INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2018
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1 INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2018
2 STATEMENT OF PROFIT OR LOSS For the year For the three months ended ended Change Rs. % (Audited) Note 4,791,413,814 Revenue 7 1,275,629,836 1,147,589, ,781,919,014 Gross written premium 8 1,235,717,617 1,041,786, (255,511,825) Change in reserve for unearned insurance premium (40,976,821) 38,469,075 (207) 4,526,407,189 Gross earned premium 1,194,740,796 1,080,255, (427,744,495) Premium ceded to reinsurers (71,045,455) (62,758,369) 13 (1,480,259) Change in reserve for unearned reinsurance premium (29,424,625) (27,906,127) 5 4,097,182,435 Net earned premium 1,094,270, ,590, Claims and expenses (2,840,950,188) Net claims (742,777,113) (677,389,445) 10 (407,022,478) Underwriting and net acquisition costs (104,102,506) (95,645,079) 9 (676,749,665) Other operating and administrative expenses (190,513,948) (133,674,429) 43 (3,924,722,331) Total claims and expenses (1,037,393,567) (906,708,952) ,460,104 Underwriting results 56,877,149 82,881,865 (31) Other revenue 41,804,663 Fee income 11,212,424 9,864, ,649,303 Interest and dividend income 9 167,287, ,156, ,646,592 Net fair value gains/(losses) 1,682,919 (9,746,161) (117) 2,130,821 Other income 1,176,776 1,722,795 (32) 694,231,379 Total other revenue 181,359, ,998, ,691,483 Profit before tax 238,236, ,880,109 (1) (93,606,037) Income tax expense 10 (27,045,171) (25,026,466) 8 773,085,446 Profit for the period 211,191, ,853,643 (2) 3.87 Basic earnings per share (2) The notes to the financial statements form an integral part of these interim condensed financial statements
3 STATEMENT OF COMPREHENSIVE INCOME For the year For the three months ended ended Change Rs. % (Audited) 773,085,446 Profit for the period 211,191, ,853,643 (2) Other comprehensive income Other comprehensive income that may be reclassified to statement of profit or loss in subsequent periods: 1,857,814 Net change in fair value of available-for-sale financial assets (3,052,633) (5,434,250) 44 4,846,648 Recycling to statement of profit or loss due to disposal of investments - (260,094) Deferred tax effect on fair valuations 480, ,444,368 (2,571,803) (5,434,250) 53 Other comprehensive income not to be reclassified to statement of profit or loss in subsequent periods: (1,369,127) Actuarial lossess on defined benefit obligations (377,795) Deferred tax effect on defined benefit obligations (1,746,922) ,697,446 Other comprehensive income for the period, net of tax (2,571,803) (5,434,250) ,782,892 Total comprehensive income for the period, net of tax 208,619, ,419,394 (1) - 3 -
4 STATEMENT OF FINANCIAL POSITION As at Note (Unaudited) (Audited) Assets Intangible assets 8,000,000 11,000,000 Property, plant and equipment 81,544,510 84,392,671 Deferred tax assets 402,863 28,484 Financial investments 12 5,712,171,344 6,136,594,446 Reinsurance receivables 163,211, ,714,521 Insurance receivables 851,894, ,919,041 Deferred expenses 251,347, ,256,786 Other assets 400,321,759 69,549,058 Cash and bank balances 232,323, ,659,642 Total assets 7,701,217,482 7,745,114,649 Equity and liabilities Equity Stated capital 1,350,000,000 1,350,000,000 Retained earnings 1,671,915,227 1,710,724,129 Available-for-sale and other reserves (6,056,106) (3,484,303) Total equity 3,015,859,121 3,057,239,826 Liabilities Insurance contract liabilities 13 4,043,564,248 4,073,554,521 Employee defined benefit obligations 19,006,854 17,881,854 Other financial liabilities 334,953, ,960,354 Other liabilities 46,839,572 44,495,102 Reinsurance payables 72,117,043 35,715,836 Income tax payables 61,518,684 38,429,964 Bank overdraft 107,358,866 68,837,192 Total liabilities 4,685,358,361 4,687,874,823 Total equity and liabilities 7,701,217,482 5,096,835,177 The notes to the financial statements form an integral part of these interim condensed financial statements. These interim condensed financial statements are in compliance with requirements of the Companies Act No. 07 of (Sgd.) Nilushan Somarathna Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these interim condensed financial statements. Signed for and on behalf of the Board by; (Sgd.) Jehan P. Amaratunga Chairman (Sgd.) N. Vasantha Kumar Director 27 April 2018 Colombo - 4 -
5 STATEMENT OF CHANGES IN EQUITY Stated capital Retained earnings Availablefor-sale reserves Other reserves Total Rs. Balance as at 1 January ,350,000,000 1,287,638,683 (5,624,721) (2,557,028) 2,629,456,934 Profit for the period (unaudited) - 215,853, ,853,643 Other comprehensive income - (5,434,250) - (5,434,250) Dividends paid during the period - (150,000,000) - (150,000,000) Unaudited balance as at 30 March ,350,000,000 1,353,492,326 (11,058,971) (2,557,028) 2,689,876,327 Profit for the period (unaudited) - 557,231, ,231,803 Other comprehensive income ,878,618 (1,746,922) 10,131,696 Dividends paid during the period - (200,000,000) - - (200,000,000) Audited balance as at 31 December ,350,000,000 1,710,724, ,647 (4,303,950) 3,057,239,826 Profit for the period (unaudited) - 211,191, ,191,098 Other comprehensive income - - (2,571,803) - (2,571,803) Dividends paid during the period - (250,000,000) - - (250,000,000) Unaudited balance as at 31 March ,350,000,000 1,671,915,227 (1,752,156) (4,303,950) 3,015,859,121 The notes to the financial statements form an integral part of these interim condensed financial statements
6 STATEMENT OF CASH FLOWS For the three months ended Note Operating activities Premium received from customers 1,221,833,487 1,076,368,075 Reinsurance premium paid (34,792,976) (48,311,444) Claims paid (760,053,674) (690,139,467) Reinsurance receipts in respect of claims 12,939,185 20,485,200 Interest received 242,470, ,690,640 Dividends received 3,099,099 17,616,809 Other operating cash flows (773,080,228) (337,293,436) Cash flows from operating activities A (87,584,126) 209,416,378 Income tax paid (3,850,000) (5,300,000) Net cash flows from operating activities (91,434,126) 204,116,378 Investing activities Purchase of liquid investments (6,403,117,674) (5,586,733,449) Purchase of other investments (1,714,566,552) (903,266,544) Sale of liquid investments 6,929,354,396 5,323,642,091 Sale of other investments 1,618,899,348 1,182,277,489 Purchase of property, plant and equipment (2,709,246) (2,271,710) Net cash flows used in investing activities 427,860,272 13,647,877 Net cash flows before financing activities 336,426, ,764,255 Financing activities Ordinary dividends paid (250,000,000) (150,000,000) Net cash flow used in financing activities (250,000,000) (150,000,000) Net increase in cash and cash equivalents B 86,426,146 67,764,255 Notes to the statement of cash flows For the three months ended A. Cash flows generated from operating activities Profit before tax 238,236, ,880,109 Unrealised loss on quoted equities at market value 85,218 9,748,557 Provision for retirement benefit obligations 1,125, ,424 Depreciation and amortisation expenses 8,557,407 5,667,388 Provision for impairment - Insurance receivables 994,154 1,736,473 Changes in working capital Increase/ (decrease) in reinsurance assets 86,503,244 12,761,587 Increase/ (decrease) in insurance receivables and other assets (344,742,716) 2,786,187 Increase/ (decrease) in deferred expenses (13,090,846) 204,906 Increase/ (decrease) in insurance liabilities (29,990,273) (18,372,349) Increase/(decrease) in other liabilities (35,261,583) (46,640,903) Cash flow from operating activities (87,584,126) 209,416,378 B. Net decrease in cash and cash equivalents Cash in hand, bank balances and saving account balances 265,912, ,526,499 Bank overdrafts (107,358,866) (46,588,704) Cash and cash equivalents at the end of the period 158,554, ,937,795 Less: Cash and cash equivalents at the beginning of the period 72,127,895 85,173,540 Net increase in cash and cash equivalents during the period 86,426,146 67,764,
7 NOTES TO THE FINANCIAL STATEMENTS 1. Reporting entity People's Insurance PLC is a public limited liability company incorporated and domiciled in Sri Lanka. The registered office of the Company and the principal place of business is situated at No. 07, Havelock Road, Colombo 05. The Company's parent entity is People's Leasing& Finance PLC. The Company's ultimate parent undertaking and controlling entityispeople'sbankwhichisownedbythegovernmentofsrilanka.ordinarysharesofthecompanyarelistedonthe Colombo Stock Exchange. 2. Audit of financial statements The interim condensed financial statements for the three months ended 31 March 2018 are provisional and unaudited. 3. Approval of financial statements These interim condensed financial statements were authorised for issue by the Board of Directors on 27 April Basis of preparation The interim condensed financial statements have been prepared in compliance with Sri Lanka Accounting Standard (LKAS) 34 - Interim Financial Reporting. These interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December Further, provisions of the Companies Act No. 7 of 2007 have been considered in preparing the interim condensed financial statements of the Company. The same accounting policies have been followed in preparation of these interim condensed financial statements as stated in the audited financial statements. 5. Comparative information Comparative information has been restated where necessary to ensure comparability with the current year information. 6. Application of SLFRS 9 Financial Instruments SLFRS 9 - Financial Instruments which replaces LKAS 39 - Financial Instruments: Recognition and Measurement is effectiveforannualperiodsbeginningonorafter1 st January2018.Accordingly,inreportingtheinterimresults,entities are required to apply SLFRS 9 to be in compliance with LKAS 34- Interim Financial Reporting. However, paragraph ofslfrs9permitsanentitynottoapplytherequirementsofslfrs9tointerimperiodspriortothedateof initial application, if it is impracticable. The Institute of Chartered Accountants of Sri Lanka(CA Sri Lanka) has also granted the option through the Statement of Alternative Treatment (SoAT) issued in 2017 on the Figures in the Interim Financial Statements to prepare interim financial statements by continuing the application of LKAS 39 - Financial Instruments: Recognition and Measurement with disclosures on impact to the Statement of Comprehensive Income, if SLFRS 9 has been applied during the financial year commencing on or after 1 st January 2018 or if such determination is impracticable, stating that fact. Accordingly, the Company decided to continue the application of LKAS 39 - Financial Instruments: Recognition and Measurement while applying the exemption stated in paragraph of SLFRS 9 for the comparative figures in the interim financial statements during the financial year commenced on 1 st January
8 NOTES TO THE FINANCIAL STATEMENTS 6. Application of SLFRS 9 Financial Instrument standard In2017, thecompanysetupateamto implementslfrs9withtheassistanceofanexternalconsultant.the Company performed the diagnostic phase (preliminary impact assessment exercise) and in the process of implementation. The Company has undertaken a significant analysis how SLFRS 9 should be implemented and has made tentative policy decisions.the Company has performed provisional SLFRS 9 calculation as at 31st December 2017 and has a directional idea of the potential impact of SLFRS 9. Currently, risk modelling methodologies used for impairment computations are being further tested and fine-tuned by the Company. The Company will publicly disclose the potential impact, when it is practicable to provide reliable estimates. The Company will apply SLFRS 9 in the preparation of financial statements for the year ending 31st December Revenue For the three months ended Net earned premium 1,094,270, ,590,818 Other revenue 181,359, ,998,243 1,275,629,836 1,147,589, Gross written premium Premium income by major class of business is as follows; For the three months ended Motor 1,113,066, ,359,547 Fire 71,323,303 58,606,909 Marine 1,786,453 9,717,510 Miscellaneous 49,541,101 51,102,274 1,235,717,617 1,041,786, Interest and dividend income For the three months ended Interest income 164,187, ,539,852 Dividend income 3,099,099 17,616, ,287, ,156,
9 NOTES TO THE FINANCIAL STATEMENTS 10. Income tax expense Accordingto the Inland RevenueAct No. 10 of 2006 and subsequentamendmentsthereto,anycompanywhich is liable topay incometaxattherateof28%listsitssharesonthecolombostockexchange(cse)bywayofaminimuminitialpublicoffering (IPO)throughwhichnotlessthan20%ofitssharesisissuedtothegeneralpubliconorbefore1April2017,theincometaxratewill bereducedby50%fortheyearofassessmentinwhichthesuchsharesarelistedandforanothertwoyearsofassessment,provided that such company after listing continues to maintain a minimum public float of 20%. Accordingly,25%ofthesharesoftheCompanywereofferedandissuedtothegeneralpublicbywayofanIPOinDecember2015 andsharesofthecompanywerelistedonthecseinjanuary2016.asat31march2018,thepublicfloatofthecompany sshares was above 20% while the Company was liable for income tax at 28% (before the tax reduction). Hence, the Company was consideredeligibleforthe50%taxreductionasperthesaidact,duringthereportingperiodandincometaxwascalculatedat14% ( %). 11. Basic earnings per share (EPS) Basic earnings per share is calculated by dividing the net profit after tax for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the three months ended Profit for the period (Rs.) 211,191, ,853,643 Weighted average number of shares 200,000, ,000,000 Basic earnings per share (Rs.) Financial investments Carrying value Fair value As at Fair value through profit or loss Loans and receivables Available-for-sale (Unaudited) (Audited) (Unaudited) (Audited) 140,749, ,561, ,749, ,561,249 4,447,099,593 5,140,019,075 4,404,853,616 5,058,667,506 1,124,322, ,014,122 1,124,322, ,014,122 5,712,171,344 6,136,594,446 5,669,925,367 6,055,242, Insurance contract liabilities As at (Unaudited) (Audited) Provision for net unearned premium 2,544,113,633 2,473,712,187 Provision for gross outstanding claims 934,955, ,670,220 Provision for gross incurred but not reported (IBNR) claims 564,494, ,172,114 4,043,564,248 4,073,554, Actuarial valuation of claim liabilities Consultant actuaries of the Company have carried out an actuarial valuation of claim liabilities as at 31 March According to the said actuarial valuation, the Company had adequate provisions in the financial statements Liability adequacy test The liability adequacy test(lat) performed by consultant actuaries for the balance as at 31 March 2018 concluded that the liability value is sufficient to meet future claims and expenses. Hence, no provision was made for premium deficiency
10 NOTES TO THE FINANCIAL STATEMENTS 14. Related party transactions The Company carries out transactions in the ordinary course its business on and arm's length with parties who are defined as related parties in Sri Lanka Accounting Standard ( LKAS ) 24 - Related Party Disclosures. Details of the related party transactions are reported below Transactions and outstanding balances with the ultimate parent - People's Bank For the three months ended Insurance premium in respect of their own policies 17,648,512 16,845,482 Insurance premium in respect of customers introduced 22,973,193 32,045,348 Service charge expense 3,281,895 3,031,950 Claims expense 16,108,112 9,095,809 Investment in repurchase agreements (including reinvestments made during the year) 5,983,599,900 4,994,462,816 Settlement of repurchase agreements (including settlement for reinvestments) 6,459,288,819 4,920,211,679 Investment income from overnight repurchase agreements 2,426,017 1,822,194 Treasury bills purchased 980,836, ,478,588 Treasury bills matured 731,136, ,724,000 Interest income from fixed deposits 4,825, ,031 Interest income from special foreign currency savings account 98,941 26,002 Building rent expense 225, ,000 Outstanding balances As at Insurance premium receivable in respect of their own policies 20,185,350 18,846,517 Insurance premium receivable in respect of customers introduced 23,514,035 35,242,788 Service charge expense payable 3,545,506 3,052,718 Claims outstanding 159,493, ,295,346 Fixed deposits 326,521,806 84,655,574 Special foreign currency savings account 40,176,984 10,700,441 Building rent expenses payable 225, ,000 Cash at bank 236,431, ,145,937 Bank overdraft 107,358,866 46,588,
11 NOTES TO THE FINANCIAL STATEMENTS 14.2 Transactions and outstanding balances with the immediate parent - People's Leasing & Finance PLC Transactions For the three months ended Insurance premium in respect of their own policies 11,734,931 10,607,603 Insurance premium in respect of customers introduced 887,027, ,025,382 Service charges 122,081, ,092,433 Support service expense Note 2,957,231 3,271,934 Computer maintenance expense 9,394,869 9,394,870 Debenture interest 3,717,339 4,014,794 Interest income from savings accounts 292, ,709 Interest income from fixed deposits 14,590,065 2,316,334 Building rent expenses 2,802,999 2,956,586 Vehicle yard expenses 816, ,189 Accomadation income on Negombo branch 38,265 38,265 Dividend paid 187,500, ,500,000 Outstanding balances As at Insurance premium receivable in respect of their own policies 947,215 7,673,346 Insurance premium receivable in respect of customers introduced 607,471, ,008,934 Service charges payable 145,650, ,615,456 Claims outstanding 6,149,174 3,312,569 Support service charges payable 775,942 - Debentures - 104,014,799 Other receivables - debentures 100,000,000 32,904,713 Other receivables - debenture interest 3,791, ,510,856 Savings accounts 28,106, ,475 Fixed deposits 295,310,600 3,215,745 Building rent expenses payable 1,202,333 1,357,724 Inter-company current account payable 9,713,237 3,215,744 Vehicle yard expense receivable 195, ,871 Accomadation income receivable on Negambo branch of PLC 25,510 12,755 Note: Support service expense mainly includes amounts payable in respect of information and communication technology, human resources and logistics services provided to the Company
12 NOTES TO THE FINANCIAL STATEMENTS 14.3 Transactions and outstanding balances with subsidiary companies of parent company People's Leasing Fleet Management Limited Transactions For the three months ended Insurance premium in respect of their own policies 1,662,983 2,493,060 Vehicle hiring expenses 1,168, ,299 Assessor's fees 3,572,208 3,505,285 Outstanding balances As at Insurance premium receivable 1,578,125 2,438,312 Inter company current account payable 329, ,912 People's Microfinance Limited Transactions For the three months ended Insurance premium in respect of their own policies 576, ,411 Insurance premium in respect of customers introduced 32,696,468 21,794,028 Service charges 4,396,098 2,997,988 Rent income from Galle branch 245, ,366 Outstanding balances As at Insurance premium receivable in respect of their own policies 907, ,709 Insurance premium receivable in respect of customers introduced 25,534,500 17,866,922 Service charges payable 4,669,067 3,213,439 Rent income receivable on Galle branch 81,650 - People's Merchant Finance PLC Transactions For the three months ended Insurance premium in respect of their own policies 146, ,090 Insurance premium in respect of customers introduced 1,072, ,242 Service charges 124, ,760 Outstanding balances As at Insurance premium receivable in respect of customers introduced 437,567 - Insurance premium receivable in respect of their own policies 1,567, ,612 Service charges payable 11, ,
13 NOTES TO THE FINANCIAL STATEMENTS People's Leasing Havelock Properties Limited Transactions For the three months ended Insurance premium in respect of their own policies - - Rent expense 21,451,530 - Outstanding balances As at Rent paid in advance 87,000, Transactions with other related companies Other related entities are those which are controlled or significantly influenced, directly or indirectly by key management personnel of the Company. Name of the Company Control, joint control or Nature of transaction significant influence by key management personnel MTD Walkers PLC Mr. Jehan P. Amaratunga Investment income from 1,216,890 1,216,789 debentures 14.5 Transactions and outstanding balances with the key management personnel Carrying amount of investmen 52,445,941 52,428,116 in debenture People's Insurance PLC considers its Board of Directors, Chief Executive Officer and their immediate family members as the key management personnel of the Company. Transactions For the three months ended Short term employment benefits 3,375, ,
14 NOTES TO THE FINANCIAL STATEMENTS 14.6 Transactions with the Government of Sri Lanka and its related entities Since the Government of Sri Lanka directly controls the Company s ultimate parent, the Company has considered the Government of Sri Lanka and other entities which are controlled, jointly controlled or significantly influenced by the Government of Sri Lanka as related parties according to Sri Lanka Accounting Standard (LKAS) 24 - Related Party Disclosures. The Company enters into transactions, arrangements and agreements with the Government of Sri Lanka and its related entities and significant transactions have been reported where applicable. Transactions entered into with the Government of Sri Lanka and its related entities, relating to the ordinary course of business are detailed below. Payment of statutory rates and taxes Payment for utilities mainly comprising telephone, electricity and water Payment for employment retirement benefits - EPF and ETF Transactions with National Insurance Trust Fund on reinsurance arrangements 15. Events after the reporting date There have been no events subsequent to the reporting date, which would have any material effect on the Company. 16. Capital commitments The Company has commitments for acquisition of computer software incidental to the ordinary course of business amounting to Rs. 1,268,577 as at the reporting date ( Rs. 1,268,577). 17. Contingencies In the opinion of the Directors and the Company s lawyers, pending litigations against the Company will not have a material impact on the reported financial results or future operations of the Company. All pending litigation for claims have been evaluated and adequate provisions have been made in the financial statements
15 SHARE INFORMATION The information required by section 7.4 of the Listing Rules of the Colombo Stock Exchange(CSE) in its interim financial statements is disclosed below. Liability to management fees or other similar nature expenditure Liability to management fees or any other similar expenditure have been provided for in the interim accounts where applicable. Top 20 shareholders Name of the shareholder As at 31 March 2018 No. of shares % People's Leasing & Finance PLC 150,000, Mr. Kulappu Arachchige Don Anurada Perera 6,890, J. B. Cocoshell (Pvt) Ltd 4,679, Deutsche Bank AG as Trustee For JB Vantage Value Equity Fund 2,934, Rubber Investment Trust Limited A/C # 01 2,689, Seylan Bank PLC / Pinnadoowage Aravinda De Silva 2,476, Askold (Private) Limited 2,422, The Ceylon Investment PLC A/C # 02 1,765, The Ceylon Guardian Investment Trust PLC A/C # 02 1,765, Ms. Indrani Kusumalatha De Silva 1,500, Jafferjee Brothers (Exports) Limited 1,159, Bank of Ceylon A/C NDB Wealth Growth Fund 775, Mr. Gulzar Hussein Ibrahim Jafferjee 769, Mr. Murtaza Ali Jafferjee 769, Mrs.Vasantha Bandaranayake 737, Seylan Bank PLC/Channa Nalin Rajahmoney 675, Deutsche Bank AG as Trustee For Guardian Acquity Euity Fund 645, Hallsville Trading Group INC 626, E.W. Balasuriya & Co. (Pvt) Ltd 626, ACL Plastics Ltd 585, ,493, Others 15,506, ,000, Public shareholding Number of shares 50,000,000 25% Number of shareholders 1, % Directors shareholdings Name of the Director 31 March 2018 % of total no. of No. of shares shares No. of shares as at 31 March 2018 Jehan P. Amaratunga - Chairman - N. Vasantha Kumar - L. Abeysekera - W. M. A. Bandara - S. P. K. Gunarathne - N. P. Karunarathne - A. S. Ibrahim
16 SHARE INFORMATION Stated capital The number of shares representing the Company s stated capital is given below. Stated capital (Rs.) 1,350,000,000 No. of shares 200,000,000 Class of shares Voting rights Ordinary shares One vote per ordinary share Share performance Net asset value per share as at 31 March Highest price per share for the interim period Lowest price per share for the interim period Last traded price per share as at 31 March INITIAL PUBLIC OFFERING Raise of funds No. of shares as at 31 March 2018 TheCompanyoffered50millionordinarysharesatRs.15persharetothepublicandraisedRs.750millionfromtheInitialPublicOffering(IPO) carried out in December New ordinary shares in respect of the IPO were issued in January The objectives of the IPO were as follows; 1. Meet the regulatory requirement of listing the Company on a licensed stock exchange by 7th February 2016 as per section 52(1) of the Regulation of Insurance Industry (Amendment) Act No. 3 of Further strengthen the equity base of the Company and thereby the Capital Adequacy Ratio(CAR) under the Risk Based Capital(RBC) regime implemented by the IBSL effective from The funds raised from the IPO were to be invested in financial securities keeping in line with asset allocation strategy of the Company. Rs. Utilisation of funds According to the objective number two specified above, the funds raised were invested in financial securities. A detailed analysis of the utilisation of funds is tabulated below. Obj. No. Objective as per prospectus Amount allocated as per Prospectus in Rs. Proposed date of utilisation as per prospectus Amount allocated from proceeds in Rs. % of total proceeds Amount utilised in Rs. % of utilisation against allocation Classification if not fully utilised including where the funds are invested 2 Please refer objective no. 2 above. The proposed asset allocation for the funds raised through IPO as per the prospectus is as follows; (A) (B) (B/A) Corporate debt 50% 375,000, ,000,000 50% 375,000, % During the Fixed deposits 25% 187,500, ,500,000 25% 187,500, % financial year Government securities 15% 112,500, ,500,000 15% 143,743, % 2016 Equity 10% 75,000,000 75,000,000 10% 43,756,644 58% Note 750,000, ,000, % 750,000,000 Note: The amount invested in equity does not include the listed shares amounting to Rs. 31,327,938 which were purchased using the IPO funds and sold as at the reporting date. Unutilised funds have been temporary invested in government securities
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