributes 12% and 3% of gross emoluments of employee to Employees' Provident Fund and
Employees' Trust Fund respectively.
1 :) NOD Recurring Cost of Living 110\ ances and other Lump- urn pil. men to Employees
Provision ha. been made in the account! for non recurring cost of living allowance payable to employees by
the collective ag r e emen t and other lump-sum payments a. decided by the management
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Piramal Glas Ceylon PLC
NOTES TO THE FINANCIAL STATEMENTSYe a r ended 31 M a rch 2011
2.3.14 Impalrmeut of Assets
TIle company assesses a l each r epon i ng date whether (here is an indication that an asset may be impaired. If
any su ch in d ic a tio n exis ,o r w hen annual impairment t es t ing for an BJ set is required, the company makes a n
estimate of the asset's reeo erable amount. An asset'. recoverable amount is the higher of an asset's or cash-
gene ra t i ng unit's fair value less costs to ell and its value in u e and i. determined for an individual asset,unless the as et does n o t generate ca-b i n f l ows that are large ly independent of those from other assets or groups
of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered
impaired a n d is written down to its r e cove rab l e amount
Impairment los es of con t i nu i ng operations are recognised in the i n come statement in those expeme categories
consistent with the function of the impaired asset except for property previousl y revalued where the
revaluation was taken to equity. In this case the impairment is also recognised in equity up to the amount of
any previous revaluarion,
For a ets. an a essment i made at each reporting date as to whether there is any indication that previously
recogni ed impainnent losses may no longer exist or may have decreased. If such indication exi IS , the
company makes an c timate of recoverable amount. A previously reeogni ed impairment loss is rever ed only
if there ha s been a chan g e in th e estimates used to determine the asset's recoverable amount since the lastimpairment loss was recognised. If that is the case the carry ing amount of the asset is increa ed [0 lis
recoverable amount, Tha t increased amount cannot " exce ed ' the carry ing amount UlS! wou ld have been
determined net of depreciation, had no impairment los. been recognised for the asset [n prior period. Such.
rever al is recognised in the income statement unless the asset is carried at revalued amount, in which case the
reversal is treated as a revaluation increase. lrnpairment losses recognised in relation to goodwill are not
reversed f0f subsequent increases in its recoverable amount.
2.3,15 Income Statement
R ev en ue R ec ng nlt iu n
Revenue is recognized to the extent that it is probable that the e conomic benefits will n ow L O the Company and
the revenue and associated co ts incurred or [0be i n cu r r e d can be reliably measured. Revenue is measured at
th e fair va lu e o f the consideration rece ived or receivable net o f tra de discounts and ' a les taxes. The following
specific cr i t e r i a are used for the purpose of recogniticn of revenue.
a) Sale of Goods
Revenue from sale of goods is recognized when the ignificant risks and rewards of ownership of the g o o d s
have passed to the buyer: with the Company re ta in ing neither continuing managerial Involvement to the
deg re e usually associated with ownership. nor effective COllO"OJ over the goods sold.
b) Interest
Interest In come is r e cogn i z ed a the interest accrued unless eolleerability is in doubt.
c) Div i dends
D ivid en d in co me i r e cogn i z ed on cash basis.
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Piramal Glass Ceylon PLC
JOTES TO THE FINANCIAL STATEMENTSY ea r en ded 31 M a rch 2011
d) Others
O the r in co me is re co gn ized o n a n a cc ru al basis.
Net Gains and 10 es of a revenue na t u r e on the disposal of Property, Plan t & Equ ipmen t have been
accoun t e d fo r in the income s ta tement , having deducted from proceeds on disposal , the carrying amoun t of
the a sse ts an d related selling exp en ses. O n disposal o f revalued Property. Plan t a nd E qu ipmen t. am ou ntr em a in in g i n R e va lu a ti on Reserve r ela tin g to th at a sse t is transferred d ir ec tly to R et ain e d E a rn in g s.
Ga i n s and 10 ' es a n in g from incidental activities to main revenue generating act ivi t ies and those ari ing
from a group of similar transaction. which are not materi a l, are aggregated, reported an d presented on a netbasis .
2.4 FUTURE CHANGE ceo TING POLICIES
a) The following standard have been issued by the Tnstitute of Chartered Accountants of Sri Lanka .
- Sri Lanka Accounting Standard 44 Flnanciallnstnnnents: Pre entation (SLAS 44)- Sri Lanka Accounting Standard 45 Financial Instruments: Recognition and Measurement ( LAS 4 -)
- .riLanka Accounting Standard 39 Share Based Payments ( LAS 39)
The effective date of SLAS 44, 45 and 39 was changed during the year to be e f fec t ive for financial periods
beginning on or after 0 I January 2012. These three tandards have been amended and forms a part of the new
se t o f f in an cia l reporting standards mentioned under note (b) below.
b) Following the convergence of Sri Lanka Accounting Standards with the International Financial Reporting
Standards, the Council of the In tinue of Chartered Accountants of Sri Lanka has adopted a newel of
t in a .n c ia l r ep o rti ng ta n da rd s that wou l d apply for f i n anc i a l periods beginning on or af t e r 0 I January 2012. The
application of these financial reporting standards is substant ial ly differenl to the prevailing s tandards .
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P irama l G la ss C e ylo n PLC
NOTES TO THE FINA CIAL STATEMENTSY ea r e nd ed 31 Mar ch 2011
3 . E
J.t umrnary
Re ve nu e ( 3. 2)
3.2 egmentaltnfurmatlen
Local Sale
Export Sales
4. PROPERTY, PLANT D EQ LP 1 NT
4.1 r C o st
Balance
as a t
01.04.2010R s .
Buildings
Pla nt a nd Mach ine ry
E le c tr ic a l P owe r I n st alla ti on
Fu rnace
Mo t o r V e hi cle s
T oo ls a n d Imp le me nts
O f fi ce E q ui pm e nt
G a S ta tio n
Ioulds and Neckring Equipment
1.269,624.096
tA31 ,900,022
645.,538,479
784.860.669
51,,496.799
,11,207,034
105,308,842
21 . I 1(1.708
341 ,524.102
4,659,576,750
t Valuat ion
Freehold Land
Buildings
Pla nt a nd M a chin ery
E le c tr ic a l P owe r I n st al la ti on
132,870,000
90,292,720
867,280,845
97,186,780
1.187,63.0,345
. ets on Finance Lea e
P la n t a n d M a c hin er y 14,335,027
14,335,027
To ta l a lu e o f A et 5,861,542,122
4. 2 In the C ou rse o f on stru e tlen
Balance
os lit
01.04.2010
Rs.
Cap it a l Wo rk- in -Pr o g re ss 1,560,410
1,560,410
To ta l Gros a rrying . moun t 5.863',102,532
-14-
ddlrten I
Tran fer
Rs.
13, 15.999
37.5 ,143
10.119.878
148,500
S.480.107
14.512,933
75.211.164
156.832,724
156, 32,724
Ineurred
During
the period
R s .
97.413,747
97,413,747
254,2%.470
Year
ended
3J..03.2011
Rs.
4,163,266,245
4,163,266.245
e a r
ended
31.03.2010
Rs.
3.51 ,763.226
J,S I . 763.~26
3,159.094,1 1
1,004,172,064
4, 163,266,245
Transfers(
Disposal
Rs.
Balance
as At
31.03.2011R s .
1,283,440.095
(3,866.490) 1,465.571,675
655.658.357
7 4. 60.669
(6,833,988) 44. 11.311
13,6,7.141
119. 21.775
21.116,70
'\ 16.741.266
(l0,700,478) 4,80: ,10S,998
\32.870,000
I .335.027
14.335.027
(10.700,478) 6.007,674,37
Transfers
Rs.
Ba l ance
asar
31.03.2011
R.
( 1,615,56.1) 17.358.596
(81,615,56-1) 17,358.596
(92,316.03) 6,025.032,966
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Pi ramal Glas C e ylo n P LC
O TE S TO THE F IN A NC IA L S TA TE IvIE NTSY ea r en d ed 31 M a rch 2011
4. PROPERTY, PLA T AND EQ IP rET ( ontd ..)
4.3 Depreclatlou Balance
as at
01.04.2010
R.
A t C ost
Bui ld ings
Pla nt a nd M a chin er y
E le ct ri ca l P ow e r Installat ion
Furnace
Mo to r V eh ic le s
T oo ls li nd Imp lem en ts
Off ice Equipment
Ga s S t at io n
M o u ld s a nd N ec krin g E qu ip me nt
Charge for
the period
R.
67,792,615 31.,823.806
109,090,902 106.199.486
90.244.677 32,530.649
206.130,064 89, 98,121
35.810,274 4,492.382
4,364.323 956,12&
62,924,689 1 ,726.733
3.200,554 527,918
24l.270,157 5 .766.255
820.828,354 34 4 ,021,4 78
At Valua t i on
Bui ld i ngs
Plant and Mach ine ry
E le c tr ic a l P ow er Installat ion
32,373,459
559,036,~41
54,038,132
645.447,932
1\ se ts o n F in an ce Leases
P la nt a nd Mach ine ry 10,481,571
10.4 1,571
Total Depreclatlen 1,476,757,857
4 .4 et Book stu es
AtCost
Bui ld ings
Plant and Machinery
E le c tr ic a l P ow er Insta l la t ion
Fu rnace
Mo t o r V e h ic le s
Tools and Implements
O f fi ce E q ui pm e nt
Ga Sta t ion
M o u ld s a nd N ec krin g Equipment
At sluatlon/Cos! Incurred lnce Last Revaluation
F re eh old L an d
Build ings
P la nt a nd M a ch in ery
E le ctrica I Po we r In sta llet io n
On Flnance Lease
Plant and Machinery
In t he C o urs e o f'C o ns tr uc uo n
TOUll Ca r ry ing Amount o f Prop rt)', Plant and \ qulpment
-15-
2.1 , 72
62.904, 10
4. 21,946
69,965,628
Disposals/
Transfers
Balance
II at
31.03.2011
R.s,
(821,100)
99,610.421
114,569.188
122,775.326
_96,02 ,185
34.02 .311
5,320,451
1,651,422
,728,471
300.036.512
1,157,754,388
(6,274,345)
(7,095,445l
34.612,331
621,941,151
5 ,860,078
715,413,560
11,521,306
11,521.306
(7.095,445) 1,8 4,6 9.253
A lit at
31.03.2011 31.03.2010R. R.
1.183,823.675 1,201,831,481
1,251.002,388 l,322, 09,120
532.8 3.031 5 55 ,2 93 ,8 0 I
488,832,484 51 ,730.605
10,783.000 15.686,525
8,366,690 3,842.711
38.l70~53 42,3 '4.153
17,388,136 [ 7,916,154
116,704,754 100,253,845
3.647,954,611 3.83 .748,396
132.870,()OQ 1 2. 70.000
55,680,389 57.919.261
245,339,694 30&.244,504
38.326,702 43,148,648
472,216,785 542.1 2,413
2,813.721 ~. '53.456
2,813,721 3,853.456
4,] 22,985,117 4,3 .784.265
17.358,596 1,560.410
4,140,343,713 4,3 6.:'44,675
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Pirarnal Glass Ceylon PLC
NOTES TO THE FINANCIAL STATEMENTSY ea r en ded 31 M arch 1011
J. PROPERT, PLANT AND EQUIP lENT ( ontd .. )
';.5 The ra tes o f d eprec la ticn Is estima ted s lo llews.
Bui ld ings an d Ga s Stillion
P la nt a nd M a ch in er y
Plan t an d M achin ery - N c, Pro j~'C 1ew Pro je ct - Furnace - Steel
e w P ro ] o ct - R ef ec to ri es
E le ct ri c P ow e r ln sr all at in n
E le ct ric P ow er ln sta lla tlc n - I ew P ro je cl
Of fi ce E qu i pr n en t s
• C om pu ter S yste m
-Others
Too ls a nd Imp lemems
Mo t or V e hi cle s
M o uld s a nd N ec krin g E qu ipm en l
31.03.1.01J 31.03.2010
2.5% on cost 2.5% on cost
10% o n c os t 10% on co st
7.5% on COSI .5% on COSI
7.5% on C!M 7.5% on COSI
12.5% on cost 2.5% on COS l
lS% On cOSt 15% on COS t
05% on co st 05% 01 1 cost
25% o n c os t 25% on cost
10% on cost 10% on COSI
10% o n c ost 10% o n c ost
15% o n c os t 15% en COS!
B osed (In Ba ed on
u sa ge fo r u sag e ro r
p roduc t ion p roduc t ion
·u Lan ds an d Bu ild in gs, Plan t&
M aohim:ry. E lec tric a l In sta lla tion w ere reva lued d ur in g the fin anc ia l yea r en ded 31SI
M arch 1991 b}M ~srs Develnprnen t F lmmee C orpo ra tio n o f Ceylon. Fur the r . fr~ehord land ba s been va lu ed du ring the yea r 1.995 by M r. D.S.A.
Seaevirathne (A.LV) . The resulnng surpluses of'Rs, 93.4 ;3,3:50/- on the revaluauon in f inBIlciul year 9() /91 and Rs , 97,417,1 1,·on
the re va lu atio n in fin an cia l ye ar 9419- ha d been t ra ns fe rr ed Lo th e revaluat ion r ese rv e, \\ hich w as fu lly u tili . c d f o r subsequ en t L~ .u e o f
b on u s S h II Te s.
Th e freehold lan ds have been ag uin reva lu ed by M r. K .T.D . Tisse ra (C ha rte red V alu alio n S urveyor) in Septem ber 2001 an d in Man :h
200\1. The r e su l ti ng rcvJJluation surplus reponed amounted L O R.~.571,115.0001. an d Rs, 95,857,543/· rtspectlvely,
Th e carrying amount or reva lu ed a se ts !haL wou ld have been included in the I ia an c ia l ta temen ts had the asse ts been ca rried a l O OS I
less dl'pM:ialion is rollows:
Cumulative
Deprcclarton Net 'et
1r assets were arrying Carrylru;
Class of sset ost (lirried III COSI Amount mount
31.03.2011 31.03.1011 31.03.2010
Rs. Rs. R. Rs.
Freehold Lund 11,651,5&5 11,65 j ,585 1 1,651 ,5 5
Bui ld ings 12,831,883 6,.115,941 6,41,5,942 6,7]6,73Q
P la nt a nd M achin e ry 66,199,323 66,199,323
E le ct ri ca l P ow e r I ns ta lla ti on 7, 76,35 7, 76,358 393,819
4. D u rin g L~C period the C ompany acqu ired Property. PIUn l anr .! Bquipment to the aggreg a te va lu e of Rs .l 7 2 ,63 0, 9 1 21·. (31.03.2010 •
R.s.48,411 ,389(- ).
4. Properly. Plant an d EquipmClTlt inc ludes fully d epr ec ia te d a sse ts h n,v in g II g re ss c an yi ng I lmOUnL o f Rs.8S,21 5,0451- (31.0].2010 -
Rs.83,5I 7,S39/·).
5. LEASEHOLD PROPERTY As lit II I
31.03.2011 J 1 .0 3. 10 1 0
Rs . R.
Balance al the beginning of t he y ea r 24,629,990 25.135,070
A l no r ti S ll li o n d u ri n g lhe year ( 1,1 05,080) (1,105,0 0)
Ba lance al the e nd o r t he y ea r 23,524,910 24.629,990
6. LNVESTMEN1' PROPERTY As 1 1 1 As at
31.03.201 I 3 1.(J3.UJI 0
Rs . Its.
Balance al t he b e gi n ni n g or (h e ye ar 666,1 0,000 666,130.000
Balance 81 th e end of t he ye ar 6fJb,! 0,000 1166, 1 3 0 ,0 0 0
6.1 D uring lite yea r 2()()7120(l8 the C ompan y re leea ied h~ prn du ctien fac ility fro m R lIlhm alllna 111HOr.lM. D ue to the re lo ca tio n tin ! land
p re vi o us ly uL il is ed lor t he -p ro du cti on ha !( been c la ss if ie d u n de r I nv es tm en t Prop!!n)" u s per SL"'S 40 as he ld fo r "u n d e te rmin ed fu tu re
lise". N o M an ag emen t dee islo n had been taken o n the fu tu re in ten ded u tili a rio n o r thl land lIS a t the da le o f the balan ce shee t,
6.2 F a ir va lu e o f tbe Investmen t Property u s a t 3 J M arch 20 II is n&scsscd a t Rs.700,000,000,· by. M r.K .T.D . Tisse rs [C hn rte red
Valulllion Surveyor).
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P ir am al GLa ss C e ylo n PLC
Market Carr ing Markel
Value Value Blue
Rs. Rs. R I .
3.097.898 261,359 3,259,2 4
A s a t a t
31.03.2011 31.03.2010
Rs. R.
329J)39,140 2 9,2 5,90
11,571.481 l5.4 1 . 2 . . 1 0
21 < ) 932,355 125,367.411
250,291.887 20 .334.592
(4 .S 12 ,327) l 4. 81 _ ,3 27)
806,022,536 633,656,80()
As at at
31.03.2011 31.03.2010
Rs. Rs.
761,525,593
(23,327.296)
738 198,2972,865,466
35,820,372 55,054,1 (]
6,367,635 6,5 7.052
783,251 ,n o 1 ,01 & .304 ,343
O TES TO THE F IN AN CIA L STA TEM E NTSYear ended 31 March 2011
7. LONG TERM IN ESTI1E T
7.1 Investmen Is in Equhy Securities - Q uoted Slit
31.03.10H
o of hares
Carrying
'alue
31.03.2011 31.03.2010 Rs.
DFCC Bank 18,032,032 261,359
8. INVENTORIES
Raw Materials
Work in Progress
Finished Goods
C en su mable s a nd S pa res
Le ss: A llo wan ce fo r ob o le te a nd slow moving i nven to ry
9. TRADE AND OTHER RE EI AS E
9.1 ummarv
T ra de D e bto rs
Less: Allowance for Doubtful Debts
Other Debtors
A dvan ces a nd Prepayments
Loans 10 Company Officers (9.2)
9.2 Loans to ampany meers
B alan ce a s a t the beginning of th e y ea r
L oa n s g ra n te d during th e year
Less: Repayments
Balance at the en d of the year
10 . TEDC PITA
Ordinary Share'
Ord inary Shares
10.1 Ri.gbt, Preference and Restrictions ofCI·lIsses of Ilpit:d
As at
31.03.201 [)
6,587,052
3.817,916
10.277,1 2
2. 91,000
10404,968
(4,037,333) _ ___,,;-"'----'- '-....:..:..
6,367,635
As at
31.0 .201 i
A al
31.03.2010
umber umber
950,OS6,080 950,0 6.0 0
Rs. R.
1,526,407,485 1,526,407,.5
The holders of ord inary. hares confer their right to receive dividends as declared from time to t ime and are entitled to onev ote p er s ha re at a meeting o f the Company. All shares rank equally with regard to the Company's residual assets.
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Piramal Glass Ceylon PLC
NOTES TO THE FINANCIAL STATEMENTSY ear en d ed 31 M arch 2011
11 . OTHER RE ERVES
1\ III
3 1. 03 .2 01 I
Its.
G e ne ra l R e se rv e ( 11 ,1 )
R e va lu a t ic n R e se r ve ( 11 . 21
21,502,500
667,032,543
688.535,043
11 .1 GC: ! lI l ra iRe : s. : rv~which i~II e ve na e r es er ve r ep re se nt s t he am ou n ts ~ C Ia si de by th e d i n :r lo l "S ( o r g e n l' Tl J!appl ica t r ons .
1l.2 Revaluatlen Reserve
1\5 at
3 1 . 1 : 1 3 , 2 0 1 1
R.
On: Propllrt)'. Phinl and Equlpnl~nL
As Al l Apr i l
RevnlumiOIl s ur pl us d u ri n g I . h u period-year
A s at J 1 March
667.032543
667.032,S-·H
A ~I
31 .03 .2010
Rs .
21.502,50()
6 61 .0 32 .5 4 3
6 UJ5,an
; \ ) H I
31.03.2010
R5 .
667,032.5-1)
661,032,54J
T Il e a b ov e r ev a lu a uc n 'U l'p lu ~con !>iSI ! \ f net : ;u rplu s r csu i t i ll g from th e r e va lu a t i o n ef P ro p er ty , P la n t a n d E qu ipm en t a s descr ibed 10 o te 4 .6. Th e
u nr ea li se d a mo un t c an no t h ~ d istn bu te d to sbwlolders.
5 IiII
31.0].1010
moun t mount
R~pny9b!~ Repayable
TOIIII W llllll1 I Yea r After I:YCI, r TDlol
R. R. Rs. .R5.
1 .174 .113 1 .114 .1 !3
1.682.464.Ja7 690,3S4J37 t .319,985,457 2.01 0 ,339 .794
443, 95,377 151.474 ,698 453.982,329 605,457.026
512.500 ,000 803.684,005 803,684.005
269.837,255 253,922,653 251.9?J .65)
2.9011.696,939 1.900.609,806 1 .773 ,967 .7116 3.674.:m.591
As lit 'I.''' Leases Repayments S 81
01 ,04 .2010 OblDined 31 .03 .2011
R). R.lI. R~. Rs .
l,IRI1J ( 1 . 174 .113)
1 .174 .113 (1.174.113)
1 .193 .955
(19.842)
1 . 17 4 .1 U
AIIII '~W lOAns Repn menrs E.~~hange J\sar
1)1 .04 .1010 Oblnined D l r r l ' r ~ n c e 31 .03 .2011djustmcn!
R. Rs . Rs. R . RL
534,122 .212 (39 .304 .188) 49504 IIl.024
482.,419,255 ( 4 .156.537) ( IO .905.S 76) 3 7 .3 56 .1 14 1
49S /l39,8 SO (86,129 ,265) (10 ,3 T4,574) 399,-196,041
491,258.447 186.750,488) ( 10. 3 [4.559) 400 .193 . -100
2,010,339.194 (296,340.477) (31,U5.010) 1 . 6 2 , -164. 307
11,. INTERE.'IT BEARJNG LOAN' AND B ORRO W rN GS
A~1lI
31.03.Z0lJ
Amounr
Rep.) ~ble
W llh i" I Y ea I '
R I .
Amount
RepB)'able
fler IYear
Rs.
F i na n ce L ea se s (12.1 1
Syn d i c aH!( j P r o j~ 'C tLo an ( 12 .2 )
ProJtl<;l Loan (12.3)
S ho 11 T er m L oa n. ( 1 2 . . 1 )
Bunk Ovt :fdml 'ts (18.2)
1,395.046.242
296,1 ()4.635
287.41 .065
141 ,79(1 ,742
512,.500.000
269,K31.255
1,117.546.06.1 1.61)1,150,877
11 .1 fin anc e Lea se
F i na n ce L ea se s
G~Li8hi1 i ty
F in ao ce C lm rg e n llo ca te d t o fu t un : period
CI Liabil ity
1 2 . 1 yudl ....led P ro je ct L oa n
DF CC B ank
Bank o r C e ylo n
H~rto n Na tio nu l Ban k PLC
S a mp nc h B a nk P lC
-18-
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P ir arn al G la ss C eylo n P LC
NOTES TO THE FINANCIAL STATEMENTSy",.mded31 Mmb 1011
u, I) \TERF.:ST I IEAR INC L IAB IL IT IE S \C", , ' d~1
)ndltllCjl 1 . 0 0 0 n
UpIB1 o"<n,bfr 1009
DFCC BlIlIl Syndiea 'od Lom in lKR
S ;n np Uh B an k I 'l< " S yn dltO led Lea n in LK R
! l J o r 3 N " ". I1 I\ l~ r 1 1 )0 9
D T - C C B~I)k S yn d lc o tc d la4ll in LK II .
BlIlll of eel"o" Sy.dictum Lo!m m LKk
1-111100,'ioMlIl~II~ ~LC' S)'ndkllc i lonn rn lKR
I b m : i < o r C " yi o " S)'ndiCllI~d lo.n G~ mU SO
S Y fld f t ed I ..... . O r.o nlc d 1ft usn
OI'('C B""k
1 I0 00 0n N . . . 1 d I lI 1 Bank P L C '
SAmpcll . B.nk PLC'
ltlldi"~ hUti",dan
Bank of CerIO" I'rnj«' Lmm a....td In lKR
If.u<>tiN.,ion.' B~I!k PLC l"DJtell.(llDl Gmnttd .n lKR
S am!,"h B .n ~ PLC
fI.,. ] N. .. . mbc r 100'
DFCC Blll1k ProJt't1Lo;m G..,,1i'd In LKR
I ' r o Je. :1 l l lJ l ll c r . . ,ued in L 1 s n
»l~nll Nolio~~1&n~PLC Pmjl'C1Un ll ll Gm i t ed in USD
11I1<r.oi' Ibn
. . AWDRhf' li ,
1r A WDR-+ ~~,
_ I
u oo ~, 4 .m .n"llflfll~1
R.'t"rM%
IUttTe!1 Rnlc
l< lln lll""" '" o fh 51)7 M i lli on A n d tlu!
tw Iu . 1ce i. "y"bl< til SQ " ' 1 1 . 1 , ' 1M ,. hm "" s . .fh,r
A 1P"t1: p < r i O > d of 34 IImIIlIij r n : J n' Ih i: date 0 fI lI '111dllbu .. .emeat,
"S 1r1J1JI1"""" lS<:<jD" .. 1a11 of 1m PA),Dht. ftc",
Jnnun ry ZOIOB","",," "-ya hle .n J< me 2 010
RCp" f lb1e by 2 mon t h \) ' l I 1 1 I I L l I :m c : n t , 0 :( U S [ )
12.31)[ '1 ' ·cl'1ll ' ' '' ' ' '.C '"11 r , ~ m C"".".ber 1009
fon"", t<l by 3 q~ inmllmc:m:."rUSQ
J iI4.000i. and 12quort""ly ; l 1 1 l 1 l 1 m " " , of us n200,000.r. Ih..nflcr. .
Re"llY~bl.by:l "_1II1~ ! llslIIllmelIl1 o{USD
11..1} J /- COlIllDClCdl!I tm m o«"",bn 2009
r"llo",ed I J) ' • q ua ru rl y i nl ll ll ll nO D U o r u sn
1 4 2. S2 R '· . nd I I ' lU l ll t o: r !y " "Cl lbMnl i al'Ust!IU1.ll-l·,~n ...
ltel'.yablc by 8 qll.1l1crly~lImenl oruss' 4S.00(I1. am i 1 2 q uM tUl y 1ll'i1~1l"'1:"nl of US S
IQJ,l501. Ihm:llllT.
~\J.1
01.[1..1.1010
R..
N tH ' LO ;. -J lj :
OM.lnOil
Ib.
11'1.166,661
114 . 19."ll
2I .1.4JD,64~
611' ,U1.DZ6
Rqmy. t>I. by 6 0 m o nt h I )' " "" "U Il 1 . . 1tS .n"r.gnto~ [I!:3lod 1)( 11M)nlhs from !~e dale of f ill'
d~'"'' 'L
.1 ""1'L1t t 1% Re""yabl. b y 6 D I lI l1 l '1 1 b l y J I D Il !t lm C . ' lt lS nfh:r a
l ! m C C pmod. 0 02 I I1 l' !1 1i h5m ll n! he d il le Q f n r . 'disbG&mrnl.
-
l LISOR f U".
I1POr Int~1i!J j1 r il l .
Qf~.S%
J
5 1 . nmuM) ' I n "~ lIm c n . . oruse n. .ss~i ·c.cll. nc l a F il uI uma li 1r rc 1l t a rUSD IO.914t
S5 UItItlthly IMu.UmaIlJi oruse 36.1$61.
O"lJ;u.mllrri J I lJ.OJ.l01l
U D I.I{R
2.703.916
~.110.226
JIS.'I o. t. I i
19S.801,(>IO
,,31.03.2011
RI. Iti.
(49,990,1180) 1l9 . .l61i,6 1
CH 9 2 7. 11 4 ) 1.S'1.9n!4~
IS6.61·1,49~1 I$4.n~,1'7( 1 6 1 , 5 6 1. 6 $ 01 - -- " 4' ;' -: ') -' ,; .~ : ': :Q S : :: 'J O - :7 7 ~
()Ul$lRodinl l; " ,\. JI.nJ.lOII
US!) LKR
1,400.600
Il'l.lfl6.6 1
1~,776.1-J7
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Piramal Glass Ceylon PLC
NOTES TOTI-lE FINANClAL STATEMENTSY ear .mdcd 31 !'.fllTch 2011
11. h RESTBItIlRi GUAOIUTIE. ( Qnld •.)
Calfllllcre.t~1 Bank o fCe yl l1 ll P LC
P t tl p le ' l' Bunk
ClIibankl 'l .A
l l !I Idnrd.Clmnc:n,dBnnk
OKCll.lInk
Bunk "rCqlm'
lH II t\\ LQlI.n.l I{.paymon", "~at
OI.04.l .111O r}blJlillcd 31.03.1011
Ro' . lb. Rs, lb.
11 4,775, .l(l 2Q7,$ 10,882 (202.28"1i,612) U , Q . O OO . 1 l O O
Sa .9 i3J7 131.758.762 (~18.7J2.i'lOl
390.001).001 1.14;1,000,000 (1.421.500.0001 112.500.001
211.9J4, . 374.037,542 (511.972A:!3) i O , O O O . o o o
200.000.000 100.000.000
10DllU.!lOU 10,000.000
03.614.005 2,173.307118 6 12.464.4<11.191\ SI2JOOJlOO
Yeur endtd \'ra~ ""dttl3U)J.~OIl 3\.03.21.110
R5 . Ro .
13.219.260
1: . \.279260
12.4 borlTe ..... l(Il'Hl
13. I"COMETAX
11.1 ('il~t T . ", Expoe lM<OJ! O r dh u uy A r o vi ti tA r" r t n . : ""riN!C"",,,,\ Tu E."PCII~ OJI O .I I. r 1 1K . ·{ lU tero r t he p er md
UlldeIl'(Ov<lr) provision nrcum:nllB~c:sIIIl1:IlllC~1 fpnor pencil>
D.rerred InCI)"'~TA~
D. f amlT .>4t i on (' h ll rgd ( I «vi '1 1 '8 I )
I~n",e 1ft"np"M~ renerred In ,"~ Inrom •• hllO'",rnl
Il.:z Purnl lDnl to 'gn>CInt:nl rlAled J ~ July 2 0 06 c n la e d inlo w~ h Botml of In\'""lnI,,nl of Sr i 1.:0$8., the l" 'PO"iI ion. JIlI)IUII:fII " od hOCO \I c l) I01'iIlOO"'" In ~h"11 1 1 < 1 ' lIptlIy fo r ~
period Ilf5 l'cl'''' from Ihh Dc«mbcr2007 This"-umpTi, , , , e~Jlin:$0119 O..:omber201!.
Aoo.h"".idcumplionp"hod."heCoD1pIIn)·."ouhl bc:"o~ l iBble fer income III"~I\h~nile arlO'!.. fora pmodof2)""rs .nci.'th" r'dl~0r20~~!lIIm,,"fter,
Wi t h I b~ {QIHlne nCC I ! I l! j I! f Ill" In~empt iWl ~riod 1M Co.tIp, I I} ' iN I I b ll ! IU pill' in ro me !ilL o n tI. IUIlllle i !M;OJTlI:dtof lvud from i l t Ju ;r :<OIJ~ e:.cJulllJll! fiom
tn:mufi,,:nmD~mliOll~
hlC"" '" Ut"p"~" '' ' 'nL l l ll l ld~dur i l !J!~ t>c . )-Qr nlpi't:SClIu ",,)'me'lIl< mn \ l~ i n nl$PO:' or ECntl<HlIj"Ser>'I«~ DWil"S in a.:r<ll 'd.:looe"lith th e EJ:bn ru n ic S .. ,.kc O~ A cl xn.
lj ,,1 10 06 Q nd n,nendmenlB Ihemln
13.1 The o.dju!t a i 111' l ia b il it y o r lb. 1J,279.16(l. f o r , " " } 1mI "o f a :s~meo l 2009110 w ., r ecorded II' o n I ", -m r omp! )' WII!..he ~Q ti on 1 63 (~ ) pr1!", I nl oOOR ev en e e A d -"0
10 or 2001;, Thf, wn5 t ile t.~Imbi !;!» Ib1lho: ! 'm1l 1>111<1'IwlI the c.~"mp' ''d seerees ulldcr 1'101 ~1)IttIIrII1..... lDeh ' : 0 " ' ' ' ' ' ' wllicr Iltt Sectlon 1 06 ( II ) 11(1"" Inlsnd
R~co".AcL
Bal"","" 0 ' BOl l ' inninl lor l ll " ytJ1If
f 'ny.lsi<ll\l(RijV~l&ul) Mude O u r i l T 1 1 l M yelr
Bel"",c ft, ~I lbo! ~ tU I o f 't he Y ea r
A•• r
31.03.2011
IU.
IS.979.s71
,\1 a '11.03.1010
RL
1.979.sn
u, IJEFERREDT,,",X
18,979.571 I.'J79,517
D ue to the <=<l"""~"Com"mof tb e I!J< ~u ntptio P ~ f o r - j ) 'ClIT!; w.e, r 1011,O""cmber 2007 , th e Dcfaml T ~~ 1 "" , b ee n c omp u te d up t c 9 th Oecember 2 00 · P OOlbe
",\·Cft;1I'n>!Ie l o ' l ) hClilnt Wo glli sa l '1 1 I he h lC Ol1 IE "SlIlWIICIII nit! dofem<1lall , ,,VCrMllb.11 ~ du!inj; the Ullt ""emption pe,;,1t! nll'l!lunllng In Rs , ,1 .595. ' • W.I!
m:ogl1l .cd Iln<lct RqlnjlIC,1urI,ill1!3 uluins : W 0 1 final poriod. SIIIII],, , ~mpbl\l ' Is cnjo),inlllllC la. h o li d ay p e ri o d .mI ••• result 'm '''I' 'cUlmI is in lbe d¢{cmd
Ilt1JlOOnll",OIIllt.
15. RETJREMEI'ITB£N EFITODLlG.\ nONS P"ym~nl5
A.~.I C hB I" iO ( ". 11ur ln~ lb. A~al
o U l4 .1 1l 1 0 lb. porlod th~ period .U.03.l0tl
lb. R•. lb. Ib.
15.lHSZO C 2. 716.50a, 99S43.no
IS.U4.S20 ( 2, 71 6, 50 81 _ 99 . 2 J Q
1.99'1,:181 7.ll5.702
8,692,522 ~SO,(l21
4,647.511 1l0.C94,02 t
15,JJoU20 5 , , 5 1.101
C ll rT en t s .. rv ic o C oM
1Il1ere~CO~Ion B.1\cl1, Obli!lll! io1\
Nel !\cw"rl.1 (aRLIII/lm.
Tol.t1 Elp""'C)
8~,'l25~18
1.994.~81
,692,522
4.647.511
1 1 .1 I I i. sO S j
Ddin~d Ben.n. Obll~lIil"n
1 ". lo n (, . " -, .tth~ brgtnru.lg yf th~ l'eA~
llJi I.ln • • H ft l I AprIl
C urrent s..IVIoc Co m
Inl=.1 C05I ')O B01\ cl it Ohll!!ll tmn
AClUOr tn l U-cJl' (GUID) on ObUbJI r lo "
B,,1l<'fi1 Paid
B~I.ne~ It! III J I March 99,543.230
15.1 M ~n , K.A 1';,,<111, M'WlriOJ. csmed OU, "" DCf1J<mi11. ~ hm t" ,n o r th ~ dc r tncd b':'ldll plmn. " "' lU ll ) O i lJ b l \ 1. 1' 1: 11 JO II, APJ'lIllJlrllllo an d ( ~1 II 1I 'H ll :" ~ . "'UI Tl ll '' '' 'l > , ,~
l li <d l u de'eln,inilll! ,1,~L'U<IC1rrrl i rrm1inl bene fh t , Tbe I",n.:,pal anul11Jltiol1.~ used 0!I1I1J1 .0 '.2 0 I I ."" M i",Uo\\'s:
Di!counl nit.: . 'S811111Cd(%)
rUtl!luliLmyll=s~ ( % , 1
M~lht>d nf~cl u ll ri n l vnluuuon
31.U3.11)II
I I , .
, S o .: . ~ 5 Jl II 'Y • .:mlc.
~J"",ed ! JI ll I C 0 51 1T I" lh o d
3 U1 3. 20 I II
10 %
R.S% ~ '~I~ ry.=ot lo :{
1 'mJeC le , 1 UN ' ('osl tno;llIod
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Pi ramal Glass Ceylon PLC
332,912.213 359,217,720
332..912.213 359.217.720
As at As at
31.03.2011 31.03.:WlO
Rs. Rs..
3,952.361 10.860.992
3,952.361 10.860,992
A s a t As at
31.03.20U 31.03.2010
R s . R s .
205.101,327 44.057.834205..101327 44.057.834
(269.837,255) (253.922.653)
(64,735.928) (209,864.819)
Year Year
e nd e d ended
31.03.2011 ] ·1 .03.2DI0
Rs. R s .
106,440 90.160
661.144 257,863
6,843,445
3,956,34] 3.017,]20
11,567.)70 3.365.143
Year Year
e nd e d ended
J 1.03.2011 31.03.2010
Rs. R s .
30,541.062 42.l34.7(}9
19.&42 112,578
74,815.194- 127.376.761
201.093,670 411.461.853
30 6 , 469 . 768 38 1, I a s.9Q I
NOTES TO THE FINANCIAL STATEMENTSYear ended 3 t March 2011
16. TRADEANDOTHER .PAYABLES As at
31.03.2011
R s .
Tra de Pa ya ble - R ela te d Pa rty (1 6.1 )
• O t he rs
O the r Pa ya blc s - R ela te d Pa tty (16.2 )
Sund ry C re dito rs in clu din g A c cru ed E xp en se s
22,660.002
270,411,629
332.912,213
196,979.118
822,962.963
16.1 Trade Dues to Related Party
Pira rn al G la ss Lim ited • In dia
Relationship
P are nt C o mp an y 22,660.002
22,660,002
] 6.2 Other Paya bles • Related Party
Pira rn al G la ss Lim ited - In dia
Relationship
P are nt C o mp an y
17. DIYIDENDS PAYABLE
Unclaimed Div idends
18. CASEI AND CASH EQUIV ALETS
]8.1 Favou rable Cash and Cash Equt vatents Balance
Cas h a nd B a nk B a la n ce s
J 8.2 . n Iavnurable Cash an d Cash Eqt1ivalent~ Balance
Ba nk .o ve rd ra ft (N ote 12)
Cash and cash equivalents fo r the purpose of CAsh Flow Statemenr'
19. OTHER INCOME
I nc ome fr om Investments· Quoted
I nt er est I nc ome
W ritte n b ac k o f U nc la im ed . D iv id en d
Sund ry Income
20. FINANCE COST
Interest Ex p ea se o n O ve rd ra fts
F in an ce C ha rg es Q n L ea se [. iabilit ies
Interest Expense o n Shon Te rm Lo on s
In te re st E xpen se o n Projec t Loan
·21·
As at
31.03.2010
R s .
10.615.304
260.039.172
359.217.720
165,204.563
795,077,359
10.615.]04
1O.6l5.304
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Piramal Glas C e ylo n PLC
NOTES TO THE FINANCIAL STATEMENTSYea r ended 31 M arch 20 I t
21. PROFrT/(LO S) BEFORE
tared after Chargingl(Crediting)
Year ear
ended e!Ided
.11.03.2011 l.oJ.2010
Rs. R.
410.859.915 393.779,354
14.506,955 4.622.6Ci5
15.579,406 14.392.625
34.86 ,549 n.o 5.545
600,000 555. 2-
(200,1 t)2)
205,188,048 173,629.747
4,166,926 5.45 • 34
827,566 959.035
1.839 .025 1.557.370
,1,1 L1 .899 129,47
(57,944,619) 4.971,544
(5.701,989)
l,33J,257 111,101
34.267,098 32,024,632
IlIdlldillg ill 'osf of Sales
Depreciation
Personnel Costs including the following;
*Defined Benefit Plan Costs -Grntuity
- D ef in ed o rn r ibu tio n Plan 0I • EP F & ETF
including il l A.dm;"istl'llfitm E:tpl!nse.~
Directors' Fees and Emoluments
AUdi to rs ' Remuneration - Fees an d Expen e
- Under/(Ovcr} P r ov il l' io n i n respect of previous years
T ethnical F ee
Depreciation
P er so n ne l C o st s i nc lu d in g the ful!owing;
- Defined Benefit Plan COS t -Gratuity
- D e fi ne d Cont r ibut lon Plan C osts - EPF & ETF
Donatioll~
Exch an g e (Gain) I Loss
P ro f l! o n ale o f P ro pe rty P la nt & Equipment
Including I" Selfirrg and Distriblltion Cost»
Adveni 'ing osrs
Allowance (or Doubt f u l Debt
Technical Fee represents the amount payable to Pirarnal Gla Limited - India fo r the technical advis a nd a ss ista nc e
provided during the period as per the agreement entered into between the two companies. As per the agreemeru, if
Manura.ctured Profit before Interest, Depreciation and Tax (PBlOT) is 30% or more, the amount payable is 5 % of the
Manu fa c t u r ed bo ttle tu rn ove r , e l e 12 .5% o f'the PB lD T fo r Manu fa c t u r ed Bort les .
22 . E RNINGS I (LOSS) PER SHARE
22.1 Basic Eamings/( Loss) Per Share is calculated by dividing the n e t pro f i (lo ss) fo r th e period anributable to ord inary
harehclders by the weighted average number of ordinary shares outstanding during th e period. The weighted average
number of ordinary hare' outstanding during the period and the pr vious period are adju: ; t e{ i for events lhal have changed
the number of ordinary shares outstanding. wi thou t a corresponding change in the resources such as a bonus issue.
22.2 The following reflect" the i n co rn and share data used in the Basic Earnings/(Loss) Per h a re c om pu t at io n s.
mount Used 11 5 the Numerator:
Year
ended
3 .03.2011
R.
Year
e n d d
31.03.201
R s .
et £amings/(Loss) attributable 10Ordinary Shareholder' for Ba ic Earning '(Lo ' ) Per Sh 578.674.068 (61,091, 76)
umber of Ordinary Shares ed as Denomlnator: Number Number
Weighted Average numbe r o f Ordinary hare in issu • 950,086,080 950,086,080
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Pirarnal Gla Ceylon PL
NOTE TO THE FINAN TAL STATEMENTSYea r en d ed 31 M a rch 20 I I
26. E ENTS OCCURRING AFTER liE B N E IIEET0 TE
There have been no rna terial events occurring after the 8 1 1 1 . 8 1 l c e Sheet date that requ ire adj ustm enrs to or d isdo ure in the
f i n anc i a l statements other than fo r the Board of Directors of the Company recommending a 30 cents per share first and
final dividend for th e year ended 31 March 2011 amounting to Rs.2 5,025, 24/-.
27. LATED PARTY DISCLO RES
During the period the Company entered into transactions with the rollowing Related Parties.
27.1 Transaction witb Group ernpaules
a rn e of C ompany Re la tio n sh ip
Piramal Glass Limited - India Parent ompany
Ye a r ended ar
31.03.2011 ended
3 L.03.20 I0
Nature ofTrafl. action Rs. Rs.
P ur ch ase o f B ottle . 57,777,245 34.60 ,390
Purchase of Moulds 3,7R9,On 5,124.690
T ec hn ic al F ee s 205,18H,048 173.629,741
27.2 The amounts payable to the abo e related party as al31 December 20}O anU.l! M a rc h 2011 a re d isc lo sed in o te s 1 6.1
and 16.2.
21.3 Trnnsactiuns with Director IKey Management Personnel * Ye a r ended
31.03.2011
Rs.
ear
ended
31.0 .2010
R.
E mo lu me nts a nd F ees In clu din g O the r B en ef its
Total cornpen arion paid to k )' management per onnel 34,868,549
31,085,545
31,085,545
34,868,349
* Key Management pe rsonne l include the Bo a rd o f Di re c to rs a nd the C hie f Exec ut ie O ff ic e r o f the ompany,
-24-
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PJRAMAL GLAS CEYLON PLC
DETAILED INCOME ST MEYE R ENDED 31 MARCH 2011
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Piramal Glass Ceylon P C
DETAILED INCOME STATEMENTY ea r en ded 31 M a r'c h 2011
Year ended Year
Jl.(l3.2011
Rs.
ended
J 1 .0 3. 20 1 0
Rs.
Stntement
Revenue 4,1.63,266.245 3,51 ,763,216
Less: Cost of Sale
Manu fa c t u r i n g COSt
Co .~1 .o f I mp orte d B ellie s
Pu rc ha se o f C aps
Increase I (Decrease) in Fini hed Goods
H 2,946.498,36 2,4 -7,449.4 9
34.608,390
159.06
127.098,632
2,619,315.579
1,265,269,937 899,447.647
11,567,370 3,365.143
Gross Prom
Other Income
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Piramal Glass Ceylon PLC
DETAILED fNCOME STATEMENTSYea r en d ed 31 M arch 201 I
STA EMENT 1
Year e a r end d
ended 31.0).20l0
31.03.2011
Revenue Rs.R s .
L oc a l S a le s 3,159,(194,181 2,352.476,608
Export Sales 1,004,172,064 1,166,2 6,61
Total Revenue 4, I 63,266,245 3,518,763,226
TAT MENT II
1 " 1 F C URINGCO T STAT EM
Materials Consumed V 864,451,994 6 3545,031
D i re c t L a bo u r V I 148,306,82 107,624,9 I0
D ir ec t E xp en 'CS V II 640,240)53 537, 31.612Fac l< l ry ove rheads VIll 1,293,499,294 1.128,44 ,936
2,946,49 ,368 2,457,449,489
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Piramal Glass Ceylon PLC
DETAILED INCOME STATEMENTSYear ended 31 March 2011
TATE lENT III
AD 1L~TRATION EXPEN E
Yen coded Year ended
31.03.201l 31.03.2010
Rs. R s .
14.448,257 12,234.945
313,965 668 ,348
391.952 62,173
62,789 58,411
5,789,082 6,155,160
5,443,710 3,633,594
117.109 763.323
I,S06.343 34,4 9
9,729,61 6.599.312
1.269,8.99 451.994
173,45912,256.067 10.368.690
3, 1( )9 ,910 4b2,1~4
J2~.1)27 85,338
5,046.009 2.039,744
2,441,323 3.189,141
3(}",285 232,459
681.622 853,907
1,471.220 1,245. 96
367,805 311.474
534,870 434,470
1.,479,060 1.061. 74
827.566959.035
34.868,549 3 ! , 085 ,545
600,000 56:,325
(200.192)
504.796 553.0 .5
1.111.899 129,747
4,166,926 -.45 . 34
8.368.187 10,31 J .067
205.18 ,048 173.61Q,747
435,018 68.838
(57,944,619) 4,971.544
.179,534 120.884
69,300 743.542
2.904,829 699.465
(5,70'1,989)
1,539,085 243,500
(77 .886)
33,605 76.203
16,864,452
280.7()9,814 :! 1,319,111
Security Charges
T ra ve lli ng E xp en se s
License Fees
Postage
Telephone
Prin t ing a n d S ta ti on e ry
S u n dr y E xpe n se s
Enter ta inment
Professional harges
Se - c re t a ri a l Expense s
Maintenance and Repa irs - Head O f fi ce B u ild in gSalsries - Head Office
Incent ives
Over t ime
Bonus
Allowances
Med i c a l Expenses
L ea ve P ayme n t'
E .P.E C on tr ibu tio n - H ea d O ff ic e
E .T .F . C o ntribu tio n - H ea d O ff ic e
NRCOL- Head Office
S ta fT W ei fa re - H ea d o ffic e
Gratuity- Head Office
D ir ec to rs' E mo lume nt s
Audit F ee -Charge for the year
- Un de r/C O ve r) Pr ovisio n in r espe ct o f p re vio us ye ar
Subs cr i p ri o n s
Dona t i ons
Deprec ia t ion
Bank: Charge s
Technica l Fee s
Keenakele Es~ate Expenses
Exchange (Gain)fLos5
Stamp Duly
Pre ss No t i fi c a t ion
Share Related Expenses
P ro fit o n S ale o f P ro pe rty. Plan t & Equipment
I .S .0 . E x pe n se
Lo (Gain) f r om Phys ic a l Inventory Dif fe rences
Garden Expenses
Inventory written off
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Piramal Glass Ceylon PLC
DETAILED INCOME STATEMENTSYear ended 31 Ma r c h 2011
~ATEl\IrENT IV
Year Year
ended ended
ELLING AND DlSTRfB TlON 31.03.201131.03.2010~. Rs.
Adver t i s ing 1,331,257 112.201
S a le s P rom o ti on 5,775.14 2.746.713
A llo wa nc e fo r D ou btfu l D ebts 34,267.098 32.024,632
Sales Commiss i o n 2.859,873 2.142.944
F o re ig n T ra v el ),005.932 5.772,057
CO!; r i er Expenses 2.209.277 2.204.420
E xp or t R ela te d E xp en se s 48,255,812 55, 36.598
97,704.397 101,3)9.564
TATE rENT v Year Year
ended end ed
31.03.2011 31.03.2010
RAW MATERIALS R s . R s _
R aw M a te ria ls C on su me d 697 .887 .617 557 .962.613
P ac ki ng E x p e ns es 141,248 ..805 101.300.301
T ra ns po rt in w ar d 25,315,572 24.282.117
864,451.994 683.545.0 1
TEM NTVI Year Year
e n d e d ended
3L03.20lJ 31.03.1010OffiECT LABOUR Rs. R s .
Wages 61,355,134 52,105.893
N RCO L A llo wa nc e 20.1 9.48 16.155, 79
E mp lo ye es P ro vid en t fu nd 5.436.681 5,445,091
Ernplcyees Trust Fund 1,359,I7Q 1.361,273
Bonu: 10.345.704 5.250.647L a bo u r We lf ar e 22.166,679 7.285,996Gratu i ty 5.523.531 1.797.227Med i ca l E xp e ns es 115.396 108.630
Ineen r ives 10,030,219 5,244.114Leave .Encashment 570.693 2.573.310o en i rne 11.214.136 10.296,850
148.306.828 107.624.910
TE rENT VI( Yellr Year
e n d e d e n d e d
31.03.2011 31.03.2010DIRECT EXPENSES R. I U .
En erg y - F urn ace O il
372, 139. 329 297,927.424LP.Gas 268,100,924 239.904.188
640,240,253 537. 31.612
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Piramal Glass Ceylon PLC
DETAILED INCOME STATEMENTSYear ended 31 March 2011
TEI'YfENT III Year
ended
31.03.2011
t t l .DRY 0 .lillHEADS
Salar ies
Bonus
Overt ime
A l lowance s
EJl.F. Contribution
E .T. F . C o n t r ib u ti o n
Incent ive
N .R .C .O .L . ltow an ce - tafl
Gratu i ty
Sta iTWelfare
Med i c . a l Expen es
L e av e p a ym e nt sElectricity
R ates a nd Ta xe s
Ren t
Tra nspor t - und ry
Insu rance
Water System
Ialnrenance &Repairs
- B u il di n gs
- E l ec t ri c a l POwer Ins tal la t ion
- Generator Maintenance
· F u r n ac e
• P la n t &Mach ine ry· T o ols & Implements
- F urn itu re a nd F it tin gs
- H ea vy V e hi cle s
- E qu i pmen t
C on u rn able
Lighting
V e hic le R un n in g C h ar ge s
SafetyExpen es
C o n tr ac t L ab ou r
T ra in ee s E xp en se s
Staf fTrain ing
T ec h ni ca l E x pe n se sDepreciat ion
Provision for Obsolete S tock
C u lle t p rom o ti o n
Testing.Inspection & Samples
58,219.092
6.032,409
2.491.137
27,054,299
7.027,734
1,755.82l
7,240,286
3.992,936
8,983.424·
3,791.372
) .547 .108
1,559.466367.747.787
2.711,562
6.176,987
40.000,590
2,725,198
3.290,655
8,150,746
36,742,880
2,166,602
5,469,280
48,551,66620.085,540
2,432,649
8,02'7,273
3,186,773
88.142,606
95.202
11.025.025
5,783,976
71.753,lJ6
951,011
3.782.973
11,254,5414 I 0 ,8 59 .9 15
223,Q84
2,460,593
1.293,499,294
Year
ended
31.03.2010
R!i.
50,231,997
6.723.964
2.547.369
) 5.890.062
6.069.009
1,517.252
9,535.754
3.300.6~6
2.825.438
9,749.220
L203,754
3.069,108
20.207.~21
3. '193.960
4.561.959
33.996.293
2.311,872
52 ..8 43
3.476,688
14.604,620
657,540
6,939,421
66.922AI)3.217.025
52.716
9.370,7 0
2,4 5,440
60,46J.002
797.196
11.259.503
4.031.320
57,516,06]
271.82",
6.901,080
5.866.2563<.l3.779.354
660,339
384,884
1,31 ,644
1.I28.447.936