INTERIM FINANCIAL STATEMENTS. For The Year Ended 31st March 2017

Transcription

1 INTERIM FINANCIAL STATEMENTS For The Year Ended 31st March 2017

2 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 2 STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31ST MARCH 2017 QUARTER ENDED 31ST MARCH YEAR ENDED 31ST MARCH 2017 (In Rs. 000) Variance Variance (Unaudited) (Unaudited) % (Unaudited) (Audited) % Turnover 9,027 18,833 (52) 39,516 61,704 (36) Cost of Sales (5,958) (8,402) (29) (26,111) (87,112) (70) GROSS PROFIT 3,069 10,431 (71) 13,405 (25,408) (153) Other Income - 1,173 (100) - - Administrative Expenses (6,532) (5,025) 30 (28,246) (49,395) (43) Selling and distribution Expenses (6,720) (1,093) 515 (14,490) (13,540) 7 PROFIT/(LOSS) FROM OPERATION (10,183) 5,486 (286) (29,331) (88,343) (67) Net Finance income/(expenses) 12,281 (104) (11,909) 15,534 8, NET PROFIT/(LOSS) BEFORE TAXATION 2,098 5,382 (61) (13,797) (80,053) (83) Income tax expense (1,086) (100) PROFIT/(LOSS) FOR THE PERIOD 2,098 5,382 (61) (13,797) (81,139) (83) OTHER COMPREHENSIVE INCOME Net change in fair value of financial assets available for sale (6) (100) Acturial gain/(loss) on defined benefit plans ,486 (100) Related tax (279) (100) TOTAL OTHER COMPRIHENSIVE INCOME ,201 (100) TOTAL COMPRIHENSIVE INCOME FOR THE PERIOD 2,098 5,382 (61) (13,797) (79,938) (83) Earnings/(Loss) per share (Restated) (0.03) (0.20) Figures in the brackets indicate deductions. The above figures are provisional and subject to audit. 2

3 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 3 STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2017 (In Rs. 000) (Unaudited) (Audited) ASSETS NON CURRENT ASSETS Property,Plant & Equipment 31,530 35,024 Lease Hold : Property,Plant & Equipment 2,494 2,494 Intangible Assets Finacial Assets Investment in Subsidiary Financial assets - FD's and receivables 40,974 40,974 Loan receivable 2,349 3,105 TOTAL NON CURRENT ASSETS 78,080 82,330 CURRENT ASSETS Inventories 115, ,373 Related Party Receivable 3,949 3,949 Loan receivable 1,109 1,109 Trade & other Receivable 26,051 26,051 Short term investments 3,284 4,301 Cash & Cash Equivalents 31,490 43,547 TOTAL CURRENT ASSETS 181, ,330 TOTAL ASSETS 259, ,660 EQUITY AND RESERVES EQUITY Stated Capital 373, ,640 General reserves 129, ,473 Revaluation reserve 17,694 17,694 Other reserves & financial assets - - Financial assets available-for-sale reserve (151) (151) Accumilated Profit/(Loss) (279,077) (265,280) TOTAL EQUITY 241, ,376 NON CURRENT LIABILITIES Employee benefits 6,124 6,124 TOTAL NON CURRENT LIABLITIES 6,124 6,124 CURRENT LIABILITIES Other payables and accruals 2,228 14,578 Trade payables 4,297 4,297 Current Tax Payable - 1,365 Bank overdraft 5,350 14,920 TOTAL CURRENT LIABILITIES 11,875 35,160 TOTAL LIABILITIES 17,999 41,284 TOTAL EQUITY & LIABLITIES 259, ,660 Net assets per share (Rs.) I certify that these financial statements have been prepared in compliance with the requirements of Companies Act No.7 of (Sgd) Finance Controller The Board of Directors is responsible for the preparation and presentation of these Financial statements.signed for and on behalf of the board. (Sgd) 30th May 2017 (Sgd) Chairman Director Figures in the brackets indicate deductions. The above figures are provisional and subject to audit. 3

4 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 4 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2017 STATED REVALUATION GENERAL FINANCIAL ASSETS ACCUMULATED TOTAL AVAILABLE FOR SALE (In Rs. 000) CAPITAL RESERVE RESERVE RESERVES LOSSES EQUITY Balance as at 01 st April 2015 (Audited) 373,640 17, ,473 (144) (185,348) 335,314 Loss for the year (81,139) (81,139) Other comprehensive income for the year - Net Change in fair value of available-for-sale financial assets (7) - (7) - Acturial gain on Defined Benefit Plans (Net of tax) ,207 1,207 Total Comprihensive Income for the year (7) (79,932) (79,939) Balance as at 31 st March 2016 (Audited) 373,640 17, ,473 (151) (265,280) 255,375 Balance as at 01 st April 2016 (Audited) 373,640 17, ,473 (151) (265,280) 255,375 Loss for the period (13,797) (13,797) Balance as at 31st March 2017 (Unaudited) 373,640 17, ,473 (151) (279,077) 241,578 Figures in the brackets indicate deductions. The above figures are provisional and subject to audit. 4

5 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 5 STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH (In Rs. 000) (Unaudited) (Audited) Cash flow from operating activities Loss before income tax (13,797) (80,053) Adjustments For: Depreciation on property,plant & equipment 4,102 4,102 Amortization of intangible assets Amortization of lease hold land - 35 Provision for Inventory 3,915 27,828 Provision for retiring Gratuity - 1,224 Unrealized exchange (gain)/loss - - Interest income (15,534) (7,290) Operating Loss Before Working Capital Changes (21,314) (53,940) (Increase) / Decrease In Trade & Other Receivables - (19,599) (Increase) / Decrease In Inventories 15,843 (660) (Increase) / Decrease In trade payables Increase / (Decrease) in Related Party Payable - (8,554) Decrease/ (Increase) in short term investments 1,017 (237) (Increase) / Decrease In Loan & Receivables 756 (4,605) Increase in related party receivables - (3,949) Increase / (Decrease)Otther Payables & Accruals (12,350) 3,886 Net cash used in operations (16,048) (87,264) Gratuity paid - (801) Income taxes paid (1,365) (1,065) Net cash flow Used In Operating Activities (17,413) (89,130) Cash Flows From Investing Activities Interest received 15,534 7,058 Purchase and construction of property, plant & equipment (607) (537) Purchase of intangible assets - (75) Receipts from Loans & recievables Net Cash From / (Used In) Investing Activities 14,927 6,869 Cash Flows From / (Used In) Financing Activities Proceeds received on right issue - - Right issue expenses - - Net cash from / (Used In) financing activities - - Net increase / (decrease) in cash & cash equivalents (2,486) (82,261) Cash & cash equivalents at the beginning of the year 28, ,887 Cash & cash equivalents at the end of the period 26,140 28,626 Figures in the brackets indicate deductions. The above figures are provisional and subject to audit. 5

6 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 6 NOTES TO THE FINANCIAL STATEMENTS 1 Basis of preparation The interim condensed financial statements have been prepared in accordance with LKAS 34 -Interim Financial Reporting. The financial statements provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange. 2 Significant accounting policies There were no changes to the Accounting policies and methods of Computation since the publication of the Annual Report 2015/16 and condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31st March Events after the reporting date No circumstances have arisen subsequent to the quarter end which require adjustments or disclosures in the Financial statements. 4 Basic Earnings/(Loss) per share Basic Profit/( loss) per share is calculated by dividing the net Profit/(loss) for the year attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. 5 Comparative Information Some of the comparative figures have been re-classified accordance with the current period presentation. 6 Investment in unqouted shares Company has passed a board resolution to cease the identification of investment in FDJ as a investment in Associate due to fall in percentage of investment in FDJ and non availability of factors to exercise significant influence over the operations & business affairs of FDJ 7 Contingent liabilities There has been no significant change in the nature of the contingencies and other commitments,whch were disclosed in the annual report for the year ended 31st March Income Tax Company's export income from gold, gems or jewellery is exempt from income tax as per section 13 (i) of Inland Revenue Act 10 of 2006.

7 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 7 AS AT 31ST MARCH 2017 No. Name of Voting Share Holder No. Of shares % 1 MISS. PROMODYA MANJAREE KILITTUWA GAMAGE 36,648, V V S LANKA HOLDINGS (PVT) LTD 21,824, MR. XIA LIQIANG 16,800, MR. WENYUE YIN 11,897, SRI LANKA INSURANCE CORPORATION LTD-GENERAL FUND 10,559, MR. SAVITH SENASUM SOORIYARACHCHI 8,306, MRS. VASUDEVAN SARASWATHY 4,101, BIMPUTH FINANCE PLC 3,454, CEYLINCO INSURANCE CO LTD. (GENERAL FUND) A/C 2 2,400, CEYLINCO INSURANCE CO LTD. (LIFE FUND) A/C1 2,400, SAMPATH BANK PLC/MRS SARASWATHY VASUDEVAN 2,020, NATION LANKA CAPITAL LTD/KARAGODA LOKU GAMAGE UDAYANANDA 1,604, MR. KARAGODA LOKU GAMAGE UDAYANANDA 1,500, THE FINANCE PORTFOLIO MANAGEMENT COMPANY LIMITED 1,300, MR. MOHAMED IMTIAZ SAMSUDEEN 1,220, MR. NIHAL RANJAN SOORIYARACHCHI 1,208, FIRST CAPITAL MARKETS LTD/MR.S.P.JAYAKUMAR 1,127, MR. URALA SARATH WAIDYANATHA 1,010, S & L INVESTMENTS (PRIVATE) LTD 966, MR. PALLEGEDERA BANDARA ABEYKOON 874, No of Ordinary shares represent the Company's Stated Capital 206,601,782 Public Holding % (Number of shareholders representing the public holding was 14,734) No. Name of Non Voting Share Holder No. Of shares % 1 SERAKA INVESTMENTS LIMITED 16,560, MR. SITHAMPALAM ABISHEK 8,088, SEYLAN BANK LIMITED/RUWAN PRASANNA SUGATHADASA 4,167, MRS. VASUDEVAN SARASWATHI 3,500, MISS. PROMODYA MANJAREE KILITTUWAGAMAGE 3,495, MR. COLOMBAPATABENDIGE RANJITH PERERA 3,225, FIRST CAPITAL MARKETS LIMITED/MR.S.P.JAYAKUMAR 2,699, MR. HITIHAMY MUDIYANSELAGE CHAMPAKA BANDARA MAVILMADA 2,400, MISS. SITHAMPALAM DURGA 2,079, MR. GAMINI HETTIGE 2,000, ACUITY PARTNERS (PVT) LIMITED/MR.S.N.M. SEMASINGHE 1,952, MR. MADANASINGHE NOEL RATNAPRIYA 1,895, MR. CHANDANA PEIRIS MALALANAYAKE 1,879, MR. HITIHAMI KORALAGE PUSHPAKUMARA 1,825, MISS. RAGUPATHY KERTHIKA 1,793, MR. WANNIACHCHIGE LAL TILAKESIRI ANANDAWANSA 1,713, MR. MOHAMED MANZOOR MOHAMED AZMIN 1,540, MR. RAVINDRA ERLE RAMBUKWELLE 1,495, MR. MOHAMED HANIF ASLAM KAMIL 1,417, MR. MOHAMED IMTIAZ SAMSUDEEN 1,406, No of Ordinary shares represent the Company's Stated Capital 194,633,623 Public Holding % (Number of shareholders representing the public holding was 5,029)

8 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 8 DIRECTORS SHAREHOLDING AS AT 31ST MARCH 2017 No. Name of Director No. of Shares Voting No. of Shares Non Voting 1 Mr. S.A.S. Jayasundara Mr. C.K. Gamage Ms. P.M.K. Gamage 36,648, ,495,172 4 Mr. T.N. Wickremesinghe Mr. Zhao Ruiyun Ms. Dong Lili Dr. M.G.M.S. Zurfick 1, Mr. W.C. Gunadasa Mr. S.M.G.K. Serasinghe Mr. K.V.Amila Sanjeewa - - Total 36,649,472 3,495,172 The Market Value per share (Rs.) During the period ended Voting Non-Voting Voting Non-Voting Highest Price during the period Lowest Price during the period Market Price as at

9 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 9 CORPORATE INFORMATION NAME OF THE COMPANY Blue Diamonds Jewellery Worldwide PLC SECRETARIES AFA Corporate Services (Pvt)Ltd No 14,Sri Dharmakirthiyarama Road, LEGAL FORM Colombo 03 A Public Limited Liability Company incorporated in Sri Lanka Tel : and obtained BOI status on 07th March 1991 and listed with Fax : Colombo Stock Exchange on 31st March shanil@anton-fernando-associates.com DATE OF INCORPORATION REGISTERED OFFICE/FACTORY 21st November 1990 Address : 49, Ring Road, Phase 1, I.P.Z, Katunayake. Telephone : , COMPANY REGISTRATION NUMBER Fax : PQ 94 info@bluediamondsplc.com Website : REGISTRARS AFA Corporate Services (Pvt)Ltd No 14,Sri Dharmakirthiyarama Road, Colombo 03 AUDITORS M/s. KPMG Sri Lanka Chartered Accountants Tel : A, Sir Mohamed Macan Marker Mawatha, Fax : Colombo 03 shanil@anton-fernando-associates.com BANKERS Nations Trust Bank PLC Seylan Bank PLC Hatton National Bank PLC Sampath Bank PLC Bank of Ceylon FINANCIAL YEAR END 31st March BOARD OF DIRECTORS Mr. S.A.S. Jayasundara Mr. C.K. Gamage Ms. P.M.K. Gamage Mr. T.N. Wickremesinghe Mr. Zhao Ruiyun Ms. Dong Lili Dr. M.G.M.S. Zurfick Mr. W.C. Gunadasa Mr. S.M.G.K. Serasinghe Mr. K.V.Amila Sanjeewa