O E PLC A R: Ffice Quipment Nnual Eport

OFFICE EQUIPMENT PLC
ANNUAL REPORT
2023
Notice of Meeting
NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of Office Equipment PLC will be held
at NCC, Committee Room, No.29, Maitland Place, Colombo 07 on Friday, 1 st March 2024 at 10.15 a.m.
and the business to be brought before the Meeting will be:
1. To receive and consider the Annual Report of the Board of Directors on the affairs of the Company
and the Financial Statements for the year ended 31 st March 2023 and the Report of the Auditors
thereon.
2. To re-appoint Messrs. Pope & Co, Chartered Accountants as the Auditors of the Company and to
authorize the Directors to determine their remuneration.
BY ORDER OF THE BOARD

OFFICE EQUIPMENT PLC
P W CORPORATE SECRETARIAL (PVT) LTD
DIRECTOR/SECRETARIES
20th January 2024.

Colombo.
Note:
A shareholder entitled to attend and vote at the meeting is entitled to appoint a Proxy to attend
and vote instead of him/her. A Proxy need not be a shareholder of the Company. A Form of
Proxy is enclosed for this purpose. The completed form of Proxy should be deposited at the
Registered Office of the Company, not less than forty-eight (48) hours before the time fixed for
the commencement of the Meeting.
ANNUAL REPORT- 2022 1

Corporate Information
DIRECTORS
L. I. Ratnasabapathy
(Chairman/Managing Director)
Anthony A. Page
P. S. R. Casie Chitty
M. M. Marzook
A. M. De Alwis
Mr. M. R. Y. Riffai (w.e.f. 01st December 2023)
Ms. D. T. De Alwis (w.e.f. 01st December 2023)
SECRETARIES
P W Corporate Secretarial (Pvt) Ltd
H EAD OF F INANCE
M. S. A. Kariapper
AUDITORS
POPE & Company
Chartered Accountants
TAX CONSULTANTS
Nanayakkara & Co.
BANKERS
Commercial Bank of Ceylon Ltd.
LAWYERS
Nithi Murugesu
Attorney-at-Law
2 ANNUAL REPORT- 2022

Directors’ Profile
L. I. Ratnasabapathy – Executive Chairman and Managing Director
Mr. L. I. Ratnasabapathy is a CIMA finalist with broad experience and exposure to finance, information
technology, systems design and implementation, project management, and commercial offset
printing. He serves as the Executive Chairman and Managing Director for Ceylon Printers PLC, Office
Equipment PLC, Paragon (Ceylon) PLC, Kalamazoo Industries (Pvt) Ltd and International Computers
(Ceylon) Ltd.
A. A. Page – Independent Non-Executive Director

Mr. Anthony A Page counts 51 years of management experience in a diverse array of business, serving
on the Boards of many companies. He was formerly on the Board of the Colombo Stock Exchange and
is a former Council Member of the Employers’ Federation of Ceylon. He is a Fellow member of the
Institute of Chartered Accountants of Sri Lanka.
P. S. R. Casie Chitty – Independent Non-Executive Director

Mr. R. Casie Chitty joined the board as an independent non executive director in 2009. He is an
independent non executive director of Ceylon Printers PLC, Paragon Ceylon PLC and Office Equipment
PLC. Mr. Casie Chitty who holds a Masters in Economics from the University of Colombo is also a
Fellow of the Association of Chartered Certified Accountants (ACCA), UK, an Associate Member of
the Chartered Institute of Management Accounts (CIMA), UK, and a Chartered Financial Analyst, USA.
M. M. Marzook – Independent Non-Executive Director

Mr. M. M. Marzook joined the board as an independent non executive director in 2013. He is a Fellow
Member of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), an Associate Member
of the Chartered Institute of Management Accountants (CIMA) and holds a Master of Business
Administration from the University of Sri Jayawardenapura. He is currently the Head of Special
Projects – Finance and Management Information Systems, at Hayleys Advantis Limited. He counts for
over 33 years’ experience in Finance, Consulting and Financial Advisory.
A. M. De Alwis – Executive Director

Ms. A. M. De Alwis Obtained a Bachelor of Arts in Economics in 1994 from Haverford College in
Pennsylvania and is a passed finalist of CIMA.
She started her career as a management trainee at the Colombo Stock Exchange for a period of a year
from September 1994 to 1995. Thereafter she commenced Accounting studies and completed the
Stage 4 exams of the Chartered Institute of Management Accountants in 1998.
While studying accountancy, she obtained work experience at BIP Advantage Sri Lanka, an advertising
agency, from September 1994 to December 1995 in the Accounts department. She then served as the
Accountant at DLPL (Yellow Pages) Sri Lanka from 1999 to 2000 and thereafter for a period of a year
at the Ceylon Printers Group of Companies, before rejoining the group in 2023.

Directors’ Profile Contd...
Mr. M. R. Y. Riffai – Independent Non-Executive Director

Mr. M. R. Y. Riffai decades of experience in the fields of journalism, media, communication and
telecommunications, he serves as one of the founding members and Director at the Advocata
Institute.
At present, his functions as a founder director at the independent policy think tank, the Advocata
Institute in charge of media, communication and brand strategy to engage with policy makers and the
public on economic policy that is free and fair to all Sri Lankans. Previously, he was employed at Sri
Lanka’s largest telecommunications operator Dialog Axiata, as Manager – Brand and Media and prior
to that he served as an editor and producer in Sri Lanka’s television and online media.
In 2015, he emerged as winner of the MIT-GSL, representing a team from the University of Colombo,
conducted by the Massachusetts Institute of Technology.
He has a BBA (Cum Laude) in International Business from the University of Northwood USA and a
MA in Financial Economics from the University of Colombo. He is also a fellow of ABE (Association of
Business Executives) UK. At present he is reading for his Mphil/Dphil at the University of Colombo.
Ms. D. T. De Alwis – Independent Non-Executive Director

Mrs Dulani de Alwis is a Past Finalist of Chartered Institute of Management Accountants London and
a holder of Bachelors of Business Administration BBA, University of Colombo.
She has over 15 years of experience in the Finance & Leasing Industry.
Currently working as the CEO of Lakderana Investments Ltd.

Chairman’s Review
On behalf of the Board of Directors, I welcome you to the Extraordinary General Meeting of Office
Equipment PLC and it gives me great pleasure to present to you the Annual Report of the Company
for the year ended 31" March 2023.
During the year under review, the turnover of the Company recorded a marginal increase from Rs.
60.156 million to Rs. 61.952 million. Therefore, there was an increase recorded in the Gross Profit
from Rs. 42.263 million to 43.149 million. The company's recorded profit before taxes for the year
decreased from Rs.13.663 million in the preceding year to a loss of Rs. 0.232 million.
The Group turnover decreased from Rs. 75.055 million to Rs. 66.795 million during the period.
During the period under review the company faced increasing operational challenges due to
restrictions in movement around the country, currency depreciation and import restrictions. There
was a decrease in the sale of new products during the period.
The company saw a decline in service revenue during the year under review because of the significant
cost increases the clients had to bear. However, due to its efficient handling of customer complaints
and prompt service levels, we were able to retain our clients for the long term. The company saw a
decrease in sales and increase in finance cost which contributed towards the company’s position at
of the year end.
Despite the difficult market conditions the company is now succeeding In winning new orders. The
organization is working closely with the leading banks and Cash in Transit companies in providing cash
handling solutions to further their regional expansion strategies and currently maintains a presence
in these regions to service its clientele.
In conclusion, I wish to thank all our customers, bankers, suppliers and principals for their patronage
and support.
My thanks also to my colleagues on the Board, the Management and staff for their commitment and
last but not least, our shareholders for their support and confidence.
L. I. Ratnasabapathy
Chairman
19th January 2024.

Annual Report of the Board of Directors on the Affairs of
the Company
The Directors of Office Equipment PLC have pleasure in presenting their Annual Report together with
the Audited Financial Statements of the Company for the year ended 31st March 2023.
This Annual Report of the Board on the affairs of the Company contains the information required in
terms of the Companies Act No. 07 of 2007, the Listing Rules of the Colombo Stock Exchange and is
guided by recommended best practices.
General
Office Equipment PLC is a public limited liability company which was incorporated under t he
Companies Ordinance No.51 of 1938 as a public company on 26th day of June 1958. Pursuant to the
requirements of the new Companies Act No. 7 of 2007, the Company was re-registered on 6th June
2008 and bears registration number PQ141.
Principal activities of the Company and review of performance during the year
The main activity of Office Equipment PLC, which remained unchanged during the year, is import,
distribution and maintenance of cash and coin handling solutions and time recording systems. The
Chairman's Review describes the Company's affairs and mentions important events, which took place
during the year.
This Report together with the Financial Statements, reflect the state of affairs of the Company.
Financial Statements
The Financial Statements of the Company duly signed by two Directors on behalf of the Board and the
Auditors are given on pages 21 to 57.
Summarised Financial Results

GROUP COMPANY
Year ended 31st March 2023 2022 2023 2022
Revenue 66,795,854 75,055,019 61,952,154 60,156,691

Profit for the year 4,285,873 13,293,819 3,661,019 10,335,993
Auditors' Report
The Report of the Auditors on the Financial Statements of the Company is given on pages 18 to 20.
Accounting Policies
The Accounting Policies adopted by the Company in the preparation of the Financial Statements are
given on pages 28 to 34 which are consistent with those of the previous period, unless otherwise
stated.
Directors
The names of the Directors who held office as at the end of the accounting period are given below and
their brief profiles appear on pages 03 to 04.
Executive Directors
Mr. L I Ratnasabapathy - Chairman/Managing Director
Ms. A M De Alwis
Independent Non-Executive Directors
Mr. P S R Casie Chitty
Mr. M M Marzook
Mr. A A Page
Mr. M R Y Riffai - w.e.f. 01st December 2023
Ms. D T De Alwis - w.e.f. 01st December 2023

Annual Report of the Board of Directors on the Affairs of the Company Contd...
Interests Register
The Company maintains an Interests Register in terms of the Companies Act, No. 7 of 2007, which
is deemed to form part and parcel of this Annual Report and available for inspection upon request.
All related party transactions which encompasses the transactions of Directors who were directly
or indirectly interested in a contract or a related party transaction with the Company during the
accounting period are recorded in the Interests Register in due compliance with the applicable rules
and regulations of the relevant Regulatory Authorities.
The relevant interests of Directors in the shares of the Company as at 31st March 2023 as recorded in
the Interests Register are given in this Report under Directors' shareholding.
Directors' Remuneration
The Directors' remuneration is disclosed in Note 8 to the Financial Statements on page 39.
Directors' Interests in Contracts
The Directors' interest in contracts is included with the related party disclosures in page 58 to the
Financial Statements.
The Company carried out transactions in the ordinary course of its business at commercial rates with
related entities.
Directors' Responsibility for Financial Reporting
The Directors are responsible for the preparation of Financial Statements of the Company to reflect
a true and fair view of the state of its affairs. The Directors are of the view that these financial
statements have been prepared in conformity with requirements of the Sri Lanka Accounting
Standards, the Companies Act No.7 of 2007 and the Listing Rules of the Colombo Stock Exchange.
Auditors
Messrs, Pope & Co., Chartered Accountants served as the Auditors during the year under review.
Based on the written representations made by the Auditors, they do not have any interest in the
Company other than as Auditors and Tax Consultants.
The Audit fee payable to the Auditors for the year under review is Rs. 671,699 (2022 Rs. 569,551)
The Auditors have expressed their willingness to continue in office. The Audit Committee at a meeting
held on 1st August 2022 recommended that they be re-appointed as Auditors. A resolution to re-
appoint the Auditors and to authorise the Directors to determine their remuneration will be proposed
at the Extraordinary General Meeting.
Independence of Auditors
Based on the declaration provided by Messrs Pope & Co, Chartered Accountants and to the extent
that the Directors are aware, the Auditors do not have any relationship with (other than that of
the Auditor), or interest in, the Company, which in the opinion of the Board, may reasonably be
considered to have a bearing on their independence within the meaning of the Code of Professional
Conduct and Ethics issued by The Institute of Chartered Accountants of Sri Lanka as at the reporting
date.
Stated Capital
The Stated Capital of the Company is Rs.833,560/-
The number of shares issued by the Company stood at 833,560 fully paid ordinary shares as at 31st
March 2023.

Directors' Shareholding
The relevant interests of Directors in the shares of the Company as at 31 st March 2023 and 31 st March
2022 are as follows.
Shareholding Shareholding
as at as at
31/03/2023 31/03/2022
Mr. L I Ratnasabapathy Nil Nil

Mr. Anthony A Page 10 10
Mr. P.S.R Casie Chitty Nil Nil
Mr. M.M Marzrook Nil Nil
Ms. A M de Alwis 25,310 25,310
25,320 25,320
Major Shareholders, Distribution Schedule and other information

Information on the twenty largest shareholders of the Company, distribution schedule of the number
of shareholders, percentage of shares held by the public, market values per share as per the Listing
Rules of the Colombo Stock Exchange are given on page 10 to 11 under Investor Information.
Reserves
The movement of reserves during the year are given under the Statement of Changes in Equity on
pages 23 to 24 (Statement of Changes in Equity).
Land holdings
The Company does not own any free hold land.
Property, Plant and Equipment
Details and movements of property, plant and equipment are given under Note 12 to the Financial
Statements on page 42 to 45.
Capital Expenditure
The total capital expenditure during the year amounted to Rs. 0.0 Mn compared to Rs. 0.7 Mn
incurred in the previous year. Details of movement in property, plant and equipment and capital
work-in-progress are given under Note 12 to the financial statements.
Donations
The Company has made no as donations during the year under review.
Dividends
No Dividends were paid for the Financial Year.
Corporate Governance
Corporate Governance practices and principles with respect to the Management and Operations of
the Company are set out on pages 13 to 14.
An Audit Committee, Remuneration Committee and a Related Party Transaction Review Committee
function as Board sub committees, with Directors who possess the requisite qualifications and
experience. The composition of the said committees is as follows.

Audit Committee
Mr. M.M. Marzook - Chairman
Mr. P.S.R. Casie Chitty
Remuneration Committee
Mr. P.S.R. Casie Chitty - Chairman
Mr. M.M Marzook
Related Party Transaction Review Committee
Mr. P.S.R. Casie Chitty - Chairman
Mr. M.M Marzook
The Report on Corporate Governance is given on pages 13 to 14 of the Annual Report.

An Audit Committee, Remuneration Committee and a Related Party Transaction Review Committee
function as Board sub committees, with Directors who possess the requisite qualifications and
experience. The composition of the said committees is as follows.
Events Occurring After the Reporting Date
No circumstances have arisen since the reporting date which would require adjustment to or
disclosure in the Financial Statements.
Extraordinary General Meeting
The Extraordinary General Meeting will be held on 1 st March 2024 at 10.15 a.m.
The Notice of the Extraordinary General Meeting appears on page 01
By Order of the Board

Office Equipment PLC
Mr. L.I. Ratnasabapathy Ms A.M. De Alwis P W Corporate Secretarial (Pvt) Ltd

Chairman Director Secretaries
20th January 2024

Colombo

Information to Shareholders and Investors
T WENTY M AJOR S HAREHOLDERS A S A T 31 ST M ARCH 2023
2023 2022
No. of Shares No. of Shares
Held % Held %
1 CT HOLDINGS PLC 163,700 19.639 163,700 19.639
2 MR M.K.I. SAMPATH 153,176 18.376 153,176 18.376
3 MR J.T. RATNANATHER 83,570 10.026 83,570 10.026
4 SIR CHITTAMPALAM A GARDINER TRUST 38,660 4.638 38,660 4.638
5 CYRIL GARDINER (PRIVATE) LIMITED 38,220 4.585 38,220 4.585
6 MRS M.C.P. CANAGARATNA 37,750 4.529 37,750 4.529
7 MR A.J.C. RATNANATHER 28,170 3.379 28,170 3.379
8 MR J.S. RATNANATHER 28,050 3.365 28,050 3.365
9 MR G.I. RATNANATHER 28,050 3.365 28,050 3.365
10 MRS A.M. DE ALWIS 25,310 3.036 25,310 3.036
11 MS P.R. CANAGARATNA 25,310 3.036 25,310 3.036
12 DR M.T. STANISLAUS 24,880 2.985 24,880 2.985
13 MRS B.A.J. RATNASABAPATHY 24,880 2.985 24,880 2.985
14 MR W.N.S. CANAGARATNA 18,710 2.245 18,710 2.245
15 "CEYLON PRINTERS LTD - GROUP EMPLOYEES
PROVIDENT ASSOCIATION" 8,600 1.032 8,600 1.032
16 MR L.L.R. MORROW 6,220 0.746 6,220 0.746
17 NIKAN (PVT) LTD 5,260 0.631 5,260 0.631
18 MR M.Z. MOHAMED NIHAZ 5,000 0.600 5,000 0.600
19 MR J.M.D.Q. PINSIRI 4,462 0.535 4,462 0.535
20 MS R.C.M.L. SETHIKAVALER 4,300 0.516 4,300 0.516
764,638 91,732 764,638 91.732
OTHERS 68,922 8.268 68,922 9.268
TOTAL 833,560 100.000 833,560 100.000
D IRECTORS’ S HAREHOLDING AS AT 31ST M ARCH 2023
Names of Directors No. of shares Percentage (%)
Mr. Anthony A. Page 10 0.001

Mr. P S R Casiechitty Nil -
Mr.M.M Marzook Nil -
Ms. A M De Alwis 25,310 3.036
Mr.L.I.Ratnasabapathy (Director/CEO) Nil -
SHARE PRICES FOR THE YEAR
31/03/2023 Date 31/03/2022 Date
Market price per share - -

Highest during the period - -
Lowest during the period Shares did not trade Shares did not trade
As at end of the period - -

Information to Shareholders and Investors
PUBLIC HOLDING
Public Holdings precentage as at 31st March 2023 95.69%
Number of shareholders representing the above percentage 354
Total No. of sharesholder as 31st March 2023 349
FLOAT ADJUSTED MARKET CAPITALIZATION

The Float adjusted market capitalization as at 31st March 2023 –Rs. 75,775,800.00
The Company is not in compliance with Rule 7.13.1 (i) (a) of the Listing Rules of the Colombo Stock
Exchange on minimum number of public shareholders.
DISTRIBUTION OF SHARE HOLDING AS AT 31ST MARCH 2023
From To No. of Shareholders No. of Shares %
1 1,000 300 33,930 4.07

1,001 10,000 35 81,194 9.74
10,001 100,000 12 401,560 48.18
100,001 1,000,000 2 316,876 38.01
Over 1,000,000 0 0 0 0.00
349 833,560 100.00
A NALYSIS OF S HAREHOLDERS AS AT 31ST M ARCH 2023
Category No. of Shareholders No. of Shares %
Local Individuals 299 433,445 52.00

Local Institutions 36 271,104 32.52
Foreign Individuals 12 125,391 15.04.
Foreign Institutions 2 3,620 0.43
Total 349 833,560 100.00

Statement of Directors’ Responsibilities
The Companies Act No. 07 of 2007 places the responsibility on the directors to prepare financial
statements for each year comprising a balance sheet, statement of income, cash flow and changes
in equity along with the accounting policies and notes thereto, which give a true and fair view of the
state of affairs of the company at the reporting date and the results for that financial year.
The Directors are of the view that the financial statements have been prepared in accordance with
all applicable laws and the Sri Lanka Accounting Standards which have been selected and applied
consistently and judgments and estimates have been made which are reasonable and prudent.
The directors are responsible for ensuring that the company keeps accounting records with
reasonable accuracy of the financial position of the company to enable them to ensure that the
financial statements comply with the Companies Act and Sri Lanka Accounting Standards. They are
also responsible for taking reasonable steps to safeguard the assets of the company and to have
proper regard to the establishment of appropriate systems of internal controls, with a view to the
prevention and detection of fraud and other irregularities.
The Directors are also responsible for taking reasonable steps to manage the resources of the
Company and to design and implement appropriate internal control systems with a view to protect
the Company from undue risks and loss. The financial reporting system has also been reviewed by the
Board through the management accounts submitted at Board meetings.
The directors confirm that they have provided the Auditors of the company with the opportunity to
visit all locations of the company and to undertake all inspections and verifications as they considered
appropriate to conduct their audit.
The directors are of the view that the financial statements have been prepared in accordance with
all applicable laws and the Sri Lanka Accounting Standards which have been selected and applied
consistently and judgments and estimates have been made which are reasonable and prudent.
The Directors confirm that all statutory payments due and payable to all statutory and regulatory
authorities have been made by the Company up to date.
The Directors are of the view that they have discharged their obligations as set out in this statement.
By Order of the Board

Office Equipment PLC
P W Corporate Secretarial (Pvt) Ltd

Secretaries
19th January 2024

Colombo

By Corporate Governance, we mean the system by which companies are managed and controlled.
This is important both to the directors of the company and its subsidiaries.
The Board of Directors of Office Equipment PLC values the guiding principles of good Corporate
Governance to maintain the Company as a going concern as well as to comply with standards of
sound business and accounting policies.
The extent to which the rules and principles of good Corporate Governance are implemented within
the Company during the year is set out below.
The Board of Directors
The company’s board consists of 05 directors of whom 03 are non-executive directors. The names and
designations are given on page 02. The board meets on a regular basis and has a formal schedule of
matters reserved to it. The board is supplied with full and timely information to enable it to discharge
its responsibilities effectively. During the financial year 2022/2023 the board held five meetings and
reserved certain decisions to itself while others were delegated to the management to carry out the
operations of the Company smoothly. Circular resolutions are adopted by the board from time to
time on matters of routine importance.
Vacancies in the board are filled by a decision of the whole board. All members appointed to the
board are individuals of high standing in society, experts in their chosen fields and i ndividuals of the
highest standards of integrity.
BOARD MEETINGS NO OF MEETINGS HELD/

DIRECTOR NATURE OF APPOINTMENT ATTENDED
L.I.Rathnasabapathy Executive Director 03/03
P.S.R.Casie Chitty Non -Executive Independent Director 03/03
M.M.Marzook Non -Executive Independent Director 03/03
Ms. A M de Alwis Executive Director 03/03
Independent Directors
As at the reporting date Mr. P. S. R. Casie Chitty, Mr. M. M. Marzook and Mr. Anthony A. Page
functioned as independent non-executive directors.
Directors’ Interests in Contracts
Directors’ interests in contracts have been disclosed and declared at the meetings of the Directors
during the year and are disclosed in page 58 to the Annual report and also entered in the interest
register.
Audit Committee
The audit committee consists of Mr. M. M. M. Marzook and Mr. P. S. R. Casie Chitty.
The Remuneration Committee consists of Mr. M. M. Marzook and Mr. P. S. R. Casie Chitty. This
Committee makes recommendations to the Board of Directors of the Company on the remuneration
policy of the Company as well as the aggregate remuneration of the Executive Directors.
Related Party Transactions Review Committee
The Related Party Transactions Review Committee consists of Mr. M. M. Marzook and Mr. P. S. R.
Casie Chitty.
Disclosure of Information and Compliance
The Financial statements of the Company are prepared in accordance with the Sri Lanka Accounting
Standards and in accordance with the requirements of the Colombo Stock Exchange.
P W Corporate Secretarial (Pvt) Ltd who act as Secretaries to the Company advises the Board on
appropriate procedures for the management of its meetings and duties as well as the compliance of
Corporate Governance in the Company.

CORPORATE GOVERNANCE Compliance Table (Colombo Stock Exchange – Listing Rule)
Subject Compliance Detail

Status
Disclosures regarding the Board of Directors
Three of the Five Directors are Non-Executive Compliant Please refer page no 03
Directors
All non-executive directors are Independent Compliant The Non-Executive Directors (excluding Mr. A A
Directors Page) have submitted a Declaration of independence
or non-independence as required under the Listing
Rules of the Colombo Stock Exchange
The Board has resolved that Mr. P S R Casie
Chitty, Mr. M M Marzook and Mr. A A Page are
the Independent Directors of the Company.
Specifically determining that Mr. A A Page be
treated as an Independent Director of the Company
notwithstanding that he has served on the Board
of the Company for a period exceeding nine years
from his date of appointment, on the basis that
such period of service does not compromise his
independence on the Board.
Non-Executive Directors have submitted Compliant
the declaration of independence /non-
independence
Names of independent Directors included in Compliant Please refer page no 03 to 04
the Annual Report
A brief resume of each Director included in the Compliant Please refer page no 03 to 04
Annual Report
Disclosures regarding remuneration and Remuneration Committee
Specify whether a separate Remuneration Compliant
Committee was formed or listed parent’s A separate Remuneration Committee was formed.
remuneration Committee used
The names of the members and the Compliant
composition of the Remunerations committee Please refer page no 09
included in the annual report
The functions and the remuneration policy of Compliant
the Remuneration Committee included in the Please refer page no 15
annual report
The aggregate remuneration paid to Executive Compliant
and Non-Executive Directors specified in the Please refer page no 39
annual report
Contents under the Audit Committee Report
Specify whether a separate Audit Committee Compliant
was formed or listed parent’s audit committee A separate Audit Committee is formed
used
The names of the members and the Compliant
composition of the Audit committee included Please refer page no 09
in the annual report
Managing Director and the Chief Financial Compliant
officer attend Audit Committee Meetings
The Chairman of the Audit Committee or one Compliant
member should be a member of a professional Please refer page no 16
accounting body
The Audit Committee shall make a Compliant
determination of the independence of the Please refer Audit Committee Report on page 16
Auditors and disclose the basis for such
determination
The Annual Report shall Contain a Report of Compliant
the Audit Committee setting out the manner Please refer Audit Committee Report on page 16
of Compliance of the functions

Remuneration Committee Report
We are pleased to present our Report for the financial year ended 31st March 2023.
Composition of the Committee

The Committee comprises two non-executive Independent Directors. The members of the Committee
are as follows:
Mr. P. S. R. Casie Chitty – Chairman

Mr. M. M. Marzook
In compliance with the requirements of the Listing Rules of the CSE, the Chairperson of the Committee
is an Independent Director.
Objective of the Committee

The Remuneration Policy on remuneration packages is to attract and retain the best professionals and
an experienced workforce and motivate and encourage high levels of performance in a competitive
environment bearing in mind the business performance of the Company and stakeholder expectations.
Meetings of Committee
The Committee met once during the year. The meeting was for the purpose of examining the
remuneration package of Managing Director, Executive Directors and the Management Staff, their
respective performances and deciding on appropriate remuneration packages for them, as well as
determining incentives based on Company performance for all management staff.
DIRECTOR POSITION HELD NO OF MEETINGS HELD

/ ATTENDED
P.S.R.Casie Chitty Chairman 01/01
M.M.Marzook Member 01/01
The Committee also reviewed data concerning remuneration packages among comparable
Companies. The Managing Director assists the Committee by providing all relevant information with
regard to compensation package.
Performance Evaluation method to compensate employees is in place and succession plans have
been defined.
P.S.R.Casie Chitty
Chairman
Colombo,
19th January 2024

Audit Committee Report
The Committee comprise two non-executive Independent Directors. The members of the Committee
are as follows:
Mr. M. M. Marzook – Chairman
Mr. P. S. R. Casie Chitty
In compliance with the requirements of the Listing Rules of the CSE, the Chairperson of the Committee
is an Independent Director. The Company Secretary functions as the Secretary of the Committee.
The Chairman of the Audit Committee Mr. Marzook is a Fellow of the Institute of Chartered Accountants
of Sri Lanka. He is also an Associate Member of the Chartered Institute of Management Accountants
- UK and, holds a Master of Business Administration from the University of Sri Jayawardenapura.
Mr. P. S. R. Casie Chitty is a Fellow of the Association of Chartered Certified Accountants - UK and an
Associate member of the Chartered Institute of Management Accountants - UK.
The composition of the members of the Audit Committee satisfies the criteria as specified In the
Standards on Corporate Governance for listed Companies.
The Audit Committee is empowered to examine all matters pertaining to the Financial Affairs of
the Company and assist the Board of Directors in effectively discharging their duties. The Audit
Committee examines the preparation presentation and adequacy of disclosures in the financial
statements and whether these are in accordance with Sri Lanka Accounting Standards and whether
the financial reporting requirements, are in accordance with the Companies Act and other relevant
financial reporting elated regulations and requirements.
The Audit Committee also reviewed and approved the Annual and Interim financial statements prior
to the final approval by the Board. In all instances, the Audit Committee obtained relevant declarations
from the Finance Director and Head of Finance stating that the respective financial statements are
in conformity with the applicable Accounting Standards, Company Law and other Statutes including
Corporate Governance Rules and that the presentation of such Financial Statements are consistent
with those of the Previous Quarter or Year as the case may be, and further, states any departures
from financial reporting, statutory requirements and Group policies, (if any).
In addition the Audit Committee reviewed external auditors and the engagement partner’s
relationships with the Company and assessed that the external auditors are independent.
This Audit Committee also reviews the adequacy and proper continuous functioning of the Internal
Control Procedures of the Company to obtain reasonable assurances that the financial statements of
the Company accurately reflect the state of affairs of the Company and the results for the period to
which it relates. This Audit Committee also assesses major business and control risks of the company.
Three Audit Committee meetings were held during the year. The Managing Director and Head of
Finance, attended all audit committee meetings by invitation and other Senior Managers attended
such meetings as and when requested to do so by the Audit Committee.
DIRECTOR POSITION HELD NO OF MEETINGS HELD/ ATTENDED
M.M. Marzook Chairman 03/03
P.S.R. Casie Chitty Member 03/03
The Audit Committee, has recommended to the Board of Directors that Messrs. Pope & Co. Chartered
Accountants be appointed as Auditors of the Company subject to the approval of the shareholders.
M. M. Marzook
Chairman
Audit Committee
Colombo,
19th January 2024
Report of the Related Party Transactions Review Committee

The Committee comprises two non-executive Independent Directors and an executive director. The
members of the Committee are as follows:
Mr. P. S. R. Casie Chitty – Chairman

Mr. M. M. Marzook
The Committee had three meetings during the financial year 2022/2023 once in every calendar
quarter and the attendance at these meetings is given below. The Head of Finance attended all
meetings by invitation.
DIRECTOR POSITION HELD NO OF MEETINGS HELD/ ATTENDED

P.S.R.Casie Chitty Chairman 03/03
M.M.Marzook Member 03/03
The Chairperson of the Committee reported the proceedings and significant issues discussed at the
Committee meetings are communicated to the Board after every Committee meeting. The minutes of
the Committee meetings were circulated to the Board.

The purpose of the Committee is to review all proposed related party transactions prior to being
entered into or if the transaction is expressed to be conditional to such review, prior to the completion
of the transactions except for transactions explicitly exempted in the Terms of Reference which is in
conformity with the Listing Rules.
Policies and Procedures

The members of the Board of Directors of the Company have been identified as Key Management
Personnel. In accordance with the Related Party Transaction Policy, the declarations are obtained
from each Key Management Personnel of the Company for the purpose of identifying parties related
to them. Based on the information furnished in these declarations the Company retrieves data on
related party transactions from the data base of the Company.
Related Party Transactions

Details of other related party transactions entered into by the Company during the year 2022/2023 is
disclosed in Note 28 to the Financial Statements.
P.S.R. Casie Chitty

Chairman
Related Party Transactions Review Committee
Colombo,
19th January 2024

Auditors’ Report
POPE & COMPAY Tel : +94 11 2341737
Chartered Accountants +94 11 2541331
No. 07, Hudson Road, Fax : +94 11 2341737
Colombo 03, Sri Lanka. E-Mail : popeco@sltnet.lk
Website : www.popeco.lk
INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF OFFICE EQUIPMENT PLC
R EPORT O N THE A UDIT O F T HE FINANCIAL S TATEMENTS
OPINION
We have audited the financial statements of Office Equipment PLC ("the Company"), and the consolidated
financial statements of the Company and its subsidiary ("the Group"), which comprise the statement
of financial position as at 31 March 2023, and the statement of profit or loss and other comprehensive
income, statement of changes in equity and statement of cash flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements of the Company and the Group give a true and fair
view of the financial position of the Company and the Group as at 31 March 2023, and of their financial
performance and cash flows for the year then ended in accordance with Sri Lanka Accounting Standards.
B ASIS FOR OPINION
We conducted our audit in accordance with Sri Lanka Auditing Standards (SLAuSs). Our responsibilities
under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Group in accordance with the Code of
Ethics issued by CA Sri Lanka ("Code of Ethics"), and we have fulfilled our other ethical responsibilities in
accordance with the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
KEY A UDIT M ATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Nature and Area of Focus How our Audit Addressed the Key Audit Matter
Existence and carrying value of Inventories Our audit procedures, among others included
As at 31 March 2023, the carrying value of the following:
inventories amounted to Rs. 2.6Mn net of a - Observed physical inventory counts and
provision of Rs.33.32Mn for slow moving inventory reconciled the count results to the inventory
as disclosed in note 16 to the financial statements. listings compiled by management to support
amounts reported as at the reporting date.
Inventory Recognition was considered as a key
audit matter due to the followings; - Tested whether inventory was stated at the
lower of cost and net realizable value, by
- Materiality of the reported amount, which comparing cost with subsequent selling prices
represents 41% of the company's total assets. of such items.
- Changes in economic sentiment or consumer - Understood the process followed by the
preferences and the introduction of newer management for the measurement of inventory
machines with the latest design and and tested the relevant controls.
technologies could result in inventories in hand - Tested the accuracy and completeness of
no longer being sought after or being sold at a inventory ageing reports used in the estimation
discount below their cost. of allowances.
- We also evaluated the adequacy of the
disclosures in note 2.4,2.10 and note 16 to the
financial statements.
Partners - H.M.S.K. Ekanayake FCA, FCMA N.P.D.C.T.N. Ekanayake FCA, FCMA

W.T.C. Fernando ACA

Auditors’ Report
O THER INFORMATION
Management is responsible for the other information. The other information comprises the
information included in the annual report, but does not include the financial statements and our
auditor's report thereon. The annual report is expected to be made available to us after the date of
this auditor's report.
Our opinion on the financial statements does not cover the other information included in the annual
report and we will not, express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance.
RESPONSIBILITIES OF M ANAGEMENT AND THOSE C HARGED WITH G OVERNANCE FOR THE F INANCIAL
STATEMENTS
Management is responsible for the preparation of financial statements that give a true and fair view
in accordance with Sri Lanka Accounting Standards, and for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Group's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Group or to
cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's and the Group's
financial reporting process.
AUDITOR’ S R ESPONSIBILITIES FOR THE AUDIT OF THE F INANCIAL S TATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SLAuSs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with SLAuSs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
• error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company and the Group's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

Auditors’ Report
• Conclude on the appropriateness of management's use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor's report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor's report. However, future events or conditions may cause the Group
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities
or business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with ethical
requirements in accordance with the Code of Ethics regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements of the current period and ar e
therefore the key audit matters. We describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
REPORT O N O THER LEGAL AND R EGULATORY REq UIREMENTS

As required by Section 163 (2) of the Companies Act No. 07 of 2007, we have obtained all the
information and explanations that were required for the audit and, as far as it appears from our
examination, proper accounting records have been kept by the Company.
CA Sri Lanka membership number of the engagement partner responsible for signing this independent
auditor's report is 2133.
Pope & Co.,

Colombo 3.
19th January 2024

Statement of Profit or Loss and Other Comprehensive Income
For the financial year ended 31 March GROUP COMPANY
2023 2022 2023 2022
Note Rs. Rs. Rs. Rs.
Revenue 05 66,795,854 75,055,019 61,952,154 60,156,691
Cost of sales (20,446,985) (26,859,944) (18,802,810) (17,893,484)

Gross profit 46,348,869 48,195,075 43,149,344 42,263,207
Other income 06 5,021,853 4,441,393 4,938,556 4,363,484
Selling and distribution costs (7,306,858) (7,447,278) (7,192,187) (7,316,060)

Administration expenses (44,156,972) (26,875,375) (41,752,525) (24,959,020)
Results from operating activities (93,108) 18,313,814 (856,813) 14,351,611
Finance costs 07 (934,298) (1,947,203) (913,787) (1,866,278)

Finance income 07 1,589,702 1,189,188 1,537,996 1,178,486
Net finance cost 655,403 (758,016) 624,209 (687,792)
Profit/(Loss) before income taxation 08 562,295 17,555,798 (232,604) 13,663,819
Income tax (expenses)/reversal 09 3,723,578 (4,261,979) 3,893,623 (3,327,826)
Profit for the year 4,285,873 13,293,819 3,661,019 10,335,993
Other comprehensive income/(expense)

Items that will not be reclassified
subsequently to profit or loss
Remeasurement of defined
benefit obligation 25 1,377,182 (431,657) 1,180,931 (615,708)
Income tax impact on remeasurement
of defined benefit obligation (413,155) 103,598 (354,279) 147,770
Net change on equity instruments
designated at fair value through other
comprehensive income (11,175) 531,426 (11,175) 531,426
Other comprehensive income/
(expense) for the year, net of tax 952,852 203,366 815,477 63,488
Total comprehensive income/

(expense) for the year 5,238,725 13,497,185 4,476,496 10,399,482
Basic earnings per share (Rs. Cts.) 10 5.14 15.95 4.39 12.40
Dividend per share (Rs. cts.) 11 10.00 - 10.00 -
The accounting policies and notes 1 to 32 form an integral part of these financial statements.
Figures in brackets indicate deductions/ losses.

Statement of Financial Position
GROUP COMPANY
As at 31.03.2023 31.03.2022 31.03.2023 31.03.2022
Assets
Non - current assets
Property, plant and equipment 12 1,678,012 2,492,836 1,678,011 2,492,836
Investment in subsidiary 13 - - 81,000 81,000
Non current financial assets 14 323,650 1,970,962 323,650 1,970,962
Deferred tax assets 15 13,487,053 9,931,934 13,300,695 9,761,351
Total non current assets 15,488,715 14,395,732 15,383,356 14,306,149
Current assets
Inventory 16 2,617,895 2,525,456 2,394,295 2,525,456
Trade and other receivables 17 26,820,334 23,617,901 25,022,355 21,423,585
Dues from related companies 18 16,138,177 21,088,132 15,310,825 18,271,818
Current tax receivable 19 1,670,482 - 1,670,482 -
Income tax refund 19.2 1,510,147 1,510,147 1,399,495 1,399,495
Other current financial assets 20 - 23,960,070 - 23,960,070
Cash and cash equivalents 21 17,174,813 4,606,793 13,215,780 3,109,663
Total current assets 65,931,847 77,308,499 59,013,232 70,690,087
Total assets 81,420,562 91,704,231 74,396,588 84,996,236
Equity and liabilities
Capital and reserves
Stated capital 22 833,560 833,560 833,560 833,560
Other components of equity 23 294,100 1,722,797 294,100 1,722,797
Retained earnings 48,839,302 50,506,469 43,201,308 45,630,706
Total equity attributable to
owners of the company 49,966,962 53,062,826 44,328,968 48,187,063
Non current liabilities
Interest bearing borrowings 24 - 1,480,899 - 1,480,899
Retirement benefit obligation 25 2,175,946 3,522,351 1,554,753 2,811,588
Total non current liabilities 2,175,946 5,003,250 1,554,753 4,292,487
Current liabilities
Trade and other payables 26 14,423,466 28,281,539 13,992,285 27,456,098
Interest bearing borrowings 24 12,960,884 2,074,413 12,960,884 2,074,413
Dues to related company 27 351,549 - 351,549 -
Income tax payable 9.2 1,541,755 3,282,204 1,208,149 2,986,176
Total current liabilities 29,277,654 33,638,156 28,512,867 32,516,687
Total equity and liabilities 81,420,562 91,704,231 74,396,588 84,996,236
These financial statements have been prepared in accordance with the requirements of the Companies Act
No. 07 of 2007.
M.S.A. Kariapper
Head of Finance
The Directors are responsible for the preparation and presentation of these financial statements.
Signed for on behalf of the Board of Directors on 19th January 2024.
L.I. Ratnasabapathy A.M.De Alwis

Director Director
Statement of Changes in Equity
GROUP
Stated Retained Fair value Total
capital earnings reserve of
financial assets
at FVOCI/
available for
sale reserve
Rs. Rs. Rs. Rs.
Balance as at 1st April 2021 833,560 37,540,709 1,191,371 39,565,640
Profit for the year

- 13,293,819 - 13,293,819
Other comprehensive income/(expense) for the year,
net of income tax - (328,060) 531,426 203,366
Total comprehensive income/(expense) for the year - 12,965,759 531,426 13,497,185
Write back of unclaimed dividends - - - -
Balance as at 31 March 2022 833,560 50,506,469 1,722,797 53,062,825
Profit for the year - 4,285,873 - 4,285,873

Realization of fair value through other comprehensive
income to retained earnings 1,417,522 (1,417,522)
net of income tax - 964,027 (11,175) 952,852
Total comprehensive income/(expense) for the year - 6,667,422 (1,428,697) 5,238,725
Dividends paid - (8,334,590)

Balance as at 31 March 2023 833,560 48,839,302 294,100 58,301,551

Statement of Changes in Equity Contd...
COMPANY
Stated Retained Fair value Total
capital earnings reserve of
financial assets
at FVOCI/
available for
sale reserve
Rs. Rs. Rs. Rs.
Balance as at 1 April 2021 833,560 35,762,651 1,191,371 37,787,582
Loss for the year - 10,335,993 - 10,335,993
Other comprehensive income/(expense)

for the year, net of income tax - (467,938) 531,426 63,488
Total comprehensive income/(expense) for the year - 9,868,055 531,426 10,399,481
Write back of Unlaimed Dividends - - - -
Balance as at 31 March 2022 833,560 45,630,706 1,722,797 48,187,062
Profit for the year - 3,661,019 - 3,661,019

net of income tax - 826,652 (11,175) 815,477
Realization of fair value through other comprehensive
income to retained earnings - 1,417,522 (1,417,522) -
Total comprehensive income/(expense) for the year - 5,905,193 (1,428,697) 4,476,496
Dividends paid - (8,334,590) - (8,334,590)
Balance as at 31 March 2023 833,560 43,201,308 294,100 44,328,968

Statement of Cash Flows
GROUP COMPANY
2023 2022 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before income taxation 562,295 17,555,798 (232,604) 13,663,819
Adjustment for
Depreciation 12 814,825 869,348 814,825 869,348
Dividend income 6 (89,050) (89,367) (89,050) (89,367)
Interest income 7 (1,589,702) (1,189,188) (1,537,996) (1,178,486)
Interest expenses 7 552,228 1,092,469 531,717 1,011,544
Lease interest 7 382,071 854,734 382,071 854,734
Provision for trade and other receivables 8 480,648 128,371 480,648 128,371
Provision for slow moving inventory 8 975,460 26,624 975,460 26,624
Profit on asset disposal 6 - (3,775,000) - (3,775,000)
Write back of long outstanging crediors 26 - (86,524) - (86,524)
Write back of long outstanging unclaimed salaries 26 - (20,873) - (20,873)
(Reversal)/ recognition of warranty provision 8/6 (10,238) - (10,238) -
Provision for retirement benefit obligations 25 527,278 633,101 420,595 517,835
Profit on shares disposal (652,067) - (652,067) -
Write off of long outstanding trade debtors 535,919 - 535,919 -
Write off of ESC 19 - 110,296 - 110,296
Write off of WHT 19 - 4,096 - 4,096
Operating profit before working capital changes 2,489,665 16,113,885 1,619,278 12,036,417
Working capital adjustments
(Increase)/Decrease in inventory (1,067,898) (851,025) (844,299) (851,025)
(Increase)/Decrease in trade and other receivables (4,219,000) (4,955,700) (4,615,337) (4,352,968)
Increase/ (decrease) in trade and other payables (13,847,834) 6,111,234 (13,453,576) 5,837,016
Decrease/ (increase) in related party transactions 5,301,504 (5,469,639) 3,312,542 (2,916,170)
Cash generated from/(used in) operations (11,343,562) 10,948,756 (13,981,391) 9,753,271
WHT (8,031) (6,827)
Interest paid 7 (934,298) (1,947,203) (913,787) (1,866,278)
Retirement benefit obligations paid 25 (496,500) (962,750) (496,500) (962,750)
Income tax paid (3,647,596) - (3,441,682) -
Net cash flow generated from/(used in)
operating activities (16,429,988) 8,038,803 (18,840,188) 6,924,243
Cash flows from investing activities
Interest received 7 1,589,700 1,189,187 1,537,996 1,178,486
Cash proceeds from shares disposal 2,288,206 - 2,288,206 -
Investment in fixed deposit 20 23,960,070 495,550 23,960,070 495,550
Dividends received 6 89,050 89,367 89,050 89,367
Acquisition of property, plant and equipment 12 - (680,000) - (680,000)
Cash proceed from asset disposal 6 - 3,775,000 - 3,775,000
Net cash flow (used in)/from investing activities 27,927,026 4,869,104 27,875,323 4,858,402
Cash flows from financing activities
Lease settlements during the year 24.1 (1,522,364) (1,151,399) (1,522,364) (1,151,399)
Dividend paid during the year (8,334,590) - (8,334,590) -
Loans obtained during the year 19,009,976 7,948,323 19,009,976 7,948,324
Loans repaid during the year (19,357,025) (10,612,341) (19,357,025) (10,612,340)
Net cash flow (used in)/from financing activities (10,204,003) (3,815,415) (10,204,003) (3,815,415)
Net increase/(decrease) in cash and cash equivalents 1,293,035 9,092,491 (1,168,868) 7,967,229
Cash and cash equivalents at the beginning of the year 4,606,793 (4,485,698) 3,109,663 (4,857,566)
A 5,899,828 4,606,793 1,940,795 3,109,663
Note A - Cash and cash equivalents
Favourable balances
Cash in hand and at bank 21 17,174,813 4,606,793 13,215,780 3,109,663
Unfavourable balances
Bank overdrafts 21 (11,274,985) - (11,274,985) -
5,899,828 4,606,793 1,940,795 3,109,663
Figures in brackets indicate deductions/ losses. ANNUAL REPORT- 2022 25
Corporate Information
1.1 Reporting entity and continues to be consolidated until
Office Equipment PLC is a public limited the date that such control ceases. Loss
liability company incorporated and within a subsidiary is attributed to the
domiciled in Sri Lanka and listed on the non-controlling interest even if that
Colombo Stock Exchange. The company’s results in a deficit balance. The financial
registered office and the principal place statements of the subsidiary is prepared
of business is located at No.20, Sir for the same reporting period as the
Chittampalam A Gardiner Mawatha, parent company, which is 12 months
Colombo 02. ending 31 March, using consistent
accounting policies. The following
1.2 Principal activities and nature of company, with equity control equal to
operations of the Group and Company or more than or less than 50%, has been
Parent consolidated as a subsidiary based on
Office Equipment PLC - Import, the power to govern the financial and
distribution and maintenance of Cash operating policies of that entity.
and Coin handling solutions and time
recording systems International Computers (Ceylon) Ltd -
99.99%
Subsidiaries
International Computers (Ceylon) Ltd The total profit or loss for the year
- Sale of computer hardware, software of the company and of its subsidiary
and outsource services included in consolidation is shown
in the consolidated statement of
1.3 Basis of preparation comprehensive income and all assets
1.3.1 Statement of compliance and liabilities of the company and of
The financial statements of the group its subsidiary included in consolidation
are prepared in accordance with Sri are shown in the statement of financial
Lanka Accounting Standards (LKASs and position. Non-controlling interest
SLFRSs) as issued by The Institute of which represents the portion of profit
Chartered Accountants of Sri Lanka and or loss and net assets not held by the
in compliance with the requirements of group, are shown as a component of
the Companies Act No. 07 of 2007. profit for the year in the consolidated
income statement and statement
1.3.2 Basis of consolidation and subsidiaries of comprehensive income and as a
The consolidated financial statements component of equity in the consolidated
comprise the financial statements of statement of financial position,
the company and its subsidiary as at the separately from parent’ shareholders’
reporting date. The financial statements equity. The consolidated statement of
of the subsidiary is prepared in cash flow includes the cash flows of the
compliance with the group’s accounting company and its subsidiary.
policies unless otherwise stated. All
intra-Group balances, income and 1.3.3 Responsibility for the financial
expenses, unrealized gains and losses statements
resulting from intra-Group transactions The Board of Directors is responsible
and dividends are eliminated in full. for the preparation and presentation of
these financial statements of the group
Subsidiaries as per the provisions of the Companies
Subsidiaries are those enterprises Act No. 07 of 2007.
controlled by the parent. Control exists
when the parent holds more than 50% 1.3.4 Approval of financial statements by the
of the voting rights or otherwise has Board of Directors
a controlling interest. A subsidiary is The financial statements of the Group
fully consolidated from the date of for the year ended 31 March 2022 were
acquisition or incorporation, being the approved and authorised by the Board of
date on which the group obtains control, Directors for issue on 19th January 2024.

Corporate Information Contd...
1.3.5 Basis of measurement contingent assets and liabilities at the

The financial statements have been date of the financial statements and
prepared on a historical cost basis and the reported amounts of revenue and
applied consistently with no adjustments expenses during the reporting period.
being made for inflationary factors Although the judgements and estimates
affecting these financial statements, are based on management’s best
except for those disclosed in the knowledge of the current events and
following notes. actions, actual results may ultimately
differ from those estimates.
1.3.6 Functional and presentation currency
Items included in the financial statements Information about significant areas
of the group are measured using the of estimation uncertainty and critical
currency of the primary economic judgements in applying accounting
environment in which the group policies that have the most significant
operates. The financial statements are effect on the amounts recognized in the
presented in Sri Lankan Rupees, which is financial statements is included in the
the group's functional and presentation following notes:
currency.
1.4.1 Actuarial assumptions used in the
1.3.7 Going concern computation of retirement benefit
The Directors have made an assessment obligation
of the Group’s ability to continue as a The cost of the defined benefit obligation
going concern, and are satisfied that it is determined using the projected unit
has the resources to continue in business credit method. This involves making
for the foreseeable future, confirm that assumptions about discount rates, future
they do not intend either to liquidate salary increases and staff turnover. In
or to cease operations. Therefore the determining the appropriate discount
financial statements continue to be rate, management considers the interest
prepared on a going concern basis. rates of government bonds. Future salary
increases are based on expected future
1.3.8 Comparative information increment rates. Key assumptions used
The accounting policies have been are disclosed in Note 25.
consistently applied by the group with
those of the previous financial year in Due to the long term nature of these
accordance with LKAS 01 - Presentation plans, such estimates are subject to
of financial statements, unless otherwise uncertainty.
stated.
1.4.2 Loss allowance on financial assets based
1.3.9 Materiality and aggregation on recoverability
In compliance with LKAS 01 on The group reviews its trade receivables
presentation of financial statements, at each reporting date and assesses
each material class of similar items is whether an allowance should be
presented separately in the financial recorded in profit or loss. In particular,
statements. Items of dissimilar nature or management's judgement is required in
functions too are presented separately, if the estimation of the loss allowance.
they are material.
1.4.3 Recognition of deferred tax assets
1.4 Use of estimates and judgements The extent to which a deferred tax asset
The preparation of financial statements could be recognized on unused tax losses
in conformity with SLFRSs and LKASs carried forward is determined based
requires management to make on the expected availability of future
judgements, estimates and assumptions taxable profits.
that affect the application of accounting
policies and the reported amounts of
assets and liabilities and disclosures of

Significant Accounting Policies
2 Summary of significant accounting policies Depreciation
The principal accounting policies applied
in the preparation of these financial Depreciation is calculated using a straight-
statements are set out below. These line method on the cost of all property,
policies have been consistently applied to plant and equipment in order to write off
all the years presented, unless otherwise such amounts over the estimated useful
stated. economic life of such assets.
2.1 Property, plant and equipment Depreciation is recognized in profit or loss

The group applies the requirements of on a straight line basis over the estimated
the LKAS 16 on "Property, plant and useful lives of each component of an
equipment" in accounting for its owned item of property, plant and equipment.
assets which are held for use in the Depreciation of an asset begins when it is
provision of services, or for administrative available for use and ceases at the date
purposes and are expected to be used for that the asset is disposed. Leased assets
more than one year. are depreciated over the shorter of the
lease term and their useful lives unless it
Basis of recognition is reasonably certain that the group will
Property, plant and equipment are obtain ownership by the end of the lease
recognized if it is probable that future term.
economic benefits associated with the
asset will flow to the company and the The estimated useful lives are as follows:
cost of the asset can be reliably measured. Plant and machinery 20%
Basis of measurement Furniture and fittings 10%
An item of property, plant and equipment Office equipment 10%
that qualifies for recognition as an asset is Motor vehicles 25%
initially measured at its cost. The cost of Electrical installations 20%
an item of property, plant and equipment Computers 100%
comprises of its purchase price and any The assets residual values, useful lives and
directly attributable costs of bringing methods of depreciation are reviewed
the asset to a working condition for its and adjusted as appropriate at each
intended use. financial year.
Subsequent measurement Derecognition
Subsequent costs are included in the An item of property, plant and equipment
asset's carrying amount or recognised is derecognized upon replacement,
as a separate asset, as appropriate, only disposal or when no future economic
when it is probable that future economic benefits are expected from its use. Any
benefits associated with the item will flow gain or loss arising on derecognition of
to the group and the cost of the item can the asset is included in profit or loss in the
be measured reliably. All other repairs year the asset is derecognized.
and maintenance are recognized in profit
or loss in the period in which those are 2.2 Investment in subsidiary
incurred. In the company's financial statements,
the investment in subsidiary is treated
All classes of assets, included under as a long term investment and stated at
property, plant and equipment are stated cost less impairment. Transaction cost,
at cost less accumulated depreciation and other than those associated with the
accumulated impairment losses, if any. issue of debt or equity securities that
An asset's carrying amount is written the company incurs in connection with
down immediately to its recoverable a business combination is expensed and
amount if the asset's carrying amount is included in administration expenses.
greater than its estimated recoverable
amount.

Significant Accounting Policies Contd...
2.3 Financial assets Subsequent measurement and gains and

Measurement losses
At initial recognition, the Group measures Subsequent measurement of debt
a financial asset at its fair value plus, in the instruments depends on the group's
case of a financial asset not at fair value business model for managing the asset
through profit or loss (FVTPL), transaction and the cash flow characteristics of the
costs that are directly attributable to asset. There are three measurement
the acquisition of the financial asset. categories into which the group classifies
Transaction costs of financial assets are its debt instruments:
carried at FVTPL are expensed in profit or
loss. - Amortised cost: Assets that are held
for collection of contractual cash flows,
Classification and subsequent measurement where those cash flows represent solely
The group classifies its financial asset in payments of principal and interest, are
the following measurement categories: measured at amortised cost. Interest
income from these financial assets is
- those to be measured subsequently at included in finance income using the
fair value (either through OCI or through effective interest rate method. Any
profit or loss), and gain or loss arising on derecognition
is recognised directly in profit or loss
- those to be measured at amortised cost. including impairment loss, if any.
The classification of financial assets at
amortized cost and measured at fair - FVOCI: Assets that are held for
value through other comprehensive collection of contractual cash flows and
income depends on the entity’s business for selling the financial assets, where
model for managing the financial the assets’ cash flows represent solely
asset and the contractual cash flow payments of principal and interest, are
characteristics of the financial asset. measured at FVOCI. Movements in the
carrying amount are taken through
For assets measured at fair value, gains OCI, except for the recognition of
and losses will either be recorded in profit impairment gains or losses, interest
or loss or OCI. For investments in equity income and foreign exchange gains
instruments that are not held for trading, and losses which are recognised in
this will depend on whether the group has profit or loss. When the financial asset
made an irrevocable election at the time is derecognised, the cumulative gain
of initial recognition to account for the or loss previously recognised in OCI
equity investment at fair value through is reclassified from equity to profit
other comprehensive income (FVOCI). or loss. Interest income from these
The group reclassifies debt investments financial assets is included in finance
when and only when its business model income using the effective interest rate
for managing those assets changes. method. Foreign exchange gains and
Recognition losses and impairment expenses are
All financial assets are initially recognized presented as a separate line item and
on the trade date, i.e., the date that the charged to profit or loss.
group becomes a party to the contractual - FVTPL: Assets that do not meet the
provisions of the instrument. This includes criteria for amortised cost or FVOCI are
‘regular way trades’: purchases or sales of measured at FVTPL. A gain or loss on a
financial assets that require delivery of debt investment that is subsequently
assets within the time-frame generally measured at FVTPL is recognised in
established by regulation or convention in profit or loss.
the market place.

De-recognition of financial assets the financial instrument is a purchased or

originated credit?impaired financial asset.
A financial asset (or, where applicable SLFRS 9 also permits a simplified approach
a part of a financial asset or part of a for measuring the loss allowance at an
group of similar financial assets) is de- amount equal to lifetime ECL for trade
recognised when: receivables, contract assets and lease
- The rights to receive cash flows from receivables in certain circumstances.
the assets have expired. Accordingly, for trade receivables
the group has applied the simplified
- The group has transferred its rights approach.
to receive cash flows from the asset
or has assumed an obligation to pay 2.4 Inventory
the received cash flows in full without
material delay to a third party under Inventory is measured at the lower of cost
a ‘pass–through’ arrangement and and net realizable value. Net realizable
either: value is the estimated selling price in
the ordinary course of business, less the
 the group has transferred substantially estimated costs of completion and selling
all the risks and rewards of the asset or expenses. The cost of inventories is based
 the group has neither transferred nor on Weighted average cost basis. The cost
retained substantially all the risks includes expenditure incurred in acquiring
and rewards of the asset, but has the inventories and bringing them to their
transferred control of the asset. existing location and condition.
When the group has transferred its 2.5 Impairment of non-financial assets
right to receive cash flow from an asset The company assesses at each reporting
or has entered into a pass–through date whether there is an indication that
arrangement, and has neither transferred an asset may be impaired. If any indication
nor retained substantially all of the risks exists, or when annual impairment testing
and rewards of the asset nor transferred for an asset is required, the company
control of the asset, the asset is estimates the asset’s recoverable
recognised to the extent of the group’s amount. If the recoverable amount of
continuing involvement in the asset. In an asset is estimated to be less than its
that case, the group also recognises the carrying amount, the carrying amount of
associated liability. The transferred asset the asset is reduced to its recoverable
and the associated liability are measured amount. An impairment loss is recognised
on a basis that reflects the rights and immediately in profit or loss, unless the
obligations that the group has retained. relevant asset is carried at a revalued
Continuing involvement that takes the amount, in which case the impairment
form of a guarantee over the transferred loss is treated as a revaluation decrease
asset is measured at the lower of the and to the extent that the impairment
original carrying amount of the asset and loss is greater than the related revaluation
the maximum amount of consideration surplus, the excess impairment loss is
that the group could be required to repay. recognised in profit or loss.
Where an impairment loss subsequently
Loss allowance of financial assets reverses, the carrying amount of the
In relation to the impairment of financial asset is increased to the revised estimate
assets, SLFRS 9 requires an expected of its recoverable amount, so that the
credit loss model to be adopted. SLFRS increased carrying amount does not
9 requires the group to measure the loss exceed the carrying amount that would
allowance for a financial instrument at an have been determined had no impairment
amount equal to the lifetime expected loss been recognised for the asset in
credit losses (ECL) if the credit risk on prior years. A reversal of an impairment
that financial instrument has increased loss is recognised immediately in profit
significantly since initial recognition, or if

or loss to the extent that it eliminates liabilities at FVTPL are measured at fair
the impairment loss which has been value, and changes are in recognized in
recognised for the asset in prior years. profit or loss.
Any increase in excess of this amount is
treated as a revaluation increase, if the Upon initial recognition, transaction
asset it carried at revalued amounts. costs directly attributable to the
acquisition are recognized in profit
2.6 Cash and cash equivalents or loss as incurred. The criteria for
Cash and cash equivalents in the designation of financial liabilities at
statement of financial position comprise FVTPL upon initial recognition are the
cash at bank and in hand. Cash and same as those of financial assets at
bank balances are stated at recoverable FVTPL.
value. Bank overdrafts and short term
borrowings that are repayable on demand ii. Financial liabilities measured
and forming an integral part of the subsequently at amortised cost
group’s cash management are included as Financial liabilities that are not
a component of cash and cash equivalents held for trading or designated as at
for the purpose of the statement of cash FVTPL are measured subsequently
flows. at amortised cost using the effective
2.7. Stated capital interest method. The effective
Ordinary shares are classified as equity. interest rate is the rate that exactly
Other shares are classified as equity discounts estimated future cash
or liability according to the economic payments through the expected life
substance of the particular instrument. of the financial liability, or (where
Distribution to holders of a financial appropriate) a shorter period, to
instrument classified as an equity the amortised cost of the financial
instrument is charged directly to equity. liability.
2.8 Dividend to shareholders of the company Derecognition

Dividend distribution to the company’s A financial liability is de-recognised
shareholders is recognized as a liability in when the obligation under the liability
the group’s and the company’s financial is discharged or cancelled or expired.
statements in the period in which the Where an existing financial liability is
dividends are approved by the company’s replaced by another from the same
shareholders. lender on substantially different terms,
or the terms of an existing liability are
2.9 Financial liabilities substantially modified, such an exchange
Initial recognition and measurement or modification is treated as a de-
The group recognizes financial liabilities recognition of the original liability and
in the statement of financial position the recognition of a new liability. The
when the group becomes a party to the differences between the carrying value
contractual provisions of the financial of the original financial liability and the
liability. consideration paid is recognised in profit
or loss.
All financial liabilities are measured
subsequently at Fair Value through Profit 2.10 Provisions
or Loss (FVPTL) or at amortised cost using A provision is recognized if, as a result of
the effective interest method. a past event, the company has a present
legal or constructive obligation that can
i. Financial liabilities at FVTPL
be estimated reliably, and it is probable
A financial liability is classified as FVTPL
that an outflow of economic benefits
if it is classified as held-for-trading, it
will be required to settle the obligation.
is a derivative or it is designated as
Provisions are determined by discounting
such on initial recognition, financial the expected future cash flows at a pre-

tax rate that reflects current market as an employee benefit expense in

assessments of the time value of money the income statement in the periods
and the risks specific to the liability. The during which services are rendered
unwinding of the discount is recognized by employees. The group contributes
as finance cost. 12% and 3% of gross emoluments of
employees to the Employees’ Provident
2.10.1 Warranty provision Fund and to the Employees’ Trust Fund
A provision for warranties is recognized respectively for all employees.
when the underlying products are sold.
The provision is based on historical 2.12 Contingent liabilities and contingent
warranty data and a weighing of possible assets
outcomes against their associated The group does not recognize a contingent
probabilities and is reversed upon expiry liability but discloses its existence in
of the warranty period. This represents the financial statements. A contingent
a general provision for future warranty liability is a possible obligation that arises
expense based on past information for from past events whose existence will
warranty claims. be confirmed by uncertain future events
beyond the control of the group or a
2.11 Retirement benefit obligation present obligation that is not recognized
Defined benefit plan - Gratuity because it is not probable that an outflow
The Defined Benefit Obligation of resources will be required to settle
recognized in the statement of financial the obligation. A contingent liability also
position represents the present value arises in the extremely rare circumstance
of the Defined Benefit Obligation at where there is a liability that cannot
the reporting date estimated using the be recognized because it cannot be
projected unit credit method. These measured reliably.
benefits are not externally funded.
A contingent asset is a possible asset
Provision has been made in the financial that arises from past events whose
statements for retiring gratuities from the existence will be confirmed by uncertain
first year of service for all employees, in future events beyond the control of the
conformity with LKAS 19 on Employee group. The group does not recognize
Benefits. However, under the Payment of a contingent asset but discloses its
Gratuity Act No. 12 of 1983, the liability existence where inflows of economic
to an employee arises only on completion benefits are probable, but not virtually
of five years of continued service. The certain.
group’s obligations under the said Act
is determined based on the projected 2.13 Taxation
unit credit method carried out by the Income tax expense comprises of current
management. and deferred tax. The income tax expense
Gainsandlossesthroughre-measurements is recognized in profit or loss except to
of the defined benefit obligation are the extent that it relates to the items
recognized in other comprehensive recognized directly in the statement
income and not reclassified to profit and of other comprehensive income or
loss in subsequent periods. statement of changes in equity, in which
case it is recognized directly in the
Defined contribution plans - EPF and ETF respective statements.
A defined contribution plan is a post
employment benefit plan under which Current taxes
an entity pays fixed contributions into a The provision for income tax is based on
separate entity and will have no legal or the elements of income and expenditure
constructive obligations to pay further as reported in the financial statements
amounts. Obligations for contributions to and computed in accordance with the
a defined contribution plan are recognized provisions of the Inland Revenue Act

No. 24 of 2017 and its subsequent consideration to which the group expects
amendments as described in Note 09. to be entitled in exchange for those goods
or services.
Deferred taxation
Deferred tax is recognized on temporary Goods transferred at a point in time
differences at the financial position date Under SLFRS 15, revenue is recognized
between the tax bases of assets and upon satisfaction of the performance
liabilities and their carrying amounts for obligation. Revenue recognition occurs at
financial reporting purposes. Deferred a point in time when control of the asset
tax liabilities generally are recognized is transferred to the customer, generally
for all taxable temporary differences and on delivery of the goods.
deferred tax assets are recognized to the
extent that it is probable that taxable Services transferred over time
profit will be available against which Under SLFRS 15, the group determines
deductible temporary differences, carry- at contract inception whether it satisfies
forward of unused tax credits or unused the performance obligation over time or
tax losses can be utilized. Deferred tax at a point in time. For each performance
assets or liabilities are not recognized on obligations satisfied over time, the
temporary differences arising from the group recognises revenue over time
initial recognition of goodwill or from the by measuring the progress towards
initial recognition of an asset and liability, complete satisfaction of that performance
if at the time of recognizing that asset and obligation.
liability, neither affects the accounting
profit nor taxable profit. Interest
Interest income is recognized as it accrues
The carrying amount of deferred tax in profit or loss using effective interest
assets is reviewed at each statement of method.
financial position date and reduced to the
Dividends
extent that it is no longer probable that
sufficient taxable profit will be available Dividend is recognized when the right
to receive such is established, which is
to allow all or part of the deferred tax
generally when the dividend is declared.
asset to be recovered. Unrecognized
deferred tax assets are reassessed at Gains and losses
each statement of financial position date Net gains and losses of a revenue nature
and are recognized to the extent that it arising from the disposal of property,
has become probable that future taxable plant and equipment and other non
profit will allow the deferred tax asset to current assets, including investments,
be recovered. are accounted for in profit or loss, after
deducting from the proceeds on disposal,
Deferred tax assets and liabilities are
the carrying amount of such assets and
measured at tax rates that are expected
the related selling expenses.
to apply in the year when the liability is
settled or asset is realized. Others
Other income is recognized on an accrual
The principal temporary differences
basis.
arise from depreciation on property and
equipment, tax losses and the retirement Expenditure recognition
benefit obligation. Expenses are recognized in profit or loss on
the basis of a direct association between
2.14 Revenue and expenditure
the cost incurred and the earning of
Revenue recognition
specific items of income. All expenditure
Revenue from contracts with customers
is recognised when control of the incurred in the running of the business
goods or services are transferred to the and in maintaining the property, plant
and equipment in a state of efficiency has
customer at an amount that reflects the
been charged to profit or loss.

For the purpose of presentation of the

statement of comprehensive income, the
“function of expenses” method has been
adopted, on the basis that it presents
fairly the elements of the Group’s
performance.
Finance income and costs
Finance income comprises of interest
income, which is recognized in profit
or loss as it accrues, using the effective
interest method.
Finance expense comprises interest
payable on all financial liabilities such as
term loans, overdrafts and finance leases.
Foreign currency gains and losses are
reported on a net basis as either finance
income or finance cost depending on
whether foreign currency movements are
in a net gain or net loss position.
2.15 Statement of cash flows
The statements of cash flow have been
prepared using the “indirect method” in
accordance with LKAS 07 on ‘Statement
of Cash Flows’. Cash and cash equivalents
comprise cash in hand and cash at bank
that are readily convertible to known
amounts of cash and are subject to an
insignificant risk of changes in value.
Interest paid is classified under operating
cash flows. Dividend received and
interest income is classified under cash
flows from investing activities. Dividend
paid is classified under cash flow from
operational activities.
Bank overdraft forming an integral part
of the company’s cash management are
included as a component of cash and
cash equivalents for the purpose of the
statement of cash flows.
2.16 Earnings Per Share (EPS)
The EPS is calculated by dividing the
profit or loss attributable to ordinary
shareholders of the company by the
weighted average number of ordinary
shares outstanding during the period.

Notes to the Financial Statements
3 Accounting standards By applying these practical expedients and
3.1 Accounting standards issued but not effective exemptions as allowed by SLFRS 16, there
as at the reporting date is no impact on the group’s statement of
Following amendments to Sri Lanka Accounting financial position as at 31 March 2023 and
Standards issued, but not effective as at its statement of profit or loss and OCI and
the reporting date have not been applied statement of cash flows for the year then
in preparing the Consolidated Financial ended 31 March 2023 from adopting SLFRS
Statements. The Group plans to apply these 16 in relation to the contracts that existed
amendments to the standards from their before the adoption of SLFRS 16.
effective dates: The above amendment had no impact on the
Narrow-scope amendments effective from financial statements of the Group.
annual periods beginning on or after 1 January
2023 4. Financial and capital risk management
4.1 Financial risk management
• Amendments to LKAS 1 – Presentation of
financial statements on classification of The group is exposed to a range of financial
liabilities. risks through its number of financial
instruments. In particular, the key financial
• Amendments to LKAS 8 – Accounting risk categories are:
Policies, Changes in Accounting Estimates
and Errors (Definition of Accounting  Credit risk
Estimates).  Liquidity risk
• Amendments to LKAS 12 – 2 Deferred Tax  Market risk
related to Assets and Liabitilies arising from Credit risk
a Single Transaction. Credit risk arises from credit exposure to
3.2 New accounting standards issued and effective unsecured customers and cash and cash
In 4 December 2020, the Institute of equivalents and deposits/investments with
Chartered Accountants of Sri Lanka (CA banks and financial institutions and when
Sri Lanka) issued Covid19-Related Rent banks/financial institutions fail to discharge
Concessions - amendment to SLFRS 16 Leases. their contractual interest and principal
The amendments provide relief to lessees on their debt obligations due to declining
from applying SLFRS 16 guidance on lease financial strength.
modification accounting for rent concessions
arising as a direct consequence of the Covid-19 Management of credit risk
pandemic. As a practical expedient, a lessee The group manages its credit risk with
may elect not to assess whether a Covid-19 different types of instruments as follows.
related rent concession from a lessor is a lease Fixed deposits
modification. A lessee that makes this election
Deposits are placed only with reputed and
accounts for any change in lease payments
established commercial banks and other
resulting from the Covid-19 related rent
licensed financial institutions.
concession the same way it would account for
the change under SLFRS 16, if the change were Trade and other receivables
not a lease modification. The group is responsible for managing and
analysing the credit risk for each of their new
The group has applied the practical expedient customers before standard payment and
described by SLFRS - 16 where an entity is not delivery terms and conditions are offered.
required to reassess whether a contract is or The management assesses the credit quality
contains a lease at the date of initial application. of the customer, taking into account its
Instead, the entity is permitted not to apply this financial position, past experience and other
standard to contracts that were not previously factors. Sources of credit risks are identified,
identified as containing a lease applying LKAS assessed and monitored and the company
17 and IFRIC 4. has policies to manage the risks within
The group also enters into a semi-annual various subcategories. The utilization of
agreement with a leasing company which is credit limits is regularly monitored.
renewed only with the mutual consent of both The group establishes an allowance for
parties. Accordingly, such arrangement has impairment that represents its estimate of
been determined to be a short-term lease and incurred losses in respect of trade and other
the provisions of SLFRS 16 has not been applied.
receivables.

Notes to the Financial Statements Contd...
(a) The aging of trade and other receivables at the reporting date
Group
The maximum exposure to credit risk for trade and other receivables at the reporting date is
Rs.26.82 Mn (2022 - Rs.23.62 Mn) which is recorded in Note 17.
Gross Receivables Loss Allowance Carrying Value

2023 2022 2023 2022 2023 2022
Not due 5,794,113 6,461,954 - - 5,794,113 6,461,954
Past due:
Past due 0-60 days 14,062,072 9,549,094 - - 14,062,072 9,549,094
Past due 61-120 days 3,100,218 1,054,361 - - 3,100,218 1,054,361
More than 120 days 11,644,521 13,852,434 7,780,591 7,780,591 3,863,931 6,552,492
Total 34,600,924 30,917,843 7,780,591 7,299,942 26,820,334 23,617,901
Company
The maximum exposure to credit risk for trade and other receivables at the reporting date is Rs.
25.02 Mn (2022 - Rs. 21.42Mn) which is recorded in Note 17.
Gross Receivables Loss Allowance Carrying Value
2023 2022 2023 2022 2023 2022
Not due 5,534,586 6,461,954 - - 5,534,586 6,461,954
Past due:
Past due 0-60 days 13,420,359 8,801,142 - - 13,420,359 8,801,142
Past due 61-120 days 3,031,218 597,236 - - 3,031,218 597,236
More than 120 days 10,816,782 12,863,195 7,780,591 7,299,942 3,036,191 5,563,253
Total 32,802,945 28,723,527 7,780,591 7,299,942 25,022,354 21,423,585
Group Company
As at As at As at As at
31.03.2023 31.03.2022 31.03.2023 31.03.2022
Movement in the loss allowances
Balance at the beginning of the year 7,299,942 7,171,571 7,299,943 7,171,571
Loss allowance during the year 480,648 128,371 480,648 128,371
Balance at the end of the year 7,780,591 7,299,942 7,780,591 7,299,943
A loss allowance of Rs.480,648 (31 March 2022 - 128,371) has been made in respect of trade
receivables as at the reporting date. Unimpaired amounts are considered collectible in full, based
on historical payment patterns and analysis of customer's credit risks.
Cash and cash equivalents
The group held cash and cash equivalents of Rs.5.77 Mn (2022 - Rs.4.53Mn) which is recorded in
Note 21. Which represents its maximum credit exposure of these assets.
Respective credit ratings of banks in which Company cash balances held are as follows,
 Commercial Bank of Ceylon PLC : A(lka)
 Hatton National Bank PLC : A(lka)
 Cargills Bank Limited : A(lka)
 Sampath Bank PLC : A(lka)

b. Liquidity risk
Liquidity risk is the risk that the group will encounter difficulty in meeting the obligations
associated with its financial liabilities that are settled by delivering cash or other financial
assets.
Management of liquidity risk
The group's approach to managing liquidity is to ensure, that it will always have sufficient liquidity
to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to its reputation. The company's approach to managing its
liquidity risk is as follows:
 Regularly monitoring of the group's assets and liabilities in order to forecast cash flows for a
reasonable future period. 
 Monitoring the facility limits i.e. overdrafts with banks.
The table below summarizes the maturity profile of the Group's/ Company's financial obligations
based on contractual undiscounted payments.
Group
As at 31 March 2023 On demand Less than 3 to 12 1 to 5 > 5 years Total (Rs)
3 months months years
Loans and borrowings - - 12,960,884 - - 12,960,884
Trade and other payable - 431,181 5,276,587 8,715,698 - 14,423,466
- 431,181 18,237,472 8,715,698 - 27,384,350

Loans and borrowings - 2,074,413 1,480,899 - 3,555,312
Trade and other payable - 825,443 13,382,337 14,073,761 - 28,281,539
- 825,443 15,456,750 15,554,660 - 31,836,851
Company
Loans and borrowings - - 12,960,884 - - 12,960,884
Trade and other payable - - 5,276,587 8,715,698 - 13,992,285
- - 18,237,472 8,715,698 - 26,953,169

Loans and borrowings - - 2,074,413 1,480,899 - 3,555,312
Trade and other payable - - 13,382,337 14,073,761 - 27,456,098
- - 15,456,750 15,554,660 - 31,011,410

c) Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market prices. Market risk comprises three types of risks;
 Foreign exchange risk
 Interest rate risk
 Equity price risk
Foreign exchange risk

Foreign currency risk is the risk that the value of a financial instrument will fluctuate due to
changes in foreign exchange rates. The group does not use any derivative financial instruments
to hedge the risk. The group is primarily exposed to foreign currency risk in term of its imports.
However, there is no significant impact to the group from foreign currency risk.
d. Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in market interest rates. The group's exposure to the risk of
changes in market interest rates relates primarily to the company's long-term debt obligations
with floating interest rates and fixed deposits.
If interest rate had been higher/ lower by 100 basis points and all other variables were held
constant, the profit before tax for the year ended 31 March 2023 would decrease/ increase by
Rs 0.05 Mn (Rs. 0.28 Mn - 31 March 2022). This is attributable to the group's exposure to interest
rates on variable rates of interest.
Equity price risk
The Group's listed and unlisted equity securities are susceptible to market price risk arising from
uncertainties about future values of the investment securities.
4.2 Capital risk management
The Group's objectives when managing capital are to safeguard the group's ability to continue as
a going concern in order to provide returns for shareholders and benefits for other stakeholders
and to maintain an optimal capital structure to reduce the cost of capital. Capital is monitored on
the basis of the gearing ratio.

GROUP COMPANY
FOR THE YEAR ENDED 31 MARCH 2023 2022 2023 2022
Rs. Rs. Rs. Rs.
05. REVENUE
Turnover - Sale of goods 27,834,036 31,327,550 25,537,386 19,613,034
Turnover - Rendering of services 38,961,818 43,727,469 36,414,768 40,543,656
66,795,854 75,055,019 61,952,154 60,156,691
06. OTHER INCOME

Dividend income 89,050 89,367 89,050 89,367
Sundry income 83,297 77,909 - -
Cash proceed from right to-use asset disposal 3,500,000 - 3,500,000 -
Insurance Income - 326,719 - 326,719
Reversal of warranty provision 10,238 - 10,238 -
Exchange gain 687,201 - 687,201 -
Profit on shares disposal 652,067 - 652,067 -
Write back of long outstanging crediors - 86,524 - 86,524
Write back of refendable tender deposit - 65,000 - 65,000
Write back of long outstanging unclaimed salaries - 20,873 - 20,873
Profit on disposal of fixed assets - 3,775,000 - 3,775,000
5,021,853 4,441,393 4,938,556 4,363,484
07. NET FINANCE (COST)/ INCOME
Finance cost
Interest paid - Others (552,228) (1,092,469) (531,717) (1,011,544)
Lease interest (382,071) (854,734) (382,071) (854,734)
Total finance cost (934,298) (1,947,203) (913,787) (1,866,278)
Finance income
Interest income 1,589,702 1,189,188 1,537,996 1,178,486
Total finance income 1,589,702 1,189,188 1,537,996 1,178,486
Net finance cost 655,403 (758,016) 624,209 (687,792)
08. LOSS BEFORE INCOME TAX EXPENSE

Loss before income tax expense is stated after charging all expenses including the following :
Directors emoluments 1,179,675 1,286,011 1,179,675 1,286,011
Directors fees and directors travelling 220,000 240,000 124,000 144,000
Salaries, allowances and other related costs 22,284,678 18,448,965 20,548,578 17,130,290
EPF 1,292,823 1,123,526 1,148,343 1,123,526
ETF 323,206 280,882 287,086 280,882
Defined benefit cost, gratuity 527,278 633,101 420,596 517,835
Depreciation 814,825 869,348 814,825 869,348
Auditor's remuneration 671,699 569,551 475,421 371,410
(Reversal)/ provision of warranty provision (10,238) - (10,238) -
Provision for/ write off of slow moving inventory 975,460 26,624 975,460 26,624
Allowance for doubtful debts 480,648 128,371 480,648 128,371

GROUP COMPANY
Rs. Rs. Rs. Rs.
09. INCOME TAX EXPENSES

Current income tax expense
Tax charge on profit for the year (Note 9.1) (244,696) (3,440,754) - (3,144,726)
Deemed dividend tax - - - -
Adjustments in respect of current
income tax of previous year - - - -
(244,696) (3,440,754) - (3,144,726)
Deferred income tax expense

Relating to origination and reversal of temporary
differences (Note 15) 3,968,274 (821,225) 3,893,623 (183,100)
3,723,578 (4,261,979) 3,893,623 (3,327,826)
09.1 Reconciliation between current tax expense and the product of accounting profit
Accounting (loss)/ profit before income taxation 562,295 17,555,798 (232,604) 13,663,819
Income considered as separate source of income (5,830,819) (5,380,274) (5,779,114) (5,369,572)
Aggregate disallowed items 2,790,494 1,778,103 2,683,637 1,662,507
Aggregate allowable expenses (1,158,308) (1,851,404) (1,158,308) (1,851,404)
Profit on disposal of fixed assets - 3,775,000 - 3,775,000
Taxable profit/(loss) from business activities (3,636,338) 15,877,223 (4,486,389) 11,880,350
Business income 850,051 15,877,224 - 11,880,350

Investment income/ interest income 1,678,752 1,278,555 1,627,047 1,267,853
Tax losses brought forward and utilized (1,618,776) (2,774,128) (1,618,776) -
Exempt from taxation (8,271) (13,609) (8,271) (13,609)
Taxable income 901,757 14,368,041 - 13,134,593
Tax at 24% and 30% or another rate 244,696 3,440,754 - 3,144,726
Tax on profit for the year 244,696 3,440,754 - 3,144,726
Income tax payable at the beginning of the year 3,282,204 - 2,986,176 -

Income tax paid during the year (1,983,941) - (1,778,027) -
WHT Claimed during the year (1,204) - - -
ESC Claimed during the year - (158,550) ----------------- (158,550)
Tax Payable at the end of the year 1,541,755 3,282,204 1,208,149 2,986,176
Tax loss at the beginning of the year - 2,774,128 - -

Taxable loss for the year 3,636,338 - 4,486,389 -
Adjustment for recognised business income effect 850,051 - - -
Tax loss utilized for the year (1,618,776) (2,774,128) (1,618,776) -
Tax loss at the end of the year 2,867,613 - 2,867,613 -
Deferred tax has been computed using the future effective tax rate of 30%.

9.2 Income tax rate considered

Businesses operating in Sri Lanka have been using the new tax rate for income and deferred taxation that
was implemented by the Inland Revenue (Amendment) Act No. 45 of 2022, which was certified on Decem-
ber 19, 2022, with retrospective effect starting on October 1, 2022. Accordingly, for the first six months
company's standard tax rate was 24% and for the second six months, a standard rate of 30% was applied to
the profits of all segments, unless this amendment is superseded by another act.
As per LKAS 12 and the guidance issued by the CA Sri Lanka, a country’s enactment process has to be
sufficiently progressed to a stage, in order for an announced tax rate to be considered as ‘substantively
enacted’ and applied in computing the current and deferred taxes. Therefore, for an income tax rate(s) to
be considered as substantively enacted for the purpose of LKAS 12, the legislative process relating to such
amendment needs to be completed. Until such time, the prevailing legislated rates have to be considered
for the purpose of LKAS 12 in determining as substantively enacted.
In conformity with the above guideline, the Company has applied the rate of 24% in computing the income
tax and deferred tax for the period ended 31 March 2023
10. EARNINGS/(LOSS) PER SHARE

The basic loss per share is calculated by dividing the net loss for the year attributable to ordinary sharehold-
ers by weighted average number of ordinary shares outstanding during the year.
GROUP COMPANY
Rs. Rs. Rs. Rs.
Amounts used as Numerator

Profit/(Loss) attributable to ordinary shareholders 4,285,873 13,293,819 3,661,019 10,335,993
Number of ordinary shares used as the denominator

Number of ordinary shares in issue 833,560 833,560 833,560 833,560
Basic earnings per share (Rs. Cts.) 5.14 15.95 4.39 12.40
11. Dividends per share

Amounts used as numerator
Dividends paid 8,334,590 - 8,334,590 -
Number of ordinary shares used as the denominator

Number of ordinary shares in issue 833,560 833,560 833,560 833,560
10.00 - 10.00 -

12. PROPERTY, PLANT AND EqUIPMENT
GROUP Balance as at Additions/ Disposals Balance as at

31.03.2022 Transfers 31.03.2023
Rs. Rs. Rs. Rs.
COST
At cost
Plant and machinery 4,535,234 - - 4,535,234
Furniture and fittings 92,373 - - 92,373
Electrical installations 612,646 - - 612,646
Office Appliances 1,405,366 - - 1,405,366
Computers 2,358,729 - - 2,358,729
Motor vehicles 1,303,149 - - 1,303,149
Total cost of freehold assets 10,307,497 - - 10,307,497
Total cost 10,307,497 - - 10,307,497
Balance as at Charges for Disposals Balance as at

31.03.2022 the year 31.03.2023
Rs. Rs. Rs. Rs.
Depreciation
Plant and machinery 2,044,075 813,148 - 2,857,223
Computers 2,358,729 - - 2,358,729
Motor vehicles 1,301,473 1,676 - 1,303,149
Total depreciation of freehold assets 7,814,662 814,825 - 8,629,485
Total depreciation of property,

plant and equipment 7,814,662 814,825 - 8,629,485
Total carrying amount of property,

plant and equipment 2,492,835 (814,825) - 1,678,012

12. PROPERTY, PLANT AND EqUIPMENT (Contd...)
GROUP Balance as at Additions/ Disposals Balance as at

31.03.2021 Transfers 31.03.2022
Rs. Rs. Rs. Rs.
COST
At cost
Computers 2,358,729 - - 2,358,729
Motor vehicles 4,738,801 - (3,435,652) 1,303,149
Total cost of freehold assets 13,063,149 680,000 (3,435,652) 10,307,497
Total cost 13,063,149 680,000 (3,435,652) 10,307,497

31.03.2021 the year 31.03.2022
Rs. Rs. Rs. Rs.
Depreciation
Computers 2,266,829 91,900 - 2,358,729
Motor vehicles 4,687,826 49,299 (3,435,652) 1,301,473
Total depreciation of freehold assets 10,380,966 869,348 (3,435,652) 7,814,662

plant and equipment 10,380,966 869,348 (3,435,652) 7,814,662

plant and equipment 2,682,183 (189,348) - 2,492,835

12. PROPERTY, PLANT AND EqUIPMENT
COMPANY Balance as at Additions/ Disposals Balance as at

31.03.2022 Transfers 31.03.2023
Rs. Rs. Rs. Rs.
COST
At cost
Plant and machinery 4,535,234 - - 4,535,234
Office appliances 1,405,366 - - 1,405,366
Computers 2,358,729 - - 2,358,729
Motor vehicles 1,303,149 - - 1,303,149
Total cost of freehold assets 10,307,497 - - 10,307,497
Total cost of property, plant and equipment 10,307,497 - - 10,307,497

31.03.2022 the year 31.03.2023
Rs. Rs. Rs. Rs.
Depreciation
Computers 2,358,729 - - 2,358,729
Motor vehicles 1,301,473 1,676 - 1,303,149
Total depreciation of freehold assets 7,814,662 814,825 - 8,629,486



12. PROPERTY, PLANT AND EqUIPMENT (Contd...)
COMPANY Balance as at Additions/ Disposals Balance as at

31.03.2021 Transfers 31.03.2022
Rs. Rs. Rs. Rs.
COST
At cost
Computers 2,358,729 - - 2,358,729
Motor vehicles 4,738,801 - (3,435,652) 1,303,149
Total cost of freehold assets 13,063,149 680,000 (3,435,652) 10,307,497
Total cost of property, plant and equipment 13,063,149 680,000 (3,435,652) 10,307,497

31.03.2021 the year 31.03.2022
Rs. Rs. Rs. Rs.
Depreciation
Computers 2,266,829 91,900 - 2,358,729
Motor vehicles 4,687,826 49,299 (3,435,652) 1,301,473
Total depreciation of freehold assets 10,380,966 869,348 (3,435,652) 7,814,661


plant and equipment 2,682,183 (189,348) (3,435,652) 2,492,836

13 INVESTMENTS IN SUBSIDIARY
Company
Investments in private equity Percentage No. of Cost as at Percentage No. of Cost as at

of holding shares 31.03.2023 of holding shares 31.03.2022
Rs. Rs.
Subsidiary Company
International Computers (Ceylon) Ltd 99.99% 30,000 81,000 99.99% 30,000 81,000
Total investment in private equity 81,000 81,000
All investments in Unquoted Private Equity Securities, whose fair value cannot be reliably measured, are carried
at cost.
13.1 Information about the composition of the Group at the end of the reporting period is as follows:
Name of the Company and principal place or business Principal activity Effective holding
31.03.2023 31.03.2022
International Computers (Ceylon) Ltd. Sale of computer hardware, 99.9% 99.9%

No. 20, Sir Chittampalam A. Gardiner Mawatha, software and provision of
Colombo 2. outsourced services
13.2 There are no non-wholly owned subsidiaries of the Group that have material non-controlling interests.
13.3 There are no significant restrictions on the ability of the Group to access or use assets and settle liabilities.

GROUP COMPANY
Rs. Rs. Rs. Rs.
14. NON-CURRENT FINANCIAL ASSETS

Financial assets - fair value through OCI 323,650 1,970,962 323,650 1,970,962
323,650 1,970,962 323,650 1,970,962
All investments in quoted equity securities are carried at fair value. Market value per share are based on
the quoted prices available at the Colombo Stock Exchange (Level 1). However, in respect of the financial
year 31 March 2022, the value has been determined based on the quoted price as of 31 March 2022 which
represents a level 1 valuation technique.
Group/Company
Investments in quoted equity securities No. of Cost as at Fair value No. of Cost as at Fair value
shares 31.03.2023 31.03.2023 shares 31.03.2022 31.03.2022
Rs. Rs. Rs. Rs.
Balangoda Plantations PLC 100 - - 100 2,000 1,740

CT Land Development PLC 5,250 22,050 142,275 5,250 22,050 135,450
Dialog Axiata PLC 1,980 - - 1,980 25,380 19,800
Hapugastenna Plantations PLC 100 - - 100 1,000 2,230
Kahawatte Plantations PLC 666 - - 666 7,490 15,185
Lanka IOC PLC 1,000 - - 1,000 27,000 30,800
Madulsima Plantations PLC 600 - - 600 6,250 5,520
Namunukula Plantations PLC 500 7,500 181,375 500 7,500 199,375
Nations Trust Bank PLC 2,611 - - 2,556 49,705 125,062
Sierra Cables PLC 1,100 - - 1,100 3,300 7,480
Softlogic Holdings PLC 2,000 - - 2,000 58,000 75,200
Softlogic Life Insurance PLC 30,000 - - 30,000 85,000 1,302,000
Talawakelle Tea Estates PLC 600 - - 600 6,000 51,120
Total investment in quoted
equity securities 29,550 323,650 300,675 1,970,962

GROUP COMPANY
Rs. Rs. Rs. Rs.
15. DEFERRED TAX ASSETS

As at the beginning of the year 9,931,934 10,649,563 9,761,351 9,796,681
Recognized in profit or loss 3,968,274 (821,225) 3,893,623 (183,100)
Recognized in other comprehensive income (413,155) 103,598 (354,279) 147,770
As at the end of the year 13,487,053 9,931,934 13,300,695 9,761,351
The analysis of deferred tax assets and liabilities is as follows;
On retirement benefit obligation 652,784 845,364 466,426 674,781
On provisions 12,337,201 9,522,753 12,337,201 9,522,753
On tax loss carried forward 860,284 - 860,284 -
Total deferred tax assets 13,850,269 10,368,117 13,663,911 10,197,534
On property, plant and equipment (363,216) (436,183) (363,216) (436,183)
Total deferred tax liabilities (363,216) (436,183) (363,216) (436,183)
Net deferred tax assets 13,487,053 9,931,934 13,300,695 9,761,351

16. INVENTORY
Trading goods 12,392,385 12,513,386 12,168,785 12,513,386
Spares 23,553,027 22,364,128 23,553,027 22,364,128
Impairment allowance for slow moving inventory (33,327,517) (32,352,058) (33,327,517) (32,352,058)
2,617,895 2,525,456 2,394,295 2,525,456
17. TRADE AND OTHER RECEIVABLES
Trade debtors 28,806,811 24,455,889 27,268,359 22,261,573
Less : Loss allowance for the year (7,780,590) (7,299,942) (7,780,590) (7,299,942)
21,026,221 17,155,947 19,487,769 14,961,631
Other receivables 5,534,586 6,461,954 5,534,586 6,461,954
Cash for testing and calibration - - - -
Staff loans 259,527 - - -
26,820,334 23,617,901 25,022,355 21,423,585
GROUP
The maximum exposure to credit risk of the group for trade receivables at the reporting date is Rs.
28.80Mn (2022 - Rs. 24.46Mn).
Total Neither Past due but not impaired Impaired

Past due nor 0-60 days 61-120 days 121-180 days >180 days
impaired
Rs. Rs. Rs. Rs. Rs. Rs. Rs.
Balance as at
31 March 2023 28,806,811 - 14,062,072 3,100,218 3,167,651 696,281 7,780,590
Company
The maximum exposure to credit risk for trade receivables at the reporting date is Rs. 27.26 Mn (2022 - Rs.
22.26 Mn)
Total Neither Past due but not impaired Impaired

Past due nor 0-60 days 61-120 days 121-180 days >180 days
impaired
Rs. Rs. Rs. Rs. Rs. Rs. Rs.
Balance as at
31 March 2023 27,268,359 - 13,420,359 3,031,218 2,339,911 696,281 7,780,590

GROUP COMPANY
Rs. Rs. Rs. Rs.
18. D UES FROM R ELATED C OMPANIES

Dues from related companies (Note 18.1) 16,138,177 17,893,132 15,310,825 15,076,818
Dues from Directors and Key Management - 3,195,000 - 3,195,000
16,138,177 21,088,132 15,310,825 18,271,818
18.1Dues from related companies

Ceylon Printers PLC 16,124,177 9,291,611 14,796,925 4,971,532
International Computers (Ceylon) Ltd - - 513,900 1,875,423
Kalamazoo Industries (Private) Ltd 14,000 7,917,463 - 7,738,037
Paragon Ceylon PLC 384,058 - 191,825
C.P. Group Investments (Pvt) Ltd - 300,000 - 300,000
16,138,177 17,893,132 15,310,825 15,076,818
19. C URRENT T AX R ECEIVABLE

ESC receivable - 268,846 - 268,846
WHT receivable 8,031 4,096 6,827 4,096
WHT claimed during the year (1,204) - - -
Tax paid for current financial year 1,663,655 - 1,663,655
ESC claimed for the period - (158,550) - (158,550)
1,670,482 114,392 1,670,482 114,392
Write off - WHT - (110,296) - (110,296)
Write off - ESC - (4,096) - (4,096)
1,670,482 - 1,670,482 -
19.1Income tax payable
Balance at the beginning of the year (1,510,147) (1,510,147) (1,399,495) (1,399,495)
Under provided tax for previous year - - - -
Tax paid for previous year - - -
(1,510,147) (1,510,147) (1,399,495) (1,399,495)
Tax provision for the year - - - -
(1,510,147) (1,510,147) (1,399,495) (1,399,495)
ESC paid for the year - - - -
Tax paid for the year - - - -
Balance at the end of the year (1,510,147) (1,510,147) (1,399,495) (1,399,495)
19.2The above income tax receivable of the group is made up as follows:
Office Equipment PLC (1,399,495) (1,399,495)

International Computers (Ceylon) Ltd (110,652) (110,652)
(1,510,147) (1,510,147)

GROUP COMPANY
Rs. Rs. Rs. Rs.
20. OTHER CURRENT FINANCIAL ASSETS

Loans and investments
Investments in fixed deposits - 23,960,070------------------ 23,960,070
- 23,960,070------------------ 23,960,070
20.1 Investments in fixed deposits

Commercial Bank of Ceylon PLC - 23,960,070 - 23,960,070
- 23,960,070 - 23,960,070
21. Cash and cash equivalents
Components of cash and cash equivalents
Favourable cash and cash equivalent balances

Cash at bank 17,049,163 4,531,143 13,095,130 3,039,013
Cash in hand 125,650 75,650 120,650 70,650
17,174,813 4,606,793 13,215,780 3,109,663
Unfavourable cash and cash equivalent balances

Bank overdrafts (Note 24) (11,274,985) - (11,274,985) -
(11,274,985) - (11,274,985) -
Cash and cash equivalents for

the purpose of cash flow statements 5,899,828 4,606,793 1,940,795 3,109,663
22. Stated capital

833,560 ordinary shares in issue 833,560 833,560 833,560 833,560
833,560 833,560 833,560 833,560
Number of ordinary shares in issue

At the beginning of the year 833,560 833,560 833,560 833,560
Total number of shares in issue as at the
end of the financial year 833,560 833,560 833,560 833,560
23. OTHER COMPONENTS OF EqUITY
Fair value reserve of financial assets at FVOCI

Balance as at 01 April 1,722,797 1,191,371 1,722,797 1,191,371
Gains from financial assets at FVOCI (11,175) 531,426 (11,175) 531,426
Less:Realization of fair value through other
comprehensive income to retained earnings (1,417,522) - (1,417,522) -
Balance as at 31 March 294,100 1,722,797 294,100 1,722,797
Investments classified under this category are initially recognized and subsequently measured at fair
value and the changes in fair value are recognized in other comprehensive income and presented under
fair value reserve of financial assets at FVOCI" within equity.

GROUP COMPANY
Rs. Rs. Rs. Rs.
24. I NTEREST B EARING B ORROWINGS

Non current
Obligations under finance lease (Note 24.1) - 1,480,899 - 1,480,899
Total non current loans and borrowings - 1,480,899 - 1,480,899
Current
Obligations under finance lease (Note 24.1) 1,480,899 1,522,364 1,480,899 1,522,364
Term loans (Import loans) (Note 24.2) - 347,049 - 347,049
Loans from other parties (Note 24.3) 205,000 205,000 205,000 205,000
Bank overdrafts (Note 21) 11,274,985 - 11,274,985 -
Total current loans and borrowings 12,960,884 2,074,413 12,960,884 2,074,413
24.1Obligations under finance lease

Balance at the beginning of the period 3,003,264 4,154,663 3,003,264 4,154,663
Leases obtained during the year - - - -
Settlements during the year (1,522,365) (1,151,399) (1,522,365) (1,151,399)
1,480,899 3,003,264 1,480,899 3,003,264
Interest in suspense - - - -
1,480,899 3,003,264 1,480,899 3,003,264
Payable within one year 1,480,899 1,522,364 1,480,899 1,522,364
Payable after one year - 1,480,899 - 1,480,899
1,480,899 3,003,263 1,480,899 3,003,263
24.2Term loan
Commercial Bank of Ceylon PLC - 347,049 - 347,049
- 347,049 - 347,049
24.3Loans from other parties

Mrs. B.A.J. Ratnasabapathy 205,000 205,000 205,000 205,000
205,000 205,000 205,000 205,000

GROUP COMPANY
Rs. Rs. Rs. Rs.
25. R ETIREMENT BENEFIT OBLIGATION

Movement in the defined benefit obligation recognized in the financial position :
As at the beginning of the year 3,522,351 3,420,344 2,811,588 2,640,795
Interest for the year 271,751 254,889 200,675 176,934
Charge for the year 255,526 378,212 219,920 340,901
Benefits paid (496,500) (962,750) (496,500) (962,750)
Actuarial loss / (gain) (1,377,182) 431,657 (1,180,931) 615,708
As at the end of the year 2,175,946 3,522,351 1,554,753 2,811,588
The amounts recognized in the statement of profit or loss and other comprehensive income
Interest for the year 271,751 254,889 200,675 176,934
Charge for the year 255,526 378,212 219,920 340,901
Actuarial loss / (gain) (1,377,182) 431,657 (1,180,931) 615,708
Total (849,904) 1,064,758 (760,335) 1,133,543
Sensitivity of assumptions employed in actuarial valuation

The following table demonstrates the sensitivity to a reasonably possible change in the key assumptions
employed with all other variables held constant in the employment benefit liability measurement.
The sensitivity of the profit or loss and statement of financial position is the effect of the assumed
changes in discount rate and salary increment rate on the profit or loss and employment benefit
obligation for the year.
Group
Increase/ Increase/ Sensitivity effect on Sensitivity effect on
(decrease) in (decrease) in income statement employment benefit
discount rate salary increment reduction/ (increase) in obligation increase/
the loss for the year (decrease) in the liability
1% - 102,997 (102,997)
(1%) - (110,001) 110,001
- 1% (118,666) 118,666
- (1%) 112,675 (112,675)
Company
Increase/ Increase/ Sensitivity effect on Sensitivity effect on
(decrease) in (decrease) in income statement employment benefit
discount rate salary increment reduction/ (increase) in obligation increase/
the loss for the year (decrease) in the liability
1% - 78,880 (78,880)
(1%) - (84,185) 84,185
- 1% (91,155) 91,155
- (1%) 86,598 (86,598)
The employee benefit liability of the group has been computed by the management using the
projected unit credit method.
The principal assumptions used in determining the cost of employee benefits were:
- Rate of discount 10% 9.25% - 10% 10% 10%
- Salary increment rate 1.30% 9% - 9.25% 0.71% 9%
- Retirement age 55 years and 80 years 55 years and 80 years
GROUP COMPANY
Rs. Rs. Rs. Rs.
26. T RADE A ND O THER P AYABLES
Trade creditors 2,359,090 10,016,258 2,359,090 9,505,448
Deferred income 8,715,698 14,073,761 8,715,698 14,073,761
Expense creditors and others 3,348,678 4,191,520 2,917,497 3,876,889
14,423,466 28,281,539 13,992,285 27,456,098
27. Dues To Related Companies
Paragon Ceylon PLC 165,550 - 165,550 -
Kalamazoo Industries Pvt Ltd 185,999 - 185,999 -
351,549 - 351,549 -
28. RELATED PARTY TRANSACTIONS
28.1Transactions with Key Management Personnel
Related parties include key management personnel defined as those persons having authority and
responsibility for planning, directing and controlling the activities of the Company. Key Management
Personnel include members of the Board of Directors of the Company. Compensation to Key
Management personnel are as follows:
Group Company
Rs. Rs. Rs. Rs.
Cash Benefits 1,117,675 1,310,011 1,117,675 1,214,011
Non-Cash Benefits 282,000 216,000 186,000 216,000
1,399,675 1,526,011 1,303,675 1,430,011
Cash Benefits
Name Relationship
Mr.L.I.Ratnasabapathy Chairman 1,117,675 1,183,500 1,117,675 1,159,500
Mr.L.C.G.Ratnanther Director - 78,511 - 54,511
Mrs.A.M.De Alwis Director - 24,000 - -
Mr.A.A.Page Director - 24,000 - -
1,117,675 1,310,011 1,117,675 1,214,011
Non-Cash Benefits
Name Relationship
Mr.L.I.Ratnasabapathy Chairman 60,000 36,000 36,000 36,000
Mr.L.C.G.Ratnanther Director 30,000 36,000 6,000 36,000
Mr.M.M.Marzook Director 36,000 36,000 36,000 36,000
Mr.P.S.R. Casie Chitty Director 36,000 36,000 36,000 36,000
Mrs.A.M.De Alwis Director 60,000 36,000 36,000 36,000
Mr.A.A.Page Director 60,000 36,000 36,000 36,000
282,000 216,000 186,000 216,000
28.2 Loans from related parties

The Company has obtained loans from the following related parties:
Name Relationship 2023 2022

Rs. Rs.
Mrs. B. A. J. Ratnasabapathy Mother of Mr. I. Ratnasabapathy 205,000 205,000
All outstanding balances are unsecured and repayable on demand. No guarantees have been issued or
received in respect of any related party balance. All balances are fully recoverable and payable in cash.
Further, the transactions with the related party are entered on pre-agreed terms.

28.3 Transactions of the group with related companies and key management
Name of Company Relationship Nature of Transactions 2023 2022
Ceylon Printers PLC Other related party Purchase of goods and services (190,500) (318,050)
Sale of goods and services - 1,151,005
Net of expense reimbursement (6,554,524) 4,643,516
Fund transfers 13,387,090 (2,964,955)
Net effect of transactions during the year 6,642,066 2,511,516
Kalamazoo Industries Other related party Expense reimbursements 42,000 (24,000)
(Private) Ltd Fund transfers / settlements 7,764,610 -
Net effect of transactions during the year 7,806,610 (24,000)
Paragon Ceylon PLC Other related party Rent expenses (1,357,350) (503,700)
Net of expense reimbursement (248,325) (477,785)
Sale of goods (25,500)
Fund transfers 83,183 403,700
Net effect of transactions during the year (1,547,992) (577,785)
CP Group
Investments (Pvt) Ltd Other related party Fund transfers 300,000 (300,000)
Net effect of transactions during the year (300,000) (300,000)
W N S Canagaratna Father of A. M. de Alwis Sale of asset - 3,775,000
Net effect of transactions during the year - 3,775,000
* L.I.Rathnasabapathy Chairman Ex-Gratia Payment 4,470,820 -
Net effect of transactions during the year 4,470,820 -
28.4 Transactions of the Company with related companies key management
Name of Company Relationships Nature of Transactions 2023 2022
Rs. Rs.
Ceylon Printers PLC Other related party Purchase of goods and services (190,500) (246,050)
Sale of goods and services - 3,078
Net of expense reimbursement (7,755,501) 4,644,046
Fund transfers 17,580,894 (6,217,028)
Net effect of transactions during the year 9,634,893 (1,815,954)
International Computers Subsidiary Net of expense reimbursement 24,000 24,000
(Ceylon) Ltd Purchase of goods (4,900) (7,900)
Fund transfers (1,385,523) 1,657,900
Net effect of transactions during the year (1,366,423) 1,674,000
Kalamazoo Industries
(Private) Ltd Other related party Expense reimbursements (24,000) (24,000)
Fund transfers 7,948,036 -
Net effect of transactions during the year 7,924,036 (24,000)
Paragon Ceylon PLC Other related party Rent expenses (1,357,350) (503,700)
Sale of goods (25,500)
Net of expense reimbursement (248,325) (477,785)
Fund transfers (109,050) 503,700
Net effect of transactions during the year (1,740,225) (477,785)
CP Group
Investments (Pvt) Ltd Other related party Fund transfers 300,000 (300,000)
Net effect of transactions during the year 300,000 (300,000)
W N S Canagaratna Father of A. M. de Alwis Sale of asset - 3,775,000
Net effect of transactions during the year - 3,775,000
* L.I.Rathnasabapathy Chairman Ex-Gratia Payment 4,470,820 -
Net effect of transactions during the year 4,470,820 -

* During the financial year 22/23 the board has passed a resolution on 19th of December 2022 to
pay Rs.6,200,000 as ex-gratia payment to L.I.Rathnasabapathy , chairman of the group .Originally
the payment was paid by Ceylon Printers PLC, subsequently the payment was apportioned using
revenue as base of both companies.After apportion Office Equipment PLC incured a expense of
Rs.4,470,820 and Ceylon Printers PLC incured a expense of Rs.1,729,180.
There have been no related party transactions other than those disclosed above to be disclosed
in the financial statements.
29. A SSETS P LEDGED

No Assets have been pledged as securities to obtain Bank O/D
30. FINANCIAL I NSTRUMENTS - FAIR V ALUES A ND R ISK M ANAGEMENT
30.1 Accounting classification and fair value of financial instruments

The summary of significant accounting policies describes how the classes of financial instruments
are measured, and how income and expenses, including fair value gains/(losses), are recognized.
Financial assets of the group include bank balances and cash, trade and other receivables, deposits
and due from related parties. Financial liabilities of the group include interest bearing loans and
borrowings, trade payables and other payables.
The fair values of the financial assets and liabilities are not materially different from their carrying
value unless stated otherwise.
30.2 Analysis of financial instruments

All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that
is significant to the fair value measurement as a whole;
Level 1 – Inputs that are quoted market prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable.
Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.

Determination of fair value and fair value hierarchy

Set out below is the comparison, by classes, of the carrying amounts of fair values of the Group's/
Company's financial instruments that are not carried at fair value in the financial statements. This
table does not include the fair values of non-financial assets and non-financial liabilities.
Group 2023 2022

Carrying Fair Carrying Fair
Amount Value Amount Value
Rs. Rs. Rs. Rs.
Financial assets
Non current financial assets 323,650 323,650 1,970,962 1,970,962
Trade and other receivables 26,820,334 26,820,334 23,617,901 23,617,901
Other current financial assets - - 23,960,070 23,960,070
Cash and cash equivalents 17,174,813 17,174,813 4,606,793 4,606,793
Financial liabilities
Trade and other payables 14,423,466 14,423,466 28,281,539 28,281,539
Loans and borrowings 12,960,884 12,960,884 3,555,312 3,555,312
Dues to related parties 351,549 351,549 - -
Company 2023 2022

Carrying Fair Carrying Fair
Amount Value Amount Value
Rs. Rs. Rs. Rs.
Financial assets
Non current financial assets 323,650 323,650 1,970,962 1,970,962
Trade and other receivables 25,022,355 25,022,355 21,423,585 21,423,585
Other current financial assets - - 23,960,070 23,960,070
Cash and cash equivalents 13,215,780 13,215,780 3,109,663 3,109,663
Financial liabilities
Trade and other payables 13,992,285 13,992,285 27,456,098 27,456,098
Loans and borrowings 12,960,884 12,960,884 3,555,312 3,555,312

30.2 Financial instruments - fair values and risk management (Contd.)

Fair value of financial assets and liabilities not carried at fair value
The following describes the methodologies and assumptions used to determine the fair values
for those financial instruments which are not already recorded at fair value in the financial
statements.
Assets for which fair value approximates carrying value

For financial assets and financial liabilities that have a short term maturity (original maturities
less than a year), it is assumed that the carrying amounts approximate their fair values. This
assumption is also applied to fixed deposits and savings deposits without a specific maturity.
Fixed rate financial instruments

Carrying amounts are considered as fair values for short term credit facilities.
31. C OMMITMENTS AND CONTINGENCIES

There were no commitments and contingencies existing as at the reporting date.
32. EVENTS OCCURRING AFTER THE REPORTING DATE

There were no significant events after the reporting date which require adjustments to or
disclosures in the financial statements.

Director's Interest in Contracts
The Directors of the company are also the Directors of following companies.
Name of Company Names of Directors
Ceylon Printers PLC Mr. L. I. Ratnasabapathy

Mr. A. A. Page
Mr. M. M. Marzook
Ms. A. M. De Alwis
Mr. M.R.Y. Riffai
Ms. D.T. De Alwis
International Computers (Ceylon) Ltd Mr. L. I. Ratnasabapathy

Mr. L. C. G. Ratnanather
Mr. A. A. Page
Ms. A. M. De Alwis
Kalamazoo Industries (Pvt) Ltd Mr. L. I. Ratnasabapathy

Mr. A. A. Page
Ms. A. M. De Alwis
Paragon Ceylon PLC Mr. L. I. Ratnasabapathy

Mr. M. M. Marzook
Ms. A. M. De Alwis
Mr. M.R.Y. Riffai
Ms. D.T. De Alwis
C. P. Group Investment (Pvt)Ltd Mr. L. I. Ratnasabapathy

Ms. A. M. De Alwis

Five Year Review - Group
As at the year ended 31st March 2023 2022 2021 2020 2019
Financial Results
Revenue 66,795,854 75,055,019 55,409,136 78,161,483 89,946,596
Results from operations (93,108) 18,313,814 3,715,371 (1,744,610)(11,528,854)
Net finance (costs)/Income 655,403 (758,016) (2,303,754) (2,256,599) (580,363)
Profit/(Loss) before taxation 562,295 17,555,798 1,411,617 (4,001,209)(12,109,217)
Tax expenses 3,723,578 (4,261,979) 3,394,694 4,028,890 (387,956)
Profit for the year 4,285,873 13,293,819 4,806,311 27,682 (12,497,173)
Attributable to -
Owners of the parent - - - - -
Non-controlling Interest - - - - -
4,285,873 13,293,819 4,806,311 27,982 (12,497,173)
Financial Position
Stated capital 833,560 833,560 833,560 833,560 833,560
Reserves 49,133,402 52,229,266 38,732,080 32,891,294 32,229,907
Total equity attributable to equity
holders of the parent 49,966,962 53,062,826 39,565,640 33,724,854 33,063,467
Non-controlling interest - - - - -
Total equity 49,966,962 53,062,826 39,565,640 33,724,854 33,063,467
Borrowings
Borrowing 12,960,884 2,074,413 10,076,342 26,481,806 33,981,477
Trade payables 14,423,466 28,281,539 22,277,703 32,181,284 14,510,887
27,384,350 30,355,952 32,354,045 58,663,090 48,492,364
Net Assets
Current assets 65,931,847 77,308,499 63,463,150 85,136,225 79,546,583
Current liabilities (29,277,654) 33,638,156 (32,361,436) (55,277,615)(49,160,127)
Net current liabilities 36,654,193 43,670,343 31,101,714 29,858,610 30,386,456
Non-current liabilities 2,175,946 5,003,250 6,307,356 8,433,986 3,581,455)
Non-current assets 15,488,715 14,395,732 14,771,282 12,300,229 6,258,466
Total net assets 49,966,962 53,062,826 39,565,640 33,724,854 33,063,467
Ratios & Statistics

Growth in annual turnover (%) 11.00 (35.45) (29.11) (10.10) 9.50
Earnings /(Loss )per share (Rs.) 5.14 15.95 5.77 0.03 (14.99)
Dividend per share (Rs.) 10.00 - - - 1.50
Market price per share (Rs.) - - - - 70.00
Net asset value per share 59.94 63.65 47.46 40.45 39.66
Dividend payout ration - - - - (0.10)
Note
All per share details have been calculated, for all periods, based on the number of shares in issue as
at 31st March 2023.

Notes
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................
.................................................................................................................................................................

Form of Proxy
I/We the undersign............................................................having NIC No ……….................................……
of …………………………….....................................................………………………………………………………………………
being a member/s* of Office Equipment PLC hereby appoint: .............................................................
...............................................................................................................of……………………………………………
……........................................................…………………………………………….................................................….
Mr. L I Ratnasabapathy or failing him*

Mr. Anthony A Page or failing him*
Mr. P.S.R Casie Chitty or failing him*
Mr. M.M. Marzook or failing him*
Ms. A M de Alwis or failing her
Mr. M.R.Y. Riffai or failing him*
Ms. D.T. De Alwis
my/our * Proxy to vote and speak as indicated hereunder for me/us* and on my/our* behalf at the
Extraordinary General Meeting of the Company to be held on 1 st March 2024 and at every poll which
may be taken in consequence of the aforesaid Meeting and at any adjournment thereof:
For Against
Resolution 1
To re-appoint Messrs. Pope & Co., Chartered Accountants as the Auditors of
the Company and authorize the Directors to determine their remuneration.
In witness my/our* hands this ....................... day of............................. Two Thousand and Twenty Four.
..............................................
Signature of Shareholder(s)
* Please delete the inappropriate words.
Instructions as to completion appear on the reverse.

Form of Proxy Contd...
INSTRUCTIONS F OR C OMPLETION O F F ORM OF PROXY
1. This Form of Proxy must be deposited at No. 20, Sir Chittampalam A

Gardiner Mawatha not less than forty eight (48) hours before the time
fixed for the Meeting.
2. In perfecting the Form of Proxy please ensure that all details are legible.
3. If you wish to appoint a person other than a Director of the Company

as your proxy, please insert the relevant details in the space provided.
4. Please indicate with an 'X' in the space provided, how your proxy is
to vote on the resolution. If no indication is given, the proxy in his
discretion will vote as he thinks fit.
5. In the case of a Company/Corporation, the proxy must be under its

Common Seal, which should be affixed and attested in the manner
prescribed by its Articles of Association.
6. In the case of a Proxy signed by an Attorney, the Power of Attorney

must be deposited at The Secretaries' Office (i.e. P W Corporate
Secretarial (Pvt) Ltd, 3/17, Kynsey Road, Colombo 8) for registration.

O E PLC A R: Ffice Quipment Nnual Eport

Uploaded by

Copyright:

Available Formats

O E PLC A R: Ffice Quipment Nnual Eport

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

O E PLC A R: Ffice Quipment Nnual Eport

Uploaded by

Copyright:

Available Formats

OFFICE EQUIPMENT PLC

BY ORDER OF THE BOARD

20th January 2024.

ANNUAL REPORT- 2022 1

Mr. M. R. Y. Riffai (w.e.f. 01st December 2023)

Ms. D. T. De Alwis (w.e.f. 01st December 2023)

2 ANNUAL REPORT- 2022

A. A. Page – Independent Non-Executive Director

P. S. R. Casie Chitty – Independent Non-Executive Director

M. M. Marzook – Independent Non-Executive Director

A. M. De Alwis – Executive Director

ANNUAL REPORT- 2022 3

Mr. M. R. Y. Riffai – Independent Non-Executive Director

Ms. D. T. De Alwis – Independent Non-Executive Director

Currently working as the CEO of Lakderana Investments Ltd.

4 ANNUAL REPORT- 2022

19th January 2024.

ANNUAL REPORT- 2022 5

Summarised Financial Results

Revenue 66,795,854 75,055,019 61,952,154 60,156,691

6 ANNUAL REPORT- 2022

ANNUAL REPORT- 2022 7

Mr. L I Ratnasabapathy Nil Nil

Major Shareholders, Distribution Schedule and other information

8 ANNUAL REPORT- 2022

The Report on Corporate Governance is given on pages 13 to 14 of the Annual Report.

By Order of the Board

Mr. L.I. Ratnasabapathy Ms A.M. De Alwis P W Corporate Secretarial (Pvt) Ltd

20th January 2024

ANNUAL REPORT- 2022 9

T WENTY M AJOR S HAREHOLDERS A S A T 31 ST M ARCH 2023

D IRECTORS’ S HAREHOLDING AS AT 31ST M ARCH 2023

Names of Directors No. of shares Percentage (%)

Mr. Anthony A. Page 10 0.001

SHARE PRICES FOR THE YEAR

31/03/2023 Date 31/03/2022 Date

Market price per share - -

10 ANNUAL REPORT- 2022

FLOAT ADJUSTED MARKET CAPITALIZATION

DISTRIBUTION OF SHARE HOLDING AS AT 31ST MARCH 2023

From To No. of Shareholders No. of Shares %

1 1,000 300 33,930 4.07

A NALYSIS OF S HAREHOLDERS AS AT 31ST M ARCH 2023

Category No. of Shareholders No. of Shares %

Local Individuals 299 433,445 52.00

ANNUAL REPORT- 2022 11

By Order of the Board

P W Corporate Secretarial (Pvt) Ltd

19th January 2024

12 ANNUAL REPORT- 2022

BOARD MEETINGS NO OF MEETINGS HELD/

ANNUAL REPORT- 2022 13

CORPORATE GOVERNANCE Compliance Table (Colombo Stock Exchange – Listing Rule)

Subject Compliance Detail

14 ANNUAL REPORT- 2022

Composition of the Committee

Mr. P. S. R. Casie Chitty – Chairman

Objective of the Committee

DIRECTOR POSITION HELD NO OF MEETINGS HELD