Industrial Asphalts Ceylon : Annual Report 2021/2022

INDUSTRIAL ASPHALTS (CEYLON) PLC - ANNUAL REPORT 2021/2022	1

TABLE OF CONTENTS

COMPANY OVERVIEW
Financial Highlights	03
Corporate Information	04
MANAGEMENT REPORTS
Executive Director's Review	05
Management Discussion and Analysis	06
Board of Directors	09
Enterprise Risk Management	11
GOVERNANCE REPORTS
Annual Report of the Board of Directors	15
Statement of Directors' Responsibility	20
Report of the Audit Committee	21
Report of the Remuneration Committee	24
Report of the Related Party Transactions Review Committee	25
Report of the Investment Committee	27
Corporate Governance	28
FINANCIAL STATEMENTS
Independent Auditor's Report	40
Statement of Comprehensive Income	44
Statement of Financial Position	45
Statement of Changes in Equity	46
Cash Flow Statement	47
Notes to the Financial Statements	48
SUPPLEMENTARY INFORMATION
Five Year Financial Summary	77
Shareholders Information	78
Notice of Annual General Meeting	80
Form of Proxy	81

2		INDUSTRIAL ASPHALTS (CEYLON) PLC - ANNUAL REPORT 2021/2022

FINANCIAL HIGHLIGHTS

	2021/22	2020/21	Change
Operating Results and Ratios
Revenue	35,400,000	35,400,000	-
Results from Operating Activities	222,606,816	215,823,126	3.14%
Profit before Tax	230,847,745	217,787,240	6.00%
Profit after Tax - Continuing Operations	235,356,778	217,832,283	8.04%
Profit after Tax - Discontinued Operations	(6,348,677)	(100,634,207)	-93.69%
Net Profit	229,008,101	117,198,076	95.40%
Total Comprehensive Income	229,626,630	116,783,660	96.63%
Statement of Financial Position
Highlights and Ratios
Total Assets	1,256,255,568	1,031,179,365	21.83%
Stated Capital	156,642,070	156,642,070	-
Retained Earnings	1,046,244,294	770,505,001	35.79%
Total Equity	1,218,027,663	988,401,033	23.23%
Total Liabilities	38,227,905	42,778,332	10.64%
Current Ratio (Times)	4.52	3.77	0.75
Debt to Equity Ratio (Times)	0.03	0.04	(0.01)
Investor Information and Ratios
Earnings per Share - Rs.	0.06	0.03	0.03
Net Assets per Share - Rs.	0.32	0.26	0.06
Market Value per Share (end) - Rs.	0.40	0.40	-
Return on Equity (ROE) - %	19%	12%	7%
Number of shares issued	3,749,411,250	3,749,411,250	-
Market Capitalization	1,499,764,500	1,499,764,500	-
Float Adjusted Market Capitalization	776,341,296	695,481,500	80,859,796

• Certain comparative figures have been restated to conform to the classification and presentation as at 31st March 2022

INDUSTRIAL ASPHALTS (CEYLON) PLC - ANNUAL REPORT 2021/2022	3

CORPORATE INFORMATION

Legal Form	Quoted Public Company with limited liability,
	listed on the Colombo Stock Exchange
Date of Incorporation	30 June 1964
Date of Re-registration	1 August 2008
Accounting year end	31 March
Company Registration Number	PQ 185
Registered Office	MMBL Pathfinder Office Complex
	No.345/D, Negombo Road,
	Peliyagoda
Website and Email	www.iac.lk
	[e-mail]
Directors	Mr. G. Ramanan (Executive Director)
	Mr. N. K. Dahanayake (Non-Executive Independent Director)
	Mr. R. Kishore Ignatius (Non-Executive Independent Director)
	Mr. S. Marimuthu (Non-Executive Independent Director)
	Mr. R. Raguneethan (Non-Executive Independent Director)
Company Secretaries	Ninecap Corporate Solutions (Pvt) Ltd
	No. 55, Vinayalankara Mawatha,
	Colombo 10
Registrars	Central Depository Systems (Pvt) Ltd
	Ground Floor, M & M Center,
	341/5, Kotte Road, Rajagiriya
Auditors	A. I. Macan Markar & Co.
	Chartered Accountants
	46- 2/1, 2nd Floor, Lauries Road,
	Colombo 04
Bankers	Commercial Bank of Ceylon PLC
	Hatton National Bank PLC

4		INDUSTRIAL ASPHALTS (CEYLON) PLC - ANNUAL REPORT 2021/2022