PIRAMAL GLASS CEYLON PLC -Audited Financial Statements 31.03.2011

8/6/2019 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



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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mailto:[email protected]

mailto:[email protected]



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,



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 .

-3-




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,



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)




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 ~

-6-




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.

-7-



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

-8-




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,

-9-




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,



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

-11-



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.

-12-




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 .

-13-



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



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



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).

-16·



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.

-17-




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-



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

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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

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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

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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.

-

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I1POr Int~1i!J j1 r il l .

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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 ~

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US!) LKR

1,400.600

Il'l.lfl6.6 1

1~,776.1-J7




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



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



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





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-



PJRAMAL GLAS CEYLON PLC

DETAILED INCOME ST MEYE R ENDED 31 MARCH 2011



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




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




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




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




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

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PIRAMAL GLASS CEYLON PLC -Audited Financial Statements 31.03.2011

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