Shalimar (Malay) PLC
Summarised Financial Report
for the Nine months ended
31st December 2022
SHALIMAR (MALAY) PLC
Review of operations for the period ended 31st December 2022
The minority equity investments the Company holds in Shalimar Developments Sdn. Bhd. (SDSB) is the main business of the Company. SDSB's investee company carries out palm oil plantation operations in Indonesia.
With the investee company's plantations having now exceeded its prime age, it faces new challenges in maintaining the property along with input cost escalations including that of fertilizer and fuel prices. The adverse weather conditions that prevailed also continues to impact operations. The company monitors the crude palm oil market price movements to ensure these operating and cost challenges are mitigated. The Crude Palm Oil (CPO) prices in the quarter under review compared to that of the previous year has seen a downward trend. The investee Company accordingly is focused in managing the plantation such that the long term value of the investment to its stakeholders is preserved.
The only source of income for the period is the interest income earned from the Company's short-term deposits in Sri Lanka. Accordingly, the Company recorded an after tax Loss of Rs. 0.4 Mn from its operations during the period under review; compared to a profit of Rs. 20.1 Mn recorded in the corresponding period of the previous financial year.
Minimum Public Holding
As previously informed, the Company is not in compliance with Rule 7.14.1 (a) of the Listing Rules of the Colombo Stock Exchange (CSE) relating to the minimum public holding requirements applicable to a company listed on the Main Board of the CSE. The Company was transferred to the 'Watch List' of the CSE on 2nd July 2018 in terms of Rule 7.14.2 (b) of the previous Listing Rules.
However, the CSE via Circular No. 03/2019 dated 3rd October 2019 amended the Listing Rules on enforcement actions applicable for non-compliance with minimum public holding requirements, which were effective from 12th September 2019. Accordingly, in terms of Rule 7.14.2 of the amended Listing Rules of the CSE, the Company was transferred to the Second Board with effect from 15th November 2019.
We wish to highlight that the objective of the voluntary offer made to all shareholders on 17th March 2011 was to acquire the entire minority shareholding as a step towards the consolidation of the oil palm plantation business. The offer documents also mentioned that upon completion of the voluntary offer, the rationale for remaining listed will be evaluated. Since the voluntary offer did not result in the acquisition of the entire minority shareholding, the Company continued to remain listed.
Taking into consideration that a voluntary offer had been made and also considering that there is no requirement for additional capital infusion to the Company and resultantly, there being no plans for issuing of new shares nor a dilution by the majority shareholder and as previously communicated to shareholders through market disclosures and Annual Reports and in terms of the revised Listing Rules, we will report the proposed course of action.
Agro Harapan Lestari (Pvt) Ltd
Managers
07th February 2023
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SHALIMAR (MALAY) PLC
Statement of Profit or Loss
Quarter ended | Nine Months ended | ||||||
(All figures in Sri Lankan Rupees '000) | 31st December | Change | 31st December | Change | |||
2022 | 2021 | 2022 | 2021 | ||||
% | % | ||||||
Dividend income | - | - | - | - | 21,356 | -100% | |
Interest income | 480 | 124 | 287% | 1,028 | 186 | 453% | |
Administrative expenses | (446) | (374) | 19% | (1,413) | (1,424) | -1% | |
Profit / (loss) before tax for the period | 34 | (250) | -114% | (385) | 20,118 | -102% | |
Income tax expense | - | - | - | - | - | - | |
Profit / (loss) for the period | 34 | (250) | -114% | (385) | 20,118 | -102% | |
Earnings Per Share (Rs.) | 0.01 | (0.05) | (0.07) | 3.73 | |||
Statement of comprehensive income | Quarter ended | Nine Months ended | |||||
31st December | Change | 31st December | Change | ||||
2022 | 2021 | 2022 | 2021 | ||||
% | % | ||||||
Profit/ (Loss) for the period | 34 | (250) | -114% | (385) | 20,118 | -102% | |
Other Comprehensive Income for the period, net of | - | - | - | - | - | - | |
tax | |||||||
Total Comprehensive Income/ (Expenses) for the | 34 | (250) | -114% | (385) | 20,118 | -102% | |
period, net of tax | |||||||
Changes represent the percentage change in current period's results compared to corresponding period of last year. Figures in brackets indicate deductions/negative changes.
The above figures are subject to audit.
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SHALIMAR (MALAY) PLC
Statement of financial position
(All figures in Sri Lankan Rupees '000) | |||
As at | As at | ||
31.12.2022 | 31.03.2022 | ||
Notes | |||
ASSETS | |||
Non-Current Assets | |||
Property, Plant and Equipment | 174 | 311 | |
Non-current financial assets | (Note 3 ) | 10,486,435 | 10,486,435 |
Total Non- Current Assets | 10,486,609 | 10,486,746 | |
Current Assets | |||
Advances and Prepayments | 732 | 438 | |
Income tax receivable | 764 | 764 | |
Short term investments | - | 8,286 | |
Cash and cash equivalents | 10,719 | 3,000 | |
Total Current Assets | 12,215 | 12,488 | |
Total Assets | 10,498,824 | 10,499,234 | |
EQUITY AND LIABILITIES | |||
Equity | |||
Stated capital | (Note 6) | 69,401 | 69,401 |
Retained earnings | 34,507 | 34,892 | |
Other reserves | 10,394,601 | 10,394,601 | |
Total Shareholders' Funds | 10,498,509 | 10,498,894 | |
Current Liabilities | |||
Provisions and Accrued Expenses | 299 | 324 | |
Unclaimed dividend | 16 | 16 | |
Total Current Liabilities | 315 | 340 | |
Total Liabilities | 315 | 340 | |
Total Equity and Liabilities | 10,498,824 | 10,499,234 | |
Net Asset per share (Rs.) | 1,944.95 | 1,945.02 |
I certify that these financial statements are in compliance with the requirements of the Companies Act No. 7 of 2007.
(Sgd.)
Aneesh Dudeja
President / Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Approved & signed for and on behalf of the Managers, | Approved & signed for and on behalf of the Board, | |
(Sgd.) | (Sgd.) | (Sgd.) |
Rushdi Azeez | H. Selvanathan | D.C.R Gunawardena |
Director | Chairman | Director |
Agro Harapan Lestari (Pvt) Ltd |
07th February 2023
The above figures are subject to audit.
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SHALIMAR (MALAY) PLC Statement of Changes in Equity (All figures in Sri Lankan Rupees '000)
Balance as at 1st April 2021
Profit for the year
Other comprehensive income for the year
Total comprehensive income for the year
Interim Dividend -2021/22
Balance as at 31st March 2022
Balance as at 1st April 2021 Profit for the period
Other comprehensive income for the period Total comprehensive income for the period Interim Dividend -2021/22
Balance as at 31st December 2021
Balance as at 1st April 2022 Loss for the period
Other comprehensive income for the period Total comprehensive income for the period Balance as at 31st December 2022
Figures in brackets indicate deductions/negative changes
The above figures are subject to audit.
Fair Value | Retained | Total | ||
Stated Capital | Shareholders' | |||
Reserve | Earnings | |||
Funds | ||||
69,401 | 6,804,301 | 63,289 | 6,936,991 | |
- | - | 19,644 | 19,644 | |
- | 3,590,300 | - | 3,590,300 | |
- | 3,590,300 | 19,644 | 3,609,944 | |
- | - | (48,041) | (48,041) | |
69,401 | 10,394,601 | 34,892 | 10,498,894 | |
Fair Value | Retained | Total | ||
Stated Capital | Shareholders' | |||
Reserve | Earnings | |||
Funds | ||||
69,401 | 6,804,301 | 63,289 | 6,936,991 | |
- | - | 20,118 | 20,118 | |
- | - | - | - | |
- | - | 20,118 | 20,118 | |
- | - | (48,041) | (48,041) | |
69,401 | 6,804,301 | 35,366 | 6,909,068 | |
Stated | Fair Value | Retained | Total | |
Shareholders | ||||
Capital | Reserve | Earnings | ||
' Funds | ||||
69,401 | 10,394,601 | 34,892 | 10,498,894 | |
- | - | (385) | (385) | |
- | - | - | - | |
- | - | (385) | (385) | |
69,401 | 10,394,601 | 34,507 | 10,498,509 | |
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Shalimar Estates published this content on 08 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2023 04:03:10 UTC.