FINANCIAL STATEMENTS

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1 ASIA ASSET FINANCE PLC FINANCIAL STATEMENTS 31 MARCH 2013

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4 STATEMENT OF COMPREHENSIVE INCOME Note Income 626,800, ,341,934 Interest Income 4 589,316, ,483,748 Interest Expense 5 (336,876,108) (207,019,231) Net Interest Income 252,439, ,464,517 Net Trading Loss on Equity Securities (2,679,882) (24,957,371) Other Operating Income 6 37,484,291 56,858,186 Less: Operating Expenses Personnel Costs (101,338,608) (76,401,233) Provision for Staff Retirement Benefits (1,558,420) (489,287) General and Administration Expenses (103,791,037) (81,167,316) Impairment Charge for Lease Rentals Receivable, Hire Purchase and Loans 7 (25,973,097) (21,624,545) and Advances (8,081,851) Operating Profit before Value Added Tax on Financial Services 8 54,583,177 23,682,951 Value Added Tax on Financial Services (9,316,115) (7,125,027) Profit before Taxation 45,267,062 16,557,924 Income Tax (Charge)/Reversal 9 16,394,679 31,428,577 Profit for the Year 61,661,741 47,986,501 Other Comprehensive Income - - Income Tax on Other Comprehensive Income - - Other Comprehensive Income for the Year Net of Tax - - Total Comprehensive Income for the Year 61,661,741 47,986,501 Earning Per Share - Basic The Accounting Policies and notes on pages 07 through 39 form an integral part of the Financial Statements. -3-

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6 STATEMENT OF CHANGES IN EQUITY Stated General Reserve Investment Accumulated Total Note Capital Reserve Fund Fund Reserve Profit/(Loss) Balance as at 1 April ,538,748 3,000,000 19,783,549 1,173,333 (387,136,366) 217,359,264 Total Comprehensive Income for the Year ,986,501 47,986,501 Right Issue of Shares ,971, ,971,516 Issue of Shares for Cash Considertaion ,790, ,790,000 Direct Costs relating to Issue of Shares (21,169,979) (21,169,979) Transferred to/from during the Year - - 3,581,641 4,885,665 (8,467,306) - Balance as at 31 March ,130,285 3,000,000 23,365,190 6,058,998 (347,617,171) 629,937,302 Total Comprehensive Income for the Year ,661,741 61,661,741 Transferred to/from during the Year ,083,087 7,588,215 (10,671,302) - Balance as at 31 March ,130,285 3,000,000 26,448,277 13,647,213 (296,626,732) 691,599,043 The Accounting Policies and notes on pages 07 through 39 form an integral part of the Financial Statements. -5-

7 STATEMENT OF CASH FLOWS Cash Flows From / (Used in) Operating Activities Note Profit Before Tax 45,267,062 16,557,924 Adjustments for Depreciation ,853,472 8,629,266 Impairment of Loans, Lease and Hire Purchase 12, 13 23,781,624 14,356,284 Profit on Sale of Quoted Equity Shares (1,265,399) (417,842) Write off of Available for Sale - Financial Assets - 177,396 Loss on Fair Valuation of Held for Trading Securities 3,945,282 25,374,276 Loss/(Profit) from Sale of Property, Plant and Equipment and Investment Property (1,455,920) 316,356 Provision for Retirement Benefit Liability 24 1,558, ,287 Finance Cost 2,033, ,342 Profit from operation before Working Capital Changes 88,718,197 65,908,290 Decrease in Vehicle Stock 14,179,690 10,183,107 Increase in Lease Rentals Receivable and Stock out on hire (22,265,275) (555,811,350) Increase in Loans and Advances (500,334,557) (323,979,495) Decrease/(Increase) in Other Receivables 9,162,206 (31,051,815) Decrease in Deposits and Prepayments 8,497,264 7,444,170 Increase in Financial Assets - Loans and Receivables (37,985,594) (163,803,786) Increase in Deposits from Customers 669,715, ,787,843 Increase in Commercial Papaers 3,344,285 26,125,775 Increase/ (Decrease) in Other Liabilities (12,866,734) 11,643,215 Net Cash From/(Used in) Operating Activities before Income Tax Payments 220,165,142 (383,554,047) Taxes Paid (7,026,821) (6,053,413) Net Cash From/ (Used in) Operating Activities 213,138,321 (389,607,460) Cash Flows from / (Used in) Investing Activities Acquisition of Property, Plant and Equipment 18 (23,355,769) (39,740,021) Investment in Available for Sale -Financial Assets 15 (306,659) - Proceeds from Redemption of Preference Share 15 7,500,000 - Proceeds from Sales of Quoted Shares 13,868,126 7,930,176 Proceeds from Sales of Property, Plant and Equipment 11,216,643 15,082,369 Net Cash Flows From/(Used in) Investing Activities 8,922,341 (16,727,476) Cash Flows from / (Used in) Financing Activities Proceeds from Issue of Shares ,790,000 Proceeds from the Right Issue of Shares 25-89,971,516 Direct Costs relating to Issue of Shares 25 - (21,169,979) Repayment of Term Loan Borrowings 21 (53,384,845) - Proceeds from Term Loans Borrowings 21 20,000,000 50,000,000 Net Cash Flows From/(Used in) Financing Activities (33,384,845) 414,591,537 Net Increase in Cash and Cash Equivalents 188,675,817 8,256,601 Cash and Cash Equivalents at the beginning of the year ,829, ,572,454 Cash and Cash Equivalents at the end of the year ,504, ,829,055 The Accounting Policies and notes on pages 07 through 39 form an integral part of the Financial Statements. -6-

8 1. CORPORATE INFORMATION 1.1 General Asia Asset Finance PLC is a limited company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. The Company has been registered with the Central Bank of Sri Lanka as a Finance Company under the provisions of the Finance Business Act No. 42 of 2011 (formerly the Finance Companies Act No.78 of 1988). The registered office of the Company and the principle place of business is located at No 76/1, Dharmapala Mawatha, Colombo Principal Activities and Nature of Operations The principal activities of the Company comprised of granting leases, hire purchase, mortgage loans, personnel loans, group personal loans, pledge loans, cheque and invoice discounting and mobilization of public deposits. 1.3 Parent Enterprise and Ultimate Parent Enterprise The Company's immediate and ultimate parent undertaking is Asia Capital PLC which is incorporated in Sri Lanka. 1.4 Date of Authorization for Issue The Financial Statement of Asia Asset Finance PLC for year ended 31 March 2013 was authorized for issue in accordance with a resolution of the Board of Directors dated 07 November

9 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Statement of Compliance The Financial Statements of the Company have been prepared in accordance with the Sri Lanka Accounting Standards ( SLFRS ) as issued by the Institute of Chartered Accountants of Sri Lanka. The preparation and presentation of these financial statements is in compliance with the requirements of the Companies Act No.07 of Basis of preparation and adoption of SLAS (SLFRS and LKAS) effective for the financial period beginning on or after 01 April 2011 The Financial Statements of the Company have been prepared in accordance with Sri Lanka Accounting Standards comprising SLFRS and LKAS (hereafter "SLFRS"), as issued by the Institute of Chartered Accountants of Sri Lanka. For all periods up to and including the year ended 31 March 2012, the Company prepared its Financial Statements in accordance with previous SLASs. These Financial Statements for the year ended 31 March 2013 are the first, the Company has prepared in accordance with SLFRS effective for the periods beginning on or after 01 April (Refer Note 3 for an explanation of the transition). The Company has consistently applied the accounting policies used in preparation of its opening SLFRS Statement of Financial Position as at 01 April 2011 through all periods presented, as if these policies had always been in effect. Note 2.7 discloses the impact of the transition to SLFRS on the Company's reported financial position and performance including the nature and effect of significant changes in accounting policies from those used in the Company's Financial Statements for the year ended 31 March 2012 prepared under previous SLAS. The financial statements of the Company have been prepared on a historical cost basis, unless otherwise indicated. 2.3 Presentation of Financial Statements The Company presents its statement of financial position broadly in order of liquidity. An analysis regarding recovery or settlement within 12 months after the reporting date (current) and more than 12 months after the reporting date (non current) is presented in Note 28 to the financial statements. Each material class of similar items is presented separately in the financial Statements. Items of dissimilar nature or functions are presented separately, unless they are immaterial. Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liability simultaneously. Income and expenses are not offset in the Statement of Comprehensive Income unless required or permitted by any accounting standard or interpretation. -8-

10 2.4 Significant Accounting Policies Foreign Currency Translation The Financial Statements are presented in Sri Lankan Rupees, which is the Company s functional and presentation currency. Transactions in foreign currencies are initially recorded by the Company at the functional currency spot rate ruling at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the reporting date. Differences arising on settlement or translation of monetary items are recognised in profit or loss. Non monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The gain or loss arising on translation of non-monetary measured at fair value is treated in line with the recognition of gain or loss on change in fair value in the item (i.e., the translation differences on items whose fair value gain or loss is recognised in other comprehensive income (OCI) or profit or loss are also recognised in OCI or profit or loss, respectively) Revenue Recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised. a) Interest Income and Expenses For all financial instruments interest income or expense is recorded using effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. The calculation takes in to account all contractual terms of the financial instrument and includes any fees or incremental costs that are directly attributable to the instrument and are an integral part of the EIR, but not future impairment loss. The carrying amount of the financial asset or liability is adjusted if the Company revises its estimates of payments or receipts. The adjusted carrying amount is calculated based on the original EIR and the change in carrying amount is recorded as Interest Income for financial assets and Interest Expense for financial liabilities. b) Dividend Income Dividend income is recognised when the Company s right to receive the payment is established. c) Other Income Other income is recognised on an accrual basis. d) Other Expenses All other expenses have been recognised in the financial statements as they are incurred in the period to which they relate. All expenditure incurred in the operation of the business and in maintaining capital assets in a state of efficiency has been charged to revenue in arriving at the Company s profit for the year. -9-

11 2.4.3 Taxes Current Income Tax Current income tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Deferred tax Deferred tax is provided on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Value Added Tax (VAT) on Financial Services During the year, Company s total value addition was subjected to 12% VAT on financial services as per Section 25A of the Value Added Tax Act No. 14 of 2002 and amendments there to Financial instruments - initial recognition and subsequent measurement i) Financial Assets Initial Recognition and Measurement Financial assets within the scope of LKAS 39 are classified as financial assets held for trading, loans and receivables, held-to-maturity, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of its financial assets at initial recognition. All financial assets are recognized initially at fair value plus transaction costs, in the case of assets not at fair value through profit or loss. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset. The Company s financial assets include cash and bank balances, lease, hire purchase, loans and advances, financial assets held for trading and available-for-sale financial assets. -10-

12 Subsequent Measurement The subsequent measurement of financial assets depends on their classification as described below. a) Lease, Hire Purchase and Loans and Advances to Customers Lease Rental Receivable, Hire Purchase and Loans and Advances to Customers are non derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate method EIR, less allowance for impairment. Amortised cost is calculated taking in to account any fees and cost that are integral part of the EIR. The amortisation is included in the Interest Income in the Statement of Comprehensive Income. The losses arising from impairment are recognized in the Statement of Comprehensive Income in Impairment Charge. b) Financial Assets Held for Trading Financial assets are classified as held-for-trading if they are acquired for the purpose of selling in the near term and are measured at fair value. c) Financial Assets Available for Sale Available-for-sale financial investments include equity securities. Equity investments classified as availablefor-sale are those, neither classified as held-for-trading nor designated at fair value through profit or loss. After initial measurement, available-for-sale financial investments are subsequently measured at fair value with unrealised gains or losses recognised as other comprehensive income in the available-for-sale reserve until the investment is derecognised, at which time, the cumulative gain or loss is recognised in other operating income, or determined to be impaired, at which time the cumulative loss is reclassified to the income statement in finance costs and removed from the available-for-sale reserve. Derecognition - Financial Assets A financial asset is derecognised when the rights to receive cash flows from the asset have expired or Company has transferred substantially all the risks and rewards of the asset. Impairment of Financial Assets The Company assesses, at each reporting date, whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred loss event ) and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the borrower or a group of borrowers is experiencing significant financial difficulty, the probability that they will enter bankruptcy or other financial reorganisation, default in interest or principal payments, and where observable data indicates that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. -11-

13 Financial Assets Carried at Amortised Cost For financial assets carried at amortised cost (such as, Lease, Hire Purchase and Loans and Advances). The Company first assesses individually whether objective evidence of impairment exists for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference between the assets s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the Statement of Comprehensive Income. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of Interest Income in the financial statements. Loans together with the associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the Company. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognised, the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a future write-off is later recovered, the recovery is recognised in the Other Operating Income in the Statement of Comprehensive Income. The present value of the estimated future cash flows is discounted at the financial asset s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the interest rate prevailed at the last reprising date. For the purpose of collective evaluation of impairment, future cash flows of financial assets are collectively evaluated based on the historical loss experience of assets with similar credit risk characteristics. Historical loss experience is adjusted on the basis of current observable data to reflect the effects of current conditions on which the historical loss experience is based on and to remove the effects of conditions in the historical period that do not exist currently. Refer Note 12.1 and 13.3 to the financial statements for details of impairment losses on financial assets carried at amortised cost. Available-for-Sale Financial Instruments For available-for-sale financial investments, the Company assesses at each reporting date whether there is objective evidence that an investment or a group of investments is impaired. In the case of equity investments classified as available-for-sale, objective evidence would include a significant or prolonged decline in the fair value of the investment below its cost. 'Significant is evaluated against the original cost of the investment and 'prolonged against the period in which the fair value has been below its original cost. Where there is evidence of impairment, the cumulative loss measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that investment previously recognised in the income statement is removed from other comprehensive income and recognised in the income statement. Impairment losses on equity investments are not reversed through the income statement; increases in their fair value after impairment are recognised directly in other comprehensive income. -12-

14 ii) Financial Liabilities Initial Recognition and Measurement Financial liabilities within the scope of LKAS 39 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of its financial liabilities at initial recognition. The Company's financial liabilities include due to customers, bank overdrafts, interest bearing loans and borrowings and other financial liabilities. Financial liabilities are recognised initially at fair value plus, in the case of loans and borrowings, directly attributable transaction costs. Subsequent measurement The measurement of financial liabilities depends on their classification as follows: Due to Customers Due Customers include term deposits and are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in the Statement of Comprehensive Income through the effective interest rate method (EIR) amortisation process. Other Borrowed Funds After initial measurement, Other Borrowings are subsequently measured at amortised cost using EIR. Derecognition Financial Liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the carrying value of the original financial liability and the consideration paid is recognised in profit or loss. Fair Value of Financial Instruments The fair value of financial instruments traded in an active market at the reporting date is based on their average quoted market price or average dealer price quotations without any deduction for transaction costs. For all other financial instruments not traded in an active market, the fair value is determined by using appropriate valuation techniques such as discounted cash flow method. (Refer Note 29 to the financial statements for details of fair value of the financial instruments) Reverse Repurchase Agreements Securities purchased under agreements to resell at a specified future date are not recognized in the statement of financial position. The consideration paid, including accrued interest, is recorded in the statement of financial position, within Reverse Repurchase Agreements, reflecting the transaction s economic substance as a loan by the Company. The difference between the purchase and resale prices is recorded in Interest Income and is accrued over the life of the agreement using the EIR. -13-

15 2.4.6 Property, Plant and Equipment Property, plant and equipment are initially stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing parts of the property, plant and equipment if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company recognises such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in the Statement of Comprehensive Income as incurred. An item of Property, Plant and Equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognizing of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in Statement of Comprehensive Income in the year the asset is derecognized. The asset's residual values, useful lives and methods of depreciation are reviewed, and adjusted if appropriate, at each financial year end. The estimated useful lives of the assets by equal annual installments are as follows. Furniture and Fittings Office Equipment Motor Vehicles Computer Hardware 8 Years 8 Years 4 Years 8 Years Impairment of Non Financial Assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset s recoverable amount. An asset s recoverable amount is the higher of an asset s fair value less costs to sell and its value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered to be impaired and is written down to its recoverable amount Investment Property Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, an investment property is stated at cost and to provide the required disclosure on fair value in compliance with Sec 79 of LKAS 40, Company uses an independent valuer to measure the fair value Vehicle Stock Unsold vehicles at the reporting date are valued at lower of cost and net realizable value after making due allowances for obsolete and slow moving items. Net realizable value is the price at which inventories can be sold in the ordinary course of business less the estimated cost necessary to make the sale Cash and Cash Equivalents Cash and Cash Equivalents are defined as cash in hand, demand deposits and short-term highly liquid investments, readily convertible to known amounts of cash and subject to insignificant risk of changes in value. For the purpose of Cash Flow Statement, Cash and Cash Equivalents consist of the above net of outstanding bank overdrafts. Investments with short maturities (i.e. three months or less from the date of acquisition) are also treated as Cash Equivalents. -14-

16 Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the Statement of Comprehensive Income net of any reimbursement Retirement Benefit Obligations a) Defined Benefit Plan Gratuity The Company measures the present value of the promised retirement benefits of gratuity which is a defined benefit plan with the advice of an independent professional actuary at the end of every financial year using the Projected Unit Credit Method (PUC) as recommended by LKAS 19 Employee benefits. Accordingly, the employee benefit liability is based on the actuarial valuation carried out by Messrs Actuarial and Management Consultants (Pvt) Ltd., Actuaries. The actuarial valuation involves making assumptions about discount rate, future salary increase rate and mortality rates etc. All assumptions are reviewed at each reporting date. The Company s accounting policy for defined benefit plans is to recognise actuarial gains and losses in the period in which they occur in full in the Statement of Comprehensive Income. The gratuity liability is not funded. b) Defined Contribution Plans Employees Provident Fund & Employees Trust Fund Employees are eligible for Employees Provident Fund Contributions and Employees Trust Fund Contributions in line with respective Statutes and Regulations. The Company contributes 12% and 3% of gross emoluments of employees to Employees Provident Fund and Employees Trust Fund respectively Contingent Liabilities and Commitments In the normal course of business, the Company makes various commitments and incurs contingent liabilities. (Refer Note 30 to the financial statements) Cash Flow Statement The Cash Flow Statement has been prepared by using the Indirect Method in accordance with LKAS 7 on Statement of Cash Flows, whereby gross cash receipts and gross cash payments of operating activities, financing activities and investing activities have been recognised. Cash and Cash Equivalents mainly comprise of cash in hand, balances at banks and bank overdrafts Segment Reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company s other components. All operating segments operating results are reviewed regularly by the senior management to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Segment results that are reported to the senior management and board of directors include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. The relevant disclosures are given in Note 32 to the Financial Statements. -15-

17 2.5 SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the financial statements of the Company require the management to make judgments, estimates and assumptions, which may affect the amounts of income, expenditure, assets, liabilities and the disclosure of contingent liabilities, at the end of the reporting period. In the process of applying the Company s accounting policies, the key assumptions made relating to the future and the sources of estimation at the reporting date together with the related judgments that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below Going Concern The Company s management has made an assessment on the Company s ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Company s ability to continue as a going concern. Therefore, the Financial Statements continue to be prepared on the going concern basis Impairment Losses on Lease, Hire Purchase and Loans and Advances The Company reviews its individually significant lease, hire purchase and loans and advances at each statement of financial position date to assess whether an impairment loss should be recorded in the Statement of Comprehensive Income. In particular, management s judgement is required in the estimation of the amount and timing of future cash flows when determining the impairment loss. These estimates are based on assumptions about a number of factors and actual results may differ, resulting in future changes to the allowance. Loans and advances that have been assessed individually and found to be not impaired and all individually insignificant loans and advances are assessed collectively, in groups of assets with similar characteristics, to determine whether provision should be made based on incurred loss events for which there is objective evidence, but the effects of which are not yet evident. The collective assessment takes account of data from the loan portfolio (such as levels of arrears, credit utilisation, loan-to-collateral ratios, etc.), and judgements on the effect of concentrations of risks. The impairment loss on loans and advances, lease rentals receivables and hire purchase is disclosed in more detail in Note 12.1 and Note 13.2 to the financial statements Taxation The Company is subject to income tax and other taxes including VAT on financial services. Significant judgment was required to determine the total provision for current, deferred and other taxes pending the issue of tax guidelines on the treatment of the adoption of SLFRS in the Financial Statements and the taxable profit for the purpose of imposition of taxes. Uncertainties exist, with respect to the interpretation of the applicability of tax laws, at the time of the preparation of these financial statements. The Company recognized assets and liabilities for current, deferred and other taxes based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income and deferred tax amounts in the period in which the determination is made. -16-

18 2.5.4 Defined Benefit Plans The cost of the retirement benefit plan of employees is determined using an actuarial valuation. The actuarial valuation is based on assumptions concerning the rate of interest, rate of salary increase, staff turnover, and retirement age and going concern of the Company. Due to the long term nature of the plan, such estimates are subject to significant uncertainty. (Refer Note 24 to the financial statements) 2.6 Standards Issued but not yet Effective The following SLFRS have been issued by the Institute of Chartered Accountants of Sri Lanka that have an effective date in the future. Those SLFRS will have an effect on the accounting policies currently adopted by the Company and may have an impact on the future financial statements. a) SLFRS 9 - Financial Instruments : Classification and Measurement SLFRS 9, as issued reflects the first phase of work on replacement of LKAS 39 and applies to classification and measurement of financial assets and liabilities. b) SLFRS 13 - Fair Value Measurement SLFRS 13 establishes a single source of guidance under SLFRS for all fair value measurements. SLFRS 9 will be effective for financial periods beginning on or after 1 January 2015 whilst SLFRS 13 will be effective for financial periods beginning on or after 1 January In addition to the above, following standards have also been issued and will be effective from 01 January SLFRS 10- Consolidated Financial Statements SLFRS 11- Joint Arrangements SLFRS 12- Disclosure of Interest in Other Entities Pending a detailed review, the financial impact is not reasonably estimable as at the date of issue of these financial statements. -17-

19 2.7 FIRST TIME ADOPTION OF SLFRSs (Contd ) Company Reconciliation of Statement of Financial Position as at 01 April 2011 (date of transition) Previous SLAS Reclassifications Remeasurements SLAS ASSETS Note Cash and Cash Equivalents 31,979, ,979,594 Investment in Reverse Repurchase Agreements against Treasury Bills and Bonds 94,592, ,592,860 Placements with Other Banks and Financial Institutions A 40,000,000 (40,000,000) - - Other Financial Assets A - 40,863,010-40,863,010 Loans and Advances C 571,818,624-4,479, ,298,145 Lease Rentals Receivable and Hire Purchase C 594,322,591 - (16,825,103) 577,497,488 Financial Assets - Available for Sale D - 14,449,894 (6,500,000) 7,949,894 Vehicle Stock 33,118, ,118,250 Financial Assets - Held for Trading B 56,210, ,210,473 Investment Securities D 10,449,894 (10,449,894) - - Other Debtors, Deposits and Prepayments G 103,575,959 (103,575,959) - - Other Assets G - 26,506,859 (3,250,000) 23,256,859 Advances and Prepayments G - 61,171,432-61,171,432 Income Tax Receivable G - 9,175,825-9,175,825 Property, Plant and Equipment 28,264, ,264,509 Investment Property 32,934, ,934,517 Deferred Tax Assets L 7,222,164-6,665,770 13,887,934 Total Assets 1,604,489,435 (1,858,833) (15,429,812) 1,587,200,790 LIABILITIES Due to Customers E 1,309,544,405 44,626,405 (2,508,760) 1,351,662,050 Other Liabilities E 60,051,131 (44,626,405) - 15,424,726 Tax Payable G 1,858,833 (1,858,833) - - Retirement Benefit Liability 2,754, ,754,750 Total Liabilities 1,374,209,119 (1,858,833) (2,508,760) 1,369,841,526 SHAREHOLDERS' FUNDS Stated Capital 580,538, ,538,748 Retained Earnings C/E/K (374,215,314) - (12,921,052) (387,136,366) Other Reserves 23,956, ,956,882 Total Equity 230,280,316 - (12,921,052) 217,359,264 Total Equity and Liabilities 1,604,489,435 (1,858,833) (15,429,812) 1,587,200,

20 2.7 FIRST TIME ADOPTION OF SLFRSs (Contd ) Company Reconciliation of Statement of Financial Position as at 31 March 2012 Previous SLAS Reclassifications Remeasurements SLAS ASSETS Note Cash and Cash Equivalents 66,804, ,804,910 Investment in Reverse Repurchase Agreements against Treasury Bills and Bonds 88,255, ,255,490 Placements with Other Banks and Financial Institutions A 204,666,796 (204,666,796) - - Other Financial Assets A - 204,666, ,666,796 Loans and Advances C,H 835,407,982 48,078,450 (2,501,696) 880,984,736 Lease Rentals Receivable and Hire Purchase C 1,148,892,946 - (27,346,948) 1,121,545,998 Financial Assets - Available for Sale D - 14,271,958 (6,500,000) 7,771,958 Vehicle Stock 22,935, ,935,143 Financial Assets - Held for Trading B 23,323, ,323,863 Investment Securities D 10,271,958 (10,271,958) - - Other Debtors, Deposits and Prepayments G 130,020,225 (130,020,225) - - Other Assets G - 61,240,937 (6,932,263) 54,308,674 Advances and Prepayments G - 58,019,589 (4,292,327) 53,727,262 Income Tax Receivables G - 6,759,699-6,759,699 Property, Plant and Equipment 50,676, ,676,540 Investment Property H 91,012,967 (48,078,450) - 42,934,517 Deferred Tax Assets L 45,428,429-8,357,621 53,786,050 Total Assets 2,717,697,249 - (39,215,614) 2,678,481,636 LIABILITIES Due to Customers E 1,881,706,478 42,391,663 (2,648,248) 1,921,449,893 Due to Banks 20,231, ,231,345 Other Borrowed Funds F 50,000,000 26,551,117-76,551,117 Other Liabilities E/F 95,155,846 (68,942,780) 854,875 27,067,941 Retirement Benefit Liability 3,244, ,244,037 Total Liabilities 2,050,337,706 - (1,793,373) 2,048,544,333 SHAREHOLDERS' FUNDS Stated Capital I 945,985,160 - (854,875) 945,130,285 Retained Earnings C/E/G/K (311,049,805) - (36,567,366) (347,617,171) Other Reserves 32,424, ,424,188 Total Equity 667,359,543 - (37,422,241) 629,937,303 Total Equity and Liabilities 2,717,697,249 - (39,215,614) 2,678,481,

21 2.7 FIRST TIME ADOPTION OF SLFRSs (Contd ) Reconciliation of Total Comprehensive Income for the year ended 31 Previous March 2012 SLAS Reclassifications Remeasurements SLAS Income 435,759,776 (417,842) - 435,341,934 Interest Income 378,483, ,483,748 Interest Expense E (207,158,719) - 139,488 (207,019,231) Net Interest Income 171,325, ,464,517 Net Trading Loss B - (24,957,371) - (24,957,371) Other Operating Income B 57,276,028 (417,842) - 56,858,186 Less: Operating Expenses Personnel Costs J (61,244,057) (15,157,176) - (76,401,233) Provision for Staff Retirement Benefits (489,287) - - (489,287) General and Administration Expenses B,J (113,725,115) 40,532,389 (7,974,590) (81,167,316) Purchase and Loans and Advances C (4,121,482) - (17,503,063) (21,624,545) Operating Profit before Value Added Tax on Financial Services 49,021,116 23,682,951 Value Added Tax on Financial Services (7,125,027) - - (7,125,027) Profit before Taxation 41,896,089 16,557,924 Income Tax (Charge)/Reversal L 29,736,726-1,691,851 31,428,577 Profit for the Year 71,632,815 - (23,646,314) 47,986,501 Other Comprehensive Income Other Comprehensive Income for the Year, Net of Tax 71,632,815 - (23,646,314) 47,986, A B Notes to the Reconciliation of Equity as at 01 April 2011, 31 March 2012 and Total Comprehensive Income for the year ended 31 March 2012 Other Financial Assets As per LKAS 39, non derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as Loans and Receivables. Accordingly, Fixed Deposits and Commercial Paper Investments has been classified as Other Financial Assets and measured at amortised cost using effective interest rate amounting to 40,863,010/- and 204,666,796/- as at 01 April 2011 and 31 March Financial Assets - Held for Trading and Net Trading Loss The investment in quoted equity shares has been reclassified as Financial Assets -Held for Trading amounting to 56,210,473/- and 23,323,863/- as at 01 April 2011 and 31 March Accordingly loss on fair valuation amounting to 25,375,213/- for the financial year ended 31 March 2012 has been reclassified from Administrative Expenses to Net Trading Loss. -20-

22 2.7 FIRST TIME ADOPTION OF SLFRSs (Contd ) C D E F G Lease Rentals Receivable, Hire Purchase and Loans and Advances As per LKAS 39, Company has assessed the impairment of Lease Rentals Receivable, Hire Purchase and Loans and Advances on an individual as well as collective basis based on objective evidence that there has been an impairment. Accordingly the impairment charge/(reversal) for Loans and Advances amounted to (Rs 1,715,560) and 6,981,217/- as at 01April 2011and 31 March Further Cheque Discounting difference between sub ledger and the general ledger amounting to 3,985,735/- has been impaired as at 01 April Further interest suspended onpledge Loans amounting to 6,749,696/- has been reversed as at 01 April 2011 based on the assessment of the recoverability of the balance. The impairment charge for Lease Rental Receivables and Hire Purchase amounted to Rs 16,825,103/- and 10,521,846/- as at 01April 2011and 31 March Financial Assets - Available for Sale The investment in unquoted equity shares has been reclassified as Financial Assets -Available for Sale amounting to 14,449,894/- and 14,271,958/- as at 01 April 2011 and 31 March 2012 in line with LKAS 39. Further Investment in Preference Shares of Platinum Reality Investment Limited amounting to 6,500,000/- has been impaired as at 01 April Due to Customers The interest payable on Due to Customers amounting to 44,626,405/- and 68,942,780/- has beenreclassified from Other Liabilities to Due to Customers as at 01 April 2011 and 31 March Due to Customers balance has been remeasured at amortised cost based on EIR and balance amounting to 2,508,760/- and 139,488/- has been adjusted to the Statement of Financial Position as at 01 April 2011 and 31 March Other Borrowed Funds Commercial paper issued by the Company and related interest payable amounting to 26,125,775/- has been reclassified as Other Borrowed Funds as at 31 March 2012 from Due to Customers. Other Debtors, Deposits and Prepayments Advances and Prepayments do not fall withinthe definitionof Financial Assets as defined inlkas 39. Accordingly balances amounting to 61,171,432/- and 58,019,589/- has been reclassified as Advances and Prepayments in the Statement of Financial Position as at 01 April 2011 and 31 March 2012 respectively. Other Assets amounting to 26,506,859/- and 61,240,937/- has been separately disclosed in the Statement of Financial Position as at 01 April 2011 and 31 March Other Assets amounting to 3,250,000/- and 6,923,263/- has been impaired as at 01 April 2011 and 31 March Further Advances and Prepayments balance amounting to 2,702,609/- have been impaired as at 31 March Income Tax Receivables has beenclassified separately inthe Statement of Financial Positionamounting to 9,175,825/- and 6,759,699/- as at 01 April 2011 and 31 March 2012 respectively. H I J K L Investment Property The investment property balance amounting to 48,078,450/- has been reclassified as Loans and Advances (Sale and Lease Back) upon agreement entered in to with the customer for the settlement of the facility. Stated Capital The unrecorded expenses related to Initial Public Offering amounting to 854,875/- has been adjusted as at 31 March General and Administration Expenses Personal Cost amounting to 15,157,176/- has been reclassified from General and Administration Expenses for the financial year ended 31 March Retained Earning The Change in Retained Earnings is as follows, Impairment Reversal/(Charge) Lease, Hire Purchase (27,346,948) (16,825,103) Impairment Reversal/(Charge) of Loans and Advances (2,501,696) 4,479,521 Fixed Deposits EIR Adjustment 2,648,248 2,508,760 Impairment of Available for Sale - Financial Assets (6,500,000) (6,500,000) Impairment of Other Assets (6,932,263) (3,250,000) Impairment of Advances and Prepayments (4,292,327) - Deferred Tax Reversal 8,357,621 6,665,770 (36,567,366) (12,921,052) Deferred Tax Assets This represents the effect on taxes arising on adjustments following the adoption of Sri Lanka Accounting Standards. Pending the issue of tax guidelines, suchimpact ontaxes has beenassessed based onthe currently applicable tax laws and regulations. Accordingly Deffered Tax Asset of 6,665,770/- and 1,691,851/- has been recognised on impairment of lease, hire purchase and loans and advances as at 01 April 2011 and 31 March 2012 respectively. -21-

23 3. ANALYSIS OF FINANCIAL INSTRUMENTS BY MEASUREMENT BASIS 3.1 As at 31 March 2013 AFS at Fair Value HFT at Fair Value L&R at Amortised Cost Assets Cash and Bank Balances - 193,568, ,568,463 Investment in Repurchase Agreements against Treasury Bills and Bonds ,938, ,938,359 Other Financial Assets ,652, ,652,390 Financial Assets - Held For Trading - 6,775,855-6,775,855 Loans and Advances - - 1,375,481,605 1,375,481,605 Lease Rentals Receivable and Hire Purchase - - 1,125,867,338 1,125,867,338 Financial Assets - Available for Sale 578, ,617 Total Financial Assets 578,617 6,775,855 3,067,508,155 3,074,862,627 Total Financial Liabilities at Amortised Cost Total Liabilities Due to Customers 2,591,165,554 2,591,165,554 Due to Banks 1,950 1,950 Other Borrowed Funds 48,544,214 48,544,214 Total Financial Liabilities 2,639,711,718 2,639,711, As at 31 March 2012 AFS at Fair Value HFT at Fair Value L&R at Amortised Cost Assets Cash and Bank Balances ,804,910 66,804,910 Investment in Repurchase Agreements against Treasury Bills and Bonds ,255,490 88,255,490 Financial Assets - Loans and Receivables ,666, ,666,796 Financial Assets - Held For Trading - 23,323,863 23,323,863 Loans and Advances ,984, ,984,736 Lease Rentals Receivable and Hire Purchase - - 1,121,545,998 1,121,545,998 Financial Assets - Available for Sale 7,771, ,771,958 Total Financial Assets 7,771,958 23,323,863 2,362,257,930 2,393,353,751 Total Financial Liabilities at Amortised Cost Total Liabilities Due to Banks 1,921,449,893 1,921,449,893 Due to Customers 20,231,345 20,231,345 Debt Instruments Issued and Other borrowed funds 76,551,117 76,551,117 Total Financial Liabilities 2,018,232,355 2,018,232,355 HFT - Held for Trading L & R - Loans and Receivables AFS - Available for Sale -22-

24 4. INCOME FROM INTEREST BEARING ACTIVITIES Interest on Leases 128,086, ,807,864 Interest on Hire Purchase 148,850,230 96,663,195 Interest on Loans 235,665, ,039,804 Overdue Interest 17,864,434 17,039,593 Interest on Treasury Bill Repurchase Agreements 12,980,965 8,514,033 Interest on Bank Deposits 24,169,428 2,184,271 Interest on Commercial Papers 21,698,958 5,234, ,316, ,483, Notional Tax Credit on Government Securities on Secondary Market Transactions The Inland Revenue Act No.10 of 2007, provided that acompany which derives interest income from the secondary market transactions in Government Securities(on or after April 1, 2002 )would be entitled toanotionaltax credit(beingone ninethofthenet interestincome )provided such interest income forms part of the statutory income of the Company for that year of assessment. Accordingly the net interest income earned from the secondary market transactions in Government Securities for the year, has been grossed up in the Financial Statements and the resulting notional tax credit amounts to 1,298,097/- ( ,403/-) INTEREST EXPENSES Interest on Fixed Deposits 331,073, ,879,957 Interest on Other Borrowings 5,802,127 3,139, ,876, ,019, OTHER OPERATING INCOME Documentation Charges and Service Charges 10,600,516 14,649,351 Profit from Sale of Property, Plant and Equipment and Investment Property 4,335,631 97,785 Profit on Settled Contracts 6,126,999 15,190,768 Dividend Income 232,128 1,263,826 Operating Lease Income 2,946,604 4,566,355 Rent Income 1,142,000 1,008,250 Insurance Commission Income 2,538,423 2,021,721 Threewheeler Transportation Income 1,193,530 5,517,736 Sundry Income 6,013,403 10,745,439 Cheque Discounting Administration Income 2,355, ,869 Recovery of Security Charges - 1,123,086 37,484,291 56,858, IMPAIRMENT CHARGE FOR LEASE RENTAL RECEIVABLES, HIRE PURCHASE AND LOANS AND ADVANCES Lease Rentals Receivable, Hire Purchase 17,951,304 8,393,729 Loans and Advances 7,262,055 8,317,599 Reversals in respect of settled contracts during the year 759,738 4,913,216 25,973,097 21,624, PROFIT BEFORE TAXATION stated after charging the following, Included in Personnel Cost, Salaries and Bonus 49,161,105 40,366,084 Defined Contribution Plan Costs - EPF and ETF 6,433,791 4,830,824 Other Satff related Allowances 33,737,711 22,091,793 Included in General and Administration Expenses, Depreciation 14,869,297 8,629,267 Auditors' Remuneration - Audit 870, ,100 - Non Audit 382, ,200 Advertising and Business Promortion 5,233,348 4,023,877 Professional and Legal Fees 11,572,873 9,932,

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