Accounting policy
The accounting policy for loans and borrowings has been given in Note 18.
Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets which are assets that necessary take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Capitalisation of borrowing costs commences when it incurs expenditure for the asset, it incurs borrowing costs and it undertakes activities that are necessary to prepare the asset for their intended use or sell. It ceases capitalisation when substantially all the activities necessary to prepare the qualifying asset for its intended use are completed. Capitalisation
of borrowing costs shall be suspended, if it suspends active development of a qualifying asset.
Group borrows funds generally and uses them for qualifying assets such as immature plantations of tea, rubber and palm oil. The Group determines the amount of borrowing costs eligible for capitalisation by applying a capitalisation rate to the expenditure on the above biological assets. For this purpose Group uses weighted average of the borrowing costs applicable to the general borrowings.
All other borrowing costs are recognised in Statement of Profit or Loss in the period in which they are incurred. Investment income earned on the temporary investment of specific borrowings, pending their expenditure on qualifying assets is deducted from the borrowing cost eligible for capitalisation.
Leases
The Group has applied SLFRS 16 for the first time on 1 April 2019 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under LKAS 17 and IFRIC 4. The details of accounting policies under LKAS 17 and IFRIC 4 are disclosed separately.
POLICY APPLICABLE FROM 1 APRIL 2019
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in SLFRS 16.
This policy is applied to contracts entered into, on or after 1 April 2019.
a. As a lessee
At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.
Lease payments included in the measurement of the lease liability comprise the following:
- fixed payments, including in-substance fixed payments;
- variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the
commencement date;
- amounts expected to be payable under a residual value guarantee; and
- the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group presents right-of-use assets that do not meet the definition of investment property in ‘property, plant and equipment’ and lease liabilities in ‘loans and borrowings’ in the statement of financial position.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
b. As a lessor
At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative standalone prices.
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease.
If an arrangement contains lease and non-lease components, then the Group applies SLFRS 15 to allocate the consideration in the contract.
The Group applies the derecognition and impairment requirements in SLFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease.
The Group recognises lease payments received under operating leases as income on a straight line basis over the lease term as part of “other revenue”.
Generally, the accounting policies applicable to the Group as a lessor in the comparative period were not different from
SLFRS 16 except for the classification of the sub-lease entered into during current reporting period that resulted in a finance lease classification.
POLICY APPLICABLE PRIOR TO 1 APRIL 2019
Determining whether an Arrangement Contains a Lease
At inception of an arrangement, the Group determines whether the arrangement is or contains a lease.
At inception or on reassessment of an arrangement that contains a lease, the Group separates payments and other consideration required by the arrangement into those for the lease and those for other elements on the basis of their relative fair values. If the Group concludes for a finance lease that it is impracticable to separate the payments reliably, then an asset and a liability are recognised at an amount equal to the fair value of the underlying asset; subsequently, the liability is reduced as payments are made and an imputed finance cost on the liability is recognised using the Group’s incremental borrowing rate.
Leased Assets
Leases of property, plant and equipment that transfer to the Group substantially all of the risks and rewards of ownership are classified as finance leases. The leased assets are measured initially at an amount equal to the lower of their fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the assets are accounted for in accordance with the accounting policy applicable to that asset.
Assets held under other leases are classified as operating leases and are not recognised in the Group’s Statement of
Financial Position.
Lease Payments
Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease. Contingent rents, if any, are recognised as revenue in the period in which they are earned.
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.
|
|
Group |
Company |
For the year ended 31 March |
Notes |
2020
Rs.
|
2019
Rs. |
2020
Rs.
|
2019
Rs. |
Amount repayable after one year |
|
|
|
|
|
Loans |
34.1 |
1,957,813,973 |
2,983,653,296 |
924,929,118 |
1,235,793,320 |
SLSPC/JEDB lease creditors |
34.2 |
242,897,000 |
314,640,000 |
– |
– |
Lease liabilities (2019: finance lease obligations) |
34.3 |
111,135,671 |
1,628,286 |
14,071,702 |
– |
|
|
2,311,846,644 |
3,299,921,582 |
939,000,820 |
1,235,793,320 |
Amount repayable within one year |
|
|
|
|
|
Loans |
34.1 |
2,856,478,741 |
1,101,542,471 |
1,973,519,306 |
429,114,709 |
SLSPC/JEDB lease creditors |
34.2 |
1,078,000 |
7,270,000 |
– |
– |
Lease liabilities (2019: finance lease obligations) |
34.3 |
114,342,954 |
4,228,377 |
12,754,472 |
– |
|
|
2,971,899,695 |
1,113,040,848 |
1,986,273,778 |
429,114,709 |
|
|
5,283,746,339 |
4,412,962,430 |
2,925,274,598 |
1,664,908,029 |
34.1 Loans
|
Group |
Company |
For the year ended 31 March |
2020
Rs.
|
2019
Rs. |
2020
Rs.
|
2019
Rs. |
Balance as at 1 April |
4,085,195,767 |
4,043,984,840 |
1,664,908,029 |
1,400,000,000 |
Add: Loans obtained during the year |
3,575,138,157 |
3,173,460,541 |
1,580,000,000 |
1,550,112,500 |
Fair value adjustment |
51,050,091 |
203,742,135 |
51,050,091 |
203,742,135 |
Add: Accrued interest |
32,578,055 |
36,053,394 |
32,439,698 |
36,053,394 |
Less: Repayment during the year |
(2,810,824,356) |
(3,372,045,143) |
(429,949,394) |
(1,525,000,000) |
Less: Adjustment related disposal of a subsidiary (Note 24.2) |
(118,845,000) |
– |
– |
– |
Balance as at 31 March |
4,814,292,714 |
4,085,195,767 |
2,898,448,424 |
1,664,908,029 |
Total amount repayable within one year |
2,856,478,741 |
1,101,542,471 |
1,973,519,306 |
429,114,709 |
Total amount repayable after one year |
1,957,813,973 |
2,983,653,296 |
924,929,118 |
1,235,793,320 |
34.2 SLSPC/JEDB Lease Creditors
|
Group |
Company |
For the year ended 31 March |
2020
Rs.
|
2019
Rs. |
2020
Rs.
|
2019
Rs. |
Balance as at 1 April |
516,423,000 |
536,743,000 |
– |
– |
Recognition of lease creditor on initial application
of SLFRS 16 (Note 7.4) |
116,012,000 |
– |
– |
– |
Adjustment of interest in suspense (Note 34.2.1) |
(70,755,000) |
– |
– |
– |
Interest charges |
35,511,000 |
– |
– |
– |
Repayment during the year |
(37,791,000) |
(20,320,000) |
– |
– |
Less: Adjustment related disposal of a subsidiary (34.2.2) |
(315,425,000) |
|
– |
– |
Balance as at 31 March |
243,975,000 |
516,423,000 |
– |
– |
Transfer |
– |
– |
– |
– |
Interest in suspense |
– |
(194,513,000) |
– |
– |
Net lease obligation |
243,975,000 |
321,910,000 |
– |
– |
Amount repayable within one year |
1,078,000 |
7,270,000 |
– |
– |
Amount repayable after one year |
242,897,000 |
314,640,000 |
– |
– |
The annual lease series of payments payable by the Company with effect from 18 June 1996 in respect of these estates is
Rs. 20.32 Mn. (basic lease series of payments) plus an amount to reflect inflation during the previous year determined by multiplying Rs. 20.32 Mn. by gross domestic product (GDP) deflator of the preceding year. However as per the agreement entered into with the Ministry of Plantations the application of GDP deflator has been suspended for five years commencing from
18 June 2003, resulting in a fixed lease payment of Rs. 29.04 Mn. In September 2010, as per the Cabinet decision the regional plantation companies were requested to revert back to the original method of calculating lease rentals by applying the GDP deflator of the preceding year. The gross liability to the lessor represents the total basic lease series payable by the Company for the remaining term of the lease. The net liability to the lessor is the present value of annual basic lease series of payments over the remaining tenure of the lease. The discount rate used is 4% p.a.
The Group has applied SLFRS 16 with a date of initial application of 1 April 2019. As a result the Group has changed its accounting policy for leases as detailed in Note 7 of accounting policies detailed in this Financial Statements.
34.2.1 The interest in suspense as at 1 April 2019 amounting to Rs. 71 Mn. has been set-off with the gross lease liability when recognising the lease liability on lease hold land right.
34.2.2 As described in Note 24.4, the Group has disposed the subsidiary namely Hatton Plantations PLC during the year. The lease creditor balance as at the date of disposal amounting to Rs. 315 Mn. has been derecognised during the year.
34.3 Lease liabilities
|
Group |
Company |
For the year ended 31 March |
2020
Rs.
|
2019
Rs. |
2020
Rs.
|
2019
Rs. |
Balance as at 1 April |
6,448,680 |
12,798,114 |
– |
– |
Recognition of lease creditor on initial application
of SLFRS 16 (Note 7.4) |
350,681,311 |
– |
38,205,797 |
– |
Derecognition during the year |
(9,137,103) |
– |
– |
– |
Interest charges |
31,469,147 |
– |
3,643,177 |
– |
Repayment during the year |
(153,856,668) |
(6,349,434) |
(15,022,800) |
– |
Balance as at 31 March |
225,605,367 |
6,448,680 |
26,826,174 |
– |
Interest in suspense |
(126,742) |
(592,017) |
– |
– |
Net lease obligation |
225,478,625 |
5,856,663 |
26,826,174 |
– |
Amount repayable within one year |
114,342,954 |
4,228,377 |
12,754,472 |
– |
Amount repayable after one year |
111,135,671 |
1,628,286 |
14,071,702 |
– |
Lease liabilities previously classified as finance leases under LKAS 17 |
8,474,824 |
5,586,663 |
– |
– |
Lease liabilities arising from recognition of
right-of-use assets under SLFRS 16 |
460,978,801 |
– |
26,826,174 |
– |
Lease liability – SLFRS 16
As explained in Note 7 to the Financial Statements, the Group/Company has initially applied SLFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under LKAS 17 and IFRIC 4.
When measuring lease liabilities for leases that were classified as operating leases, the Company/Group discounted lease payments using its incremental borrowing rate at 1 April 2019. The weighted average rate applied is 14%.
The Company entered into a lease agreement for the lease of an office building for a period of two years on 31 March 2020
and further extended for another two years ending 31 March 2022. Previously this lease was classified as operating leases under LKAS 17.
Information about leases for which the Company/Group is a lessee is presented below:
Leases as lessee
The Group leases warehouses, office building and outlets. The leases typically run for a period of five years, with an option to renew the lease after that date. Lease payments are renegotiated every five years to reflect market rentals. Some leases provide for additional rent payments that are based on changes in local price indices. For certain leases, the Group is restricted from entering into any sub-lease arrangements.
The warehouses, office building and outlets were entered into many years ago as combined leases of land and buildings. Previously, these leases were classified as operating leases under LKAS 17.
The Group leases production equipment under a number of leases, which were classified as finance leases under LKAS 17.
See Note 34.3.
The Group leases IT equipment with contract terms of one to three years. These leases are short term and/or leases of low-value items. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases.
34.3.1 Right-of-use assets
Right-of-use assets related to leased properties are presented as property, plant and equipment.
|
|
Group |
Company |
For the year ended 31 March |
Note |
Building and lease
hold land
Rs.
|
Total
Rs. |
Building
Rs.
|
Total
Rs. |
Balance at 1 April 2019 |
|
911,711,578 |
911,711,578 |
38,205,797 |
38,205,797 |
Depreciation for the year |
19.1 |
(117,048,253) |
(117,048,253) |
(12,735,266) |
(12,735,266) |
Balance at 31 March 2020 |
|
794,663,325 |
794,663,325 |
25,470,531 |
25,470,531 |
34.3.2 Amounts recognised in profit or loss
|
Group |
Company |
For the year ended 31 March 2020 – Leases under SLFRS 16 |
2020
Rs.
|
2020
Rs.
|
Interest on lease liabilities |
31,469,147 |
3,643,177 |
Interest charges on SLSPC/JEDB lease creditors |
35,511,000 |
– |
Depreciation of right-of-use assets |
127,331,253 |
12,735,266 |
Amortisation of Leasehold right to land of JEDB/SLSPC estates |
10,283,000 |
– |
|
204,594,400 |
16,378,443 |
|
Group |
Company |
For the year ended 31 March 2019 – Operating leases under LKAS 17 |
2019
Rs. |
2019
Rs. |
Lease expense |
61,770,210 |
15,022,800 |
|
61,770,210 |
15,022,800 |
34.3.3 Amounts recognised in statement of cash flows
The Company/Group has classified:
– cash payments for the principal portion of lease payments as financing activities;
– cash payments for the interest portion as operating activities consistent with the presentation of interest payments chosen by the Company/Group
– short-term lease payments and payments for leases of low-value assets as operating activities.
The Company/Group has not restated the comparative information.
|
Group |
Company |
|
2020
Rs.
|
2020
Rs.
|
Total cash outflow for leases |
(156,136,668) |
(15,022,800) |
|
(156,136,668) |
(15,022,800) |
34.3.4 Future Commitments on Operating Leases – Leases as lessee under LKAS 17
The following table set out the future lease commitments on operating leases as a lessee, showing the undiscounted lease payments to be paid after the reporting date.
|
Group |
Company |
|
2019
Rs. |
2019
Rs. |
Less than one year |
64,699,664 |
15,473,484 |
Between one and five years |
175,708,410 |
16,415,819 |
Total operating lease commitments |
240,408,074 |
31,889,303 |
34.3.5 Leases as lessor
The Group leases out it’s investment property consisting of its own commercial properties. All leases are classified as operating leases from a lessor perspective with the exception of a sublease which the Group has classified as a finance sublease.
Finance lease
The Group has not sub leased any right of use asset – property, plant and equipment.
During 2020, the Group has no gain on derecognition of the right-of-use asset.
34.4 Term loans
|
|
2020
|
2019 |
|
Company/Lender |
Year |
Repayable within
one year
Rs.
|
Repayable after
one year
Rs.
|
Balance as at
31 March 2020
Rs.
|
Repayable within
one year
Rs. |
|
Repayable after
one year
Rs. |
Balance as at
31 March 2019
Rs. |
Purpose |
Repayment terms |
Security |
Sunshine Holdings PLC |
|
|
|
|
|
|
|
|
|
|
|
Standard Chartered Bank Ltd. |
2018 |
439,152,728 |
924,929,118 |
1,364,081,846 |
429,114,709 |
|
1,235,793,320 |
1,664,908,029 |
Acquisition of TATA |
One year grace period followed by
initial payment of USD 1,140,000 and 15 equal quarterly repayments of USD 534,000 each. |
Corporate guarantee for
USD 9,150,000 from Sunshine Healthcare Lanka Limited together with supporting Board resolution. |
|
2020 |
1,534,366,578 |
– |
1,534,366,578 |
– |
|
– |
– |
To acquire 50% stake in
new entity |
60 days |
Cash lien of Rs. 2 Bn. |
|
|
1,973,519,306 |
924,929,118 |
2,898,448,424 |
429,114,709 |
|
1,235,793,320 |
1,664,908,029 |
|
|
|
|
|
1,973,519,306 |
924,929,118 |
2,898,448,424 |
429,114,709 |
|
1,235,793,320 |
1,664,908,029 |
|
|
|
Watawala Plantations PLC |
|
|
|
|
|
|
|
|
|
|
|
Hatton National Bank PLC |
2014 |
31,249,000 |
31,248,002 |
62,497,002 |
31,250,000 |
|
62,500,000 |
93,750,000 |
To finance re-planting of plantation |
96 equal monthly instalments commencing from April 2014 |
N/a |
|
|
31,249,000 |
31,248,002 |
62,497,002 |
31,250,000 |
|
62,500,000 |
93,750,000 |
|
|
|
Tea Board |
2019 |
5,073,000 |
– |
5,073,000 |
2,640,000 |
|
882,000 |
3,522,000 |
For working capital financing |
10 equal monthly instalments commencing from December 2019 |
N/a |
Peoples’ Bank |
2019 |
62,400,000 |
177,200,000 |
239,600,000 |
– |
|
– |
– |
To finance the import
of cattle for Watawala
Dairy Ltd. |
To be paid in 48 equal annual instalments of Rs. 5.2 Mn. after
12 months grace period |
Corporate guarantee from Watawala Plantations PLC |
|
|
67,473,000 |
177,200,000 |
244,673,000 |
2,640,000 |
|
882,000 |
3,522,000 |
|
|
|
|
|
98,722,000 |
208,448,002 |
307,170,002 |
33,890,000 |
|
63,382,000 |
97,272,000 |
|
|
|
Hatton Plantations PLC |
|
|
|
|
|
|
|
|
|
|
|
Seylan Bank PLC |
2015 |
– |
– |
– |
62,000,000 |
|
46,370,000 |
108,370,000 |
Working capital/factory development |
60 equal monthly instalments commencing from December 2015 |
N/a |
|
|
– |
– |
– |
62,000,000 |
|
46,370,000 |
108,370,000 |
|
|
|
Tea Board |
2017 |
|
|
|
10,020,000 |
|
3,347,000 |
13,367,000 |
Working capital financing |
36 equal monthly instalments commencing from August 2017 |
N/a |
2018 |
|
|
|
24,257,000 |
|
824,000 |
25,081,000 |
Working capital financing |
36 equal monthly instalments commencing from October 2016 |
N/a |
|
– |
– |
– |
34,277,000 |
|
4,171,000 |
38,448,000 |
|
|
|
|
|
– |
– |
– |
96,277,000 |
|
50,541,000 |
146,818,000 |
|
|
|
Watawala Dairy Limited |
|
|
|
|
|
|
|
|
|
|
|
Hatton National Bank PLC |
2017 |
– |
0 |
– |
60,000,000 |
|
300,000,000 |
360,000,000 |
Construction of dairy farm |
12 biannual instalment after
18 months grace period |
Project assets and corporate guarantee from Watawala Plantations PLC |
|
2017 |
2,264,000 |
4,298,000 |
6,562,000 |
393,000 |
|
8,141,000 |
8,534,000 |
Purchase of lorry |
60 equal monthly instalments commencing from November 2017 |
Ownership of lorry |
|
|
2,264,000 |
4,298,000 |
6,562,000 |
60,393,000 |
|
308,141,000 |
368,534,000 |
|
|
|
State Bank of India |
2018 |
90,000,000 |
360,000,000 |
450,000,000 |
45,000,000 |
|
495,000,000 |
540,000,000 |
Construction of dairy farm |
12 biannual instalment after
two year grace period |
Project assets and corporate guarantee from Watawala Plantations PLC |
|
|
90,000,000 |
360,000,000 |
450,000,000 |
45,000,000 |
|
495,000,000 |
540,000,000 |
|
|
Peoples’ Bank |
2018 |
– |
– |
– |
5,200,000 |
|
244,800,000 |
250,000,000 |
To finance the import
of cattles for Watawala
Dairy Ltd. |
48 monthly instalments after
12 months grace period |
|
|
|
– |
– |
– |
5,200,000 |
|
244,800,000 |
250,000,000 |
|
|
|
|
|
92,264,000 |
364,298,000 |
456,562,000 |
110,593,000 |
|
1,047,941,000 |
1,158,534,000 |
|
|
|
Sunshine Healthcare Lanka Limited |
|
|
|
|
|
|
|
|
|
|
|
National Development Bank PLC |
|
120,000,000 |
– |
120,000,000 |
– |
|
– |
– |
Working capital financing |
Within 120 days |
Primary concurrent mortgage bond over stocks and book debts for Rs. 200 Mn. |
|
|
12,668,086 |
– |
12,668,086 |
– |
|
– |
– |
|
|
|
|
|
132,668,086 |
– |
132,668,086 |
– |
|
– |
– |
|
|
|
Hatton National Bank PLC |
|
190,476,964 |
– |
190,476,964 |
54,993,259 |
|
– |
54,993,259 |
Working capital financing |
Loans to be settled with sales proceeds |
A. Documents of tittle/Duly accepted usance drafts
B. Indemnity of the Company |
|
|
190,476,964 |
– |
190,476,964 |
54,993,259 |
|
– |
54,993,259 |
|
|
|
MCB Bank Ltd. |
|
76,895,350 |
– |
76,895,350 |
237,694,868 |
|
– |
237,694,868 |
Working capital financing |
Within 150 days |
Concurrent mortgage over stocks and trade and book debts for Rs. 150 Mn. |
|
|
76,895,350 |
– |
76,895,350 |
237,694,868 |
|
– |
237,694,868 |
|
|
|
Standard Chartered Bank Ltd. |
|
35,335,671 |
– |
35,335,671 |
– |
|
– |
– |
Working capital financing |
90 dates from the date of grant |
Unsecured |
|
|
35,335,671 |
– |
35,335,671 |
– |
|
– |
– |
|
|
|
Seylan Bank PLC |
|
57,459,000 |
– |
57,459,000 |
– |
|
– |
– |
Working capital financing |
145 days (inclusive of usance period) |
Unsecured |
|
|
57,459,000 |
– |
57,459,000 |
– |
|
– |
– |
|
|
|
|
|
492,835,071 |
– |
492,835,071 |
292,688,127 |
|
– |
292,688,127 |
|
|
|
Waltrim Hydropower (Pvt) Ltd. |
|
|
|
|
|
|
|
|
|
|
|
Hatton National Bank PLC |
2011 |
– |
– |
– |
37,975,627 |
|
– |
37,975,627 |
|
Eight years inclusive of an initial grace period of 24 months from
the date of first disbursement. |
Primary on current mortgage bond for Rs. 290 Mn. over the sublease right over the project property and structure to be constructed/machinery to be installed therein |
MCB Bank Ltd. |
|
70,000,000 |
– |
70,000,000 |
– |
|
– |
– |
For the working capital requirements |
Upon the grant of Rs. 100 Mn.
Term loan by mortgaging the Hydropower assets |
Fixed deposit of Rs. 100 Mn. of Sunshine Energy (Pvt) Ltd. |
|
|
70,000,000 |
0 |
70,000,000 |
37,975,627 |
|
0 |
37,975,627 |
|
|
|
Upper Waltrim Hydropower
(Private) Limited |
|
|
|
|
|
|
|
|
|
|
|
DFCC Bank PLC |
2017 |
70,000,008 |
139,999,968 |
209,999,976 |
70,000,008 |
|
209,999,976 |
279,999,984 |
For the construction of the Elgin Hydropower plant |
Eight years inclusive of an initial grace period of 24 months from the date of first disbursement. |
Corporate Guarantee of the Sunshine Holdings PLC |
|
|
70,000,008 |
139,999,968 |
209,999,976 |
70,000,008 |
|
209,999,976 |
279,999,984 |
|
|
|
Elgin Hydropower (Pvt) Limited |
|
|
|
|
|
|
|
|
|
|
|
DFCC Bank PLC |
2017 |
39,000,000 |
320,138,885 |
359,138,885 |
26,000,000 |
|
361,000,000 |
387,000,000 |
For the construction of the Elgin Hydropower plant |
72 equal instalments after a grace period of 12 months from the date of first disbursement. |
Machineries – Rs. 260 Mn.
Share mortgage –
Rs. 130 Mn. |
|
|
39,000,000 |
320,138,885 |
359,138,885 |
26,000,000 |
|
361,000,000 |
387,000,000 |
|
|
|
Sky Solar (Pvt) Ltd. |
|
|
|
|
|
|
|
|
|
|
|
Hatton National Bank PLC |
2019 |
– |
– |
– |
5,004,000 |
|
14,996,000 |
20,000,000 |
|
|
N/a |
|
|
– |
– |
– |
5,004,000 |
|
14,996,000 |
20,000,000 |
|
|
|
Waltrim Energy (Pvt) Ltd. |
|
|
|
|
|
|
|
|
|
|
|
Nations Trust Bank PLC |
2019 |
20,138,356 |
– |
20,138,356 |
– |
|
– |
– |
For the working capital requirements |
Within three months Short-term revolving loan |
Corporate guarantee from Sunshine Energy (Pvt) Ltd. |
|
|
20,138,356 |
– |
20,138,356 |
– |
|
– |
– |
|
|
|
There are no violations on loan covenants during the year.