odel 2009-2010

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Annual Report 2009/2010

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vision

mission

2 r | 6 | 8 | 10 t

12 | 15 a journey of a 128,000 sq. ft | 16 s | 18 ne a 20-year journey |

20 an oasis for your senses | 22 tl | 24 ae | 34 | 36 k |

37 just a smile | 38 e.

43 n | 44 d | 47

report | 48 t | 49 t | 50 | 51 y | 52

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At Odel we take our uniqueness toanother level - by creating a spacefor action where we conceptualise,

implement and succeed in our plans.This also means that we love challenging

boundaries. Its where we put ourimagination to the test.

We offer people an array of diverseproducts and services that are INstyle,distinctive and constantly evolving, for

the better. By incorporating the conceptof a balanced mind, body & soul we

create and give people a multi-sensorialexperience that is matchless in every way.

Yet, we also offer more than that. Ourdistinctiveness lies in the ability to always

give all our stakeholders a space; toaspire, live, make and createa lifestyle.

And we do just that. Our future plans forexpansion are visionary and strategic,while keeping in mind the power of a

business to do good.

This is why we believe thatwere one-of-a-kind.

at Odel, we believethat wereone-of-a-kind

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2 | Annual Report 2009/2010

Quite unostentatious in comparison to

what it is today, but carpeted. And it had

wheels!

Long before the iconic 33,000 square

Place, Colombo, there was the boot of

a blue station-wagon. Brimming with a

surplus clothing, it was driven by a

The clientele were friends and family of

local fashion industry, and armed with a

degree in Biology from the USA. They

trusted her eye for style.

It was sometime in 1989.

The year in which the World Wide

Web was invented and Giorgio Armani

opened his very first Emporio Armani inthe US, on a sprawling 10,000 square

feet on Fifth Avenue, New York. A year,

where nothing momentous happened in

the fashion retail industry, in Sri Lanka.

But dreams were being dreamt. Of

distinctive clothing and maybe a little bit

more. Something iconic. There were also

the dreams of a father who registered a

business in the name of his only daughte

name. The birth of Odel.

Yes. There were dreams. But it really did

start from the boot of a car.

1989.

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Annual Report 2009/2010 | 3

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aspire

live

make

create

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Group revenue Rs.Millions 1,950.71 2,416.78Gross profit Rs.Millions 636.81 842.22 211.31 140.69Profit attributable to Equity Holders of Parent Rs.Millions 34.31 141.80Total Dividends Rs.Millions 8.10 148.33

Total Assets Rs.Millions 1,508.96 2,348.56Total Equity/Net Assets Rs.Millions 627.48 1,196.40Total Liabilities Rs.Millions 881.48 1,152.16

Diluted earning per share Rs. 0.27 1.11Average Return on equity (ROE) % 5.20 15.40Gross margin % 32.6 34.85Net Margin % 1.65 5.82Interest Cover Number of times 1.70 3.90Net Debt to Equity 75:100 45:100

Acid Test (Liquid Assets/ Current Liabilities) Number of times 0.20 0.10Inventory days Number of Days 114 123

Revenue % 23.9Gross Profit % 32.3 82.4 233.5Net Profit % 337.1Net Asset % 91.0Total Assets % 56.0

Group revenue

2009/10

2008/09

2,416.78 mn

1,950.71 mn

23.90%

Group revenue Revenue Growth

Net assets

31/03/2010

31/03/2009

3%1,196.40 mn91%

Total Equity/Net Assets Net Assets Growt

Gross profit

2009/10

2008/09

-5.1%842.22 mn32.3%

Gross profit Gross Profit growth

636.81 mn 627.48 mn

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2,416.78mn

842.22mn

1,196.40mn

211.31mn

Profit before tax

2009/10

2008/09

-53%211.31 mn233.5%

Profit Before Tax Profit Before Tax Growth

63.39 mn

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ODEL kicked off its2010 expansionplan with an

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which was coined by my father using

the company has grown beyond casualfamily inputs to a professionally run

operation with the governance structures

required to take the company public.

Otara remains the hard charging CEO

with the driving force and vision that has

made the Odel brand synonymous with

fashion and retailing in Sri Lanka.

confident that it will continue to set the

benchmark in retailing and continue itsmomentum in the new emerging post war

Sri Lanka.

I will be stepping down as Chairman of

the company mainly as a result of my

other official obligations. I am confident

that Odel will grow from strength to

strength and continue to pleasantly

surprise and please all its stakeholders in

the future.

I would like to take this opportunity

to welcome the newly appointed

independent directors Eardley Perera,

the board of the company. I am confident

add significant value to the company.

I would also like to thank Otara and the

management team for their significant

contribution during the last 20 years

which has made Odel what it is today.

I would also like to wish Ruchi the very

best as he takes over the mantle of

Chairman.

Chairman - Odel

Dear Stakeholder,

comments on the macroeconomic, socio

politcal and specific financial factors

that impacted the company in the year

under review. I intend to deviate from

this. Sri Lanka is on the cusp of a growth

momentum that has never been seen

before. And I believe so is Odel. Hence

history is irrelevant. However, for the

sake of posterity I will briefly touch on the

Otara who had returned from the USA

after a degree in Biology and a stint in

did not want to work in the formal private

sector as has been the family tradition.

Instead, in what was the emerging new

economic landscape with the thrust on

factories to resell to the mushrooming

years until she felt that Colombo needed

a better quality store which she was

confident she could offer. And that was

the beginning of Odel. Borrowing the

Dickmans Road premises from our father

as the location and tapping into virtually

all the family members for various

inputs from finance, interior design,

operations etc., and in fact the name

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say idea,someone on theteam comes up with

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Odel did happen quite by accident. But

what followed in the subsequent decades

was, however, far from accidental.

Yes, we made a determined effort

at unlocking ways to indulge each

customer. And yes, creativity across the

world provided a muse for our eclectic

brand.

But mostly it was our own imagination

that inspired us.

The imagination of a team, who like

me, wake up each morning challenging

a part of Odel. That, I believe, is what

makes us distinctly different from the

rest. And it is their incredible energy,

combined with our understanding of

what our customer wants, that will

help me drive Odel into the world of

possibilities.

challenges. A prolonged war and

restrictive import duties compelled us to

adapt, and keep our internal structures

and pricing strategies constantly under

the microscope. A determined focus on

ethics and good governance helped us

survive some tough times.

why, in the very midst of the recent

aggressively. In fact, we witnessed some

of our best years yet.

in business. The end of the war in Sri

Lanka has coincided with an era where

Asia is simply forging ahead in global

were to ask about my plans for Odel, I

across many more cities in Sri Lanka over

the international aura of the brand. And

maybe a new format of stores.

up interest overseas and these are

opportunities that we will keep an eye

on.

know.

I need to innovate, everyday. And

so does my team. Dreams and ideas

makes us tick.

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Executive Director / CEO

Otara, a 1986 biology graduate ofthe Bowling Green State University,Ohio, is a natural entrepreneur. With anappreciation for fashion and a desire tomake a marked difference in whatevershe set out to do, she wasted no time inapplying her knowledge and skills in the

business world. In time she created asuccessful brand by simply doing whatshe loved.

a business venture was selling hair careproducts. She then ventured into sellingapparel. A chance request by an apparelmanufacturer to help him dispose of anled her to set up shop in the boot of hercar. Her friends were her first regularclientele and she consolidated this

early success by selling to other storesin Colombo as well. Realising theenormous potential in this segment, sheset up her first retail store in 1990 onof her first name, Otara, with herher original, energetic and confidentapproach to business, amidst thechallenges faced due to the war, Otarawould go on to make her brand ODELa celebrated name and a retail successstory for Sri Lanka.

Non-Executive Director

Mr. Gunewardene is the CEO of

fully integrated strategic marketing andbrand consulting firm. He counts overas the former Country Manager /CEO of Coca-Cola Sri Lanka, Regionalthe Coca-Cola Company and Head ofSri Lanka. Prior to this, he was employedby multinationals Reckitt Benckiser and

JWT in their Sri Lankan operations.Mr. Gunewardene holds a Bachelorof Science, Honors Degree in Applied

Non-Executive Independent Director

Directorships within the Beira Group ofcompanies, a Group that is engagedsubstitution. He is one of the co-founders of Amba Research Lanka, aninternationally acclaimed and ranked

multinational knowledge processoutsourcing firm and serves as a Directoron its board since its incorporation.Prior to his stints as an entrepreneur and

Jardine Fleming Securities, starting inColombo and culminating as a Regionalhas a 1st Class Degree in Commercefrom the University of Poona, India andan MBA from the University of Chicago,

is also an associate member of theChartered Institute of ManagementAccountants (ACMA) as well as aChartered Financial Analyst (CFA).


Mr. Perera is the Chairman of M&E(Private) Limited, while also serving onPLC, Janashakthi Insurance PLC, STING

Consultants (Pvt) Ltd., and other privatecompanies. He also serves as a Memberon the Board of Study, PostgraduateInstitute of Management (PIM), Universityof Sri Jayewardenepura. A CharteredMarketer and senior member of TheChartered Institute of Marketing, Mr.in general management and marketingin trade and industry, and as a lectureron graduate and postgraduate levelprogrammes.


Mr. Topping counts over two decades ofand travel retailing in the European,American and Asian continents. UntilDirector-Asia and President-Asia. Alphais a member of the Italian Autogrillfood & beverage and retail services fortravellers. Prior to this, Mr.Topping heldthe position of Group MD of the RetailDivision of Trusthouse Forte Airportand Hornes-Menswear for ten years.Mr.Topping was voted Joint TravelRetailer of 2005 and won the CannesFrontier award on two occasions.

01

030504

02

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journey

viaggiovoyage

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2010 The 11th outlet in the Odel chain opens

in Panadura, followed by the 12th, at

Maharagama.

2009 Embracing opportunities and entering

set up a Warehouse in Nugegoda. This

was followed by a dramatic opening

event for its 6,000 sq. ft store in the

coastal suburb of Mount Lavinia and a

3,000 sq. ft store in Moratuwa.

personalised fitness training to the health

conscious is launched.

2007

is marked by the 11,000 sq. ft. store

4,000 sq. ft. store in Ja-ela.

shopping in a theatre-style dressing

launched by Odel.

- a CR initiative to improve

the well being of animals and create

launched. Embark branded merchandise

become an instant success at Odel.

2005

at the departure/transit lounge of theBandaranaike International Airport,

2004 Odel Mind Body & Soul

A new brand identity is unveiled.

, becomes the new logo and the first

international superstore.

1999 Millennium Dome opens toThe flagship of Odel. Eclectic.

Sophisticated. Recognised by shoppers

across the globe. The lifestyle store of

33,000 square feet opens its doors, at

1995 space shuttle Atlantis, docks withThe first branching-out of the Odel chain

City opens.

1990

brand, Odel is born. And so is our very

first store at Dickmans Road.

Now converted into a factory outlet,

this 1,165 sq. ft. store gives you that

out of stock but is still available, at an

unbelievably discounted prices.

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find uswalk into any one ofour 12 stores locatedwith your conveniencein mind, and

experience shoppinglike youve neverimagined before.

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Flagship Store

Colombo 07

+94 112 682 712/3

Odel Factory Warehouse

Lester James Pieris Mawatha

Colombo 05

+94 112 590 435

Majestic City

Galle Road

Colombo 04

+94 112 595 763

Kohuwela

135, Dutugemunu Street

+94 114 542 756

Crescat

L-19A, Crescat Boulevard

Colombo 03

+94 114 700 984

Warehouse

286, Highlevel road

Colombo 06

+94 114 209 139

Mt. Lavinia

4, Hotel Road

Mount Lavinia

+94 114 640 490

Moratuwa

89A, New Galle Road

Moratuwa

+94 114 209 571

Panadura

29A, Jayathilake Mawatha

Panadura

+94 384 285 008

Maharagama

278, Highlevel Road

Maharagama

+94 114 641 180

Ja Ela

165, Colombo Road

Realty Plaza

Ja-Ela

+94 114 619 102

Bandaranaike International Airport

Shop No 2-D Departure/Transit Lounge

Bandaranaike International Airport

+94 114 830 634

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91%

11.5%

Rs.1,196mn 21%

337%

4stores in6 monthsby April 2010, marks anextremely successful urbanexpansion.

2009/10 marks aremarkable turnaround ivolatile profits.

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1,165 to128,000

Rs.842.22mn

our supply-chainincludes over

10 countries500+ suppliers &

200+ factoriesin Sri Lanka and across

the globe.

Focused buying andstrategic pricing - the key toGross Profit growth.

More stores will beadded to the chain ofshops during the currentfinancial year

Total staff strength of2has now grown to 650 plusdirect employees

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an oasissenses

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for your

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MindBody& S l

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Chic . Extravagant .

Accessories Belts Evening Handbags Headwear Purses Scarves Sunglasses Backstage An Odel Brand a wide range of fashionaccessories in a theatre dressing-room ambience Beauty Bodywash Cosmetics Deodorants Eyes Gift Packs Lips Moisturisers Oils Casual wear Evening wear

Only for Ladies It doesnt matter ifyoure 9 or 95, Odel gives the girl inyou a million excuses to shop

Foot wearBedroom slippers Sandals Thongs Lingerie Otara CollectionAn exclusive collection of jewellery that reflects Otaras magical style SariBarSri Lankas first haute couture sari bar featuring designer labels fromIndia Select Ladies wearAn avant-garde collection of prt-a-porter pieces,

handpicked from fashion houses around the world Sports wearSwim wear& Beach Accessories Winter wear

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Simple . Eclectic That is Odel, today.

Home ware & Gifts Bath & bed linen,

gels & soaps, cushions, candle holders,table runners, saucers & cups..where on earth would I fit it all in?Dining Room Kitchen Lush Natural health & Beauty Body Splash

Accessories Bathroom Bath linen BathrobesBedroom

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Accessories Bags Belts Bracelets Cufflinks Rings Sarongs Sunglasses Ties Wallets Boys Toys Gadgets MugsStationery Casual wear Foot wear Mens Grooming Bath & Body Hair care Shaving Skincare

Just for guysOff-the-beaten-trackgift ideas. Or a discreet shoppingexperience where he can get lost in hisworld

Sports wearAccessories Foot wear Head wear Shorts Tops Winter wearGloves Hats Tops Work wear & Accessories Cufflinks Shirts Ties

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Chocolates Tea Fruit Gift Boxes Gourmet Selection Green Teas Herbal Infusions Premium Ceylon Single Estate Watte Single Nuts &Nibbles

Gourmet Food Something new,

something fresh. Just delicious!EverydayOdel Treats From fried onions to Kitul Jaggery bottled and ready to useOrganic Odel Organic range of teas nuts cinnamon & spices Sweets

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Accessories Clocks Desk Lamps Chairs Baby wear Books Boys clothing & Accessories

For the kids Their tiny world ofimagination comes alive. Some leftspeechless some, want it all!Foot wearGirls clothing & Accessories Toys & Games Activity Baby AndPre-School Board Games Card Games Dolls Jigsaws OutdoorSoft

Toys

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Bags & Luggage Books Art Design Biography Fiction Food and DrinkHistory Magazines Mind Body Natural History New Books PhilosophyPolitics Popular Culture Reference Specialist Sports Travel DVDs Embark An Odel Brand Caps Mugs T-shirts and a whole lot more ofembark branded merchandise help to fund the pet CR project of Odel

Greeting Cards MusicSouvenirs & LeisureMaking leisurechic. And oh those souvenirs .. do Ikeep them or gift them?Otone An Odel Brand A personalised fitness training concept and centreopened at the Odel Alexandra Place complex Six Runs An Odel Brand ofaffordable clothing and fun accessories Souvenirs Sports Accessories

Cricket Equipment Health Racket Sports Swimming Equipment StationeryT-Shirts

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Our services - mainly at ourflagship store at Ward Place,found at other fashion retailoutlets, make shopping atOdel that much more special.

Foot massage & Nail Spa

Wi Fi service

Boulevard

Place. From hot dogs to doughnuts, it

also provides sandwiches, Italian food,

Stand-alone food outlets are also

available at some stores.

A supervised kids play area

Perfumes

Concierge

Leave it all with our friendly concierge -

to help you shop without baggage

Drivers seating area

Wrist watches

Alteration of garments purchased from

us, while you wait

Wine Bar

Baby diaper changing facility

Mobile phone company outlets

Car Wash

Sari Draping

By our fully trained and friendly staff

members. Prior appointments could be

made.

Shop & ship service

You shop, we ship

Gift Wrapping

Our trained gift wrappers will delight

you with their interesting wrapping-

ideas

Stitching

Sari Jackets & Under Skirts

Customer Shuttle Service

To make shopping at our store at

during busy times.

Bridal Registry / Gift registry

Celebrate any occasion with our

popular Odel Gift Registry.

Gift Vouchers

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Alexandra Place

Moratuwa Maharagama Mt. Lavinia

For sponsors and event organisers, a

counter to sell tickets for any event,

Mount Lavinia

Bank & ATM in-store

We will communicate with you with

customer database online or fill a form

at the store.

Lost Property

Report any lost or found items to our

special customer services desks.

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One word. Convenience

Whether youre homeboundor its

one-of-those-days where you need

everything to be just a click away,

our virtual store opens up the world

of Odel to you. Its really just too

convenient for words.

Offers almost the entire range of

merchandise, in cyberspace almost as if

you were inside our stores.

special events.

View the gift registries of your friends and

family and buy what they really want. Or

you can even create your own gift registry,

online.

New Home

Bridal

Birthday

Baby shower

Other

Help us suggest the perfect gift to give

to friends, family, for a new home, for

teenagers or to take on vacation. You

choose and we will wrap and deliver

Purchase an online voucher to be

delivered and redeemed online, or an in-

store voucher which we will deliver to the

recipients address and can be redeemed

at our stores.

Companies.

Content.

Website.

shop is really our international store, if

you like. Its our platform to share whats

new, a medium to promote our very own

Odel-brands, showcase the hottest trends

this season and make you a part of whats

important to us, at Odel.

The spin-off effect of being connected to

social networking sites like Facebook and

Twitter, gives us a head-on in marketing

our brand overseas. Its a cutting-edge

medium to create top-of-mind recall for

Odel, wherever in the world you may be.

And if youre a fan of Odel, its just one

of the many ways that you could interact

with your favourite lifestyle store. Or even

if youre not, Odel online gives us another

chance to take your complaints and

suggestions on board. Another chance

to go that extra mile to indulge you. And

make you a fan.

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Trustee

Ambassador Habitat for Humanity

Founder Embark

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It started with just 2.

Otara with the 2 members of staff whocompleted 20 years

Staff get together 2010

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Organised by the Wildlife and

Nature Protection Society (WNPS) in

collaboration with MAS Linea Aqua

hectare area of two invasive plants at the

Bundala National Park.

Odel contributed by funding to clear 6

hectares of Cactus and Proposis Juliflora

which are alien to the Park and are

endangering the natural vegetation.

Celebrating two decades since the birth

of Odel, we are partnering with Habitat

for Humanity to construct 20 houses to

mark the occasion.

from Colombo, who were affected by the

Tsunami.

In 2009, Otara Gunawardene was

appointed a Goodwill Ambassador for

Habitat for Humanity in Sri Lanka.

The Odel Foundation also donated

Trust to construct houses for those

area in Southern Sri Lanka.

All animals have the same rights as

humans

Embarks Vision:

Sri Lanka free of stray dogs and to give

all dogs a home, the love and respect

they deserve.

Embark is not merely an animal welfare

initiative, but a community based

intervention aimed at influencing a

change in the attitude towards stray

but create cleaner streets and safer

communities.

Our amazing circle of volunteers does it,

Embark branded merchandise

More than 600,000 stray dogs roam the

streets of Sri Lanka. Funds raised through

merchandise will support our efforts to

give a better life to as many of them as

possible.

Otara with Niko

The Tsunami in 2004, triggered our

collaboration with Habitat for Humanity

constructing simple and affordable

houses for those in need. As part of our

efforts, we funded the construction of 7

houses of 500 sq ft each, to help resettle

families in the Balapitiya area, 80 km

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2,416.78mn

1,196.40mn

211.31mn

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The Directors presents their report to

the members together with the audited

Financial Statements of Odel Limited and

Consolidated Financial Statements of the

Group for the year ended 31st March

2010.

The principle activity of the Company

during the year was fashion retailing

offering its customers a total shopping

significant changes in the activities of the

Company during the year under review.

The Board of Directors is satisfied that the

Company has the adequate resources to

continue its operations in the foreseeable

future. Accordingly, the Financial

Statements are prepared based on the

Going Concern assumption.

The revenue of the Group during the year

was Rs. 2,417 Mn (2008/09-Rs. 1,951

Mn). An analysis of the revenue is given

in Note 3 to the Financial Statements.

Profit for the year 140,693 32,212

211,314 63,394

70,622 31,181

140,693 32,212

Amount attributable to Minority Interest (1,105) (2,094)

Profit attributable to the Shareholders 141,798 34,307

Retained Earnings B/F 628,857 602,650

Dividends Paid Rs. 1.16 (2008/09 Rs

0.06) per Share

(148,335) (8,100)

(2,876) Nil

Retained Earnings C/F 619,444 628,857

Number of Ordinary shares 128,250,000

(After sub-division)

142,500

number of shares after subdivision

1.11 0.27

present number of shares after subdivision

1.16 0.06

present number of shares after subdivision

9.33 4.89

The Company subdivided its ordinary shares on 4th November 2009 at a ratio of 1 to

900 which caused the increase in number of shares without any change in the stated

capital.

The Group had employed 702 persons as

at 31st March 2010.

During the year Company paid

dividends amounting to Rs 148,335,006

(Rs 8,100,000 in 2008/09) to the

shareholders. When the dividends

were paid the company was a Private

Company and as the Directors were

satisfied with the solvency of the

company, a formal Solvency Test was not

carried out.

Based on the audited Financial Statements

for the year ended 31st March 2010 the

Board is of the opinion that the company

is in a position to pay debts in the normal

course of business and the value of

stated capital.

Total Group Reserves as at 31st March2010, amounted to Rs. 1,195 Mn (2009

- Rs. 629 Mn). The movements of the

Reserves during the year are shown in the

Statement of Changes in Equity on page

51.

Immovable property was revalued during

the year resulting in a revaluation surplus

of Rs 575,535,775 net of deferred

on acquisition of Property, plant andequipment during the year including

finance leased assets amounted to

Rs. 160,780,100. (2008/09-Rs.

38,139,577). The details of Property,

plant and equipment are given in Note 4

to the Financial Statements.

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The Directors, to the best of their

knowledge and belief, confirm that all

payments in respect of statutory liabilities

to Employees and to the Government have

been made within the stipulated period

during the financial year 2009/10.

The Company has donated Rs 8,022,106

during the year to Odel Foundation which

carries out the CSR activities of the group.

Apart from the above the group has made

other donations of Rs 67,805.

The Directors have disclosed the nature

shares issued by the Company and

interest in transactions or proposed

transactions with the Company during the

year, to the Board of the Company and

such information have been duly entered

in the Interest Register of the Company

which is a part and partial of this Annual

Report. All the Company Records that arerequired to maintain under the provisions

of the Act have also been properly

maintained.

Until the company was transformed to

a Public Company on 24th February

2010 it operated as a private company.

Consequent to the transformation

independent directors were appointed to

the Board with effect from 1st April 2010.

During the year the following members

served in the Board:

(Resigned w.e.f. 18th May 2010)

Director/CEO

The following Directors were appointed

with effect from 1st April 2010

Independent Director

Mr. Atulugamage Damian Eardley

Independent Director

Pursuant to Article 23(2) of the Articles

of Association of the Company Messrs

Perera retire and being eligible offer

themselves for re-election.

2010 and as at the date of this report is as follows:

47,500 42,750,000 40,416,900

Ruchi Hubert Gunewardene Nil Nil 1,000,000

Otara Del Gunewardene 95,000 85,500,000 80,833,100

The increase in number of shares as at 31st March 2010 is purely due to the sub-

division of shares at 1 to 900.

Company is disclosed in Note 26 to

the Financial Statement, and has been

declared at meetings of the Directors

and entered in the Interest Register of the

Company. The Directors have no direct or

indirect interest in any other contract or

proposed contract with the Company.

The Company functioned as a Private

Company until it was transformed in to a

public company on 24th February 2010.The Board of Directors of the Company

has always acknowledged the necessity

of conducting the business activities of

the company in accordance with good

governance practices even when it was a

Private Company. With the transformation

of the company in to a Public Company

and with further intentions of listing on

is committed to be in compliance with

all rules and regulations applicable

to a listed company. As another step

further, independent directors have

been appointed to the Board and Board

Committees have been set up as follows.

(Chairman)

Mr. Paul Topping

Mr. Ruchi Hubert Gunewardene

Chairman

Mr. Atulugamage Damian Eardley

Ignatius Perera

Mr Paul Topping

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As part of governance processes the

Board on a continuous basis, reviews and

evaluates the internal controls and risks

of the company and takes any measures

required to mitigate the risks.

As at the date of this report there are only

seven shareholders who own the entirety

of the stated capital of the company who

are as follows.

80,833,100

1,000,000

40,416,900

2,775,000

To the best of knowledge and information

available to the Board there are no

contingencies or commitments.

No circumstances have arisen and no

material events have occurred during the

period between the Balance Sheet date

and Directors signing of Accounts that

Financial Statements.

In accordance with the Companies Act

No. 7 of 2007, resolution proposing

the re-appointment of Messrs. Ernst

and Young, Chartered Accountants,

as Auditors to the Company will be

submitted at the Annual General Meeting.

By Order of the Board of

Odel Limited

A.D.Gunewardene

Director

O.D.Gunewardene

Director

(Sgd.)

Director

SSP Corporate Services (Private) Limited

Secretaries

Date : 17th May 2010

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We have audited the accompanying

financial statements of Odel Limited

statements of the Company and its

subsidiaries, which comprise the balance

sheets as at 31 March 2010, and the

income statements, statements of changes

in equity and cash flow statements for

the year then ended, and a summary of

significant accounting policies and other

Management is responsible for the

preparation and fair presentation of

these financial statements in accordance

with Sri Lanka Accounting Standards.

This responsibility includes: designing,

implementing and maintaining internal

control relevant to the preparation and

fair presentation of financial statements

that are free from material misstatement,whether due to fraud or error; selecting

and applying appropriate accounting

policies; and making accounting estimates

that are reasonable in the circumstances.

on these financial statements based on

our audit. We conducted our audit in

accordance with Sri Lanka Auditing

Standards. Those standards require

that we plan and perform the audit to

obtain reasonable assurance whether the

financial statements are free from material

misstatement.

basis, evidence supporting the amounts

and disclosures in the financial statements.An audit also includes assessing the

accounting principles used and significant

estimates made by management, as

well as evaluating the overall financial

statement presentation.

We have obtained all the information

knowledge and belief were necessary

for the purposes of our audit. We

therefore believe that our audit provides a

reasonable basis for our opinion.

In our opinion, so far as appears from our

proper accounting records for the year

ended 31 March 2010 and the financialstatements give a true and fair view of the

2010 and its profit and cash flows for the

year then ended in accordance with Sri

Lanka Accounting Standards.

In our opinion, the consolidated financial

statements give a true and fair view of

the state of affairs as at 31 March 2010

and the profit and cash flows for the year

then ended, in accordance with Sri Lanka

Accounting Standards, of the Companyand its subsidiaries dealt with thereby, so

far as concerns the shareholders of the

Company.

In our opinion, these financial statements

also comply with the requirements of

Sections 151(2) and 153(2) to 153(7) of

the Companies Act No. 07 of 2007.

17 May 2010

Colombo

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As at 31 March 2010 2009 2010 2009Note Rs. Rs. Rs. Rs.

Restated Restated

Non-Current AssetsProperty, Plant and Equipment, net 4 1,311,384,115 751,932,099 1,575,777,656 902,642,002Intangible Assets 5 2,510,021 2,645,442 13,526,614 17,813,699Investment in Subsidiaries 6 118,101,030 108,100,020 - -

1,431,995,167 862,677,560 1,589,304,270 920,455,701

Inventories 7 645,170,733 408,888,587 653,767,834 408,888,587Trade and Other Receivables 8 76,100,211 77,956,213 80,510,902 80,612,111 - 9,434,906 - 9,434,906Amounts due from Related Parties 9 75,913,004 144,265,865 - 30,326,313

Cash and Bank Balances 16 23,092,215 20,725,041 24,981,992 21,179,268820,276,163 661,270,612 759,260,728 550,441,185Non- Current Asset Classified as held for sale 10 - 38,072,097 - 38,072,097 2,252,271,329 1,562,020,270 2,348,564,997 1,508,968,983

Stated Capital 11 1,425,000 1,425,000 1,425,000 1,425,000Revaluation Surplus 442,885,640 - 575,535,775 -Retained Earnings 542,493,084 578,494,429 619,444,129 628,857,360

986,803,724 579,919,429 1,196,404,903 630,282,360Minority Interest - - - (2,800,415) 986,803,724 579,919,429 1,196,404,903 627,481,945

Interest Bearing Loans and Borrowings 12 142,782,622 113,349,904 142,782,622 113,349,904

40,071,946 27,297,667 40,695,101 27,718,156Other Deferred Liabilities 13 29,361,667 20,282,393 31,731,182 21,339,533

212,216,235 160,929,963 215,208,905 162,407,592

Trade and Other Payables 14 471,119,153 312,661,732 483,318,016 316,721,017Amounts due to related parties 15 132,529,034 129,233,206 - 22,149,802 26,135,963 - 30,165,951 932,688Dividend Payable - 540,000 - 540,000Interest Bearing Loans and Borrowings 12 423,467,222 378,735,939 423,467,222 378,735,939

1,053,251,370 821,170,877 936,951,189 719,079,446 2,252,271,329 1,562,020,270 2,348,564,997 1,508,968,983

These Financial Statements are in compliance with the requirements of the Companies Act No :07 of 2007.

Group Chief Financial Officer

The board of directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of theboard by:

Director Director

The accounting policies and notes on pages 52 through 74 form an integral part of the Financial Statements.

17 May 2010Colombo

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Year ended 31 March 2010 2009 2010 2009Note Rs. Rs. Rs. Rs.

178,347,285 44,225,430 211,314,666 63,394,090

Depreciation 4 39,405,142 35,189,549 46,518,459 38,790,771Intangible Assets Amortisation 1,046,793 894,658 6,592,520 6,003,619Income from Investments 17 (4,033,975) (13,862,251) (4,033,975) (1,262,251)Finance Costs 18 72,259,059 92,228,488 72,461,410 92,255,561Inventory Write-off - 60,909,346 - 60,909,346Profit on disposal of Property, Plant and Equipment (75,594,553) (557,676) (75,594,553) (557,676)Gain on disposal of equity investment (2,406,678) - (2,406,678) -Impairment Loss - - 36,890,822 -Unrealised Profit - - 4,941,856 -Provision for Doubtful debt 45,183,055 - - -Provision for Defined Benefit Plans 13 10,818,457 3,582,893 11,421,429 3,599,711Lease Interest 168,370 - 168,370 -

Operating Profit before Working Capital Changes 265,192,955 222,610,437 308,274,326 263,133,170

Decrease/(Increase) in Inventories (236,282,146) (58,883,592) (242,568,872) (58,883,592)(Increase)/ Decrease in Trade and Other Receivables 1,856,002 (4,011,543) (288,201) (5,437,954)(Increase)/Decrease in Dues from Related Parties 22,629,806 (56,172,874) 39,517,853 (17,772,337)(Increase)/Decrease in Dues to Related Parties 3,295,827 51,031,152 (31,807,480) -Decrease in Trade and Other Payables 158,457,421 62,559,669 160,592,918 62,274,878

Cash Generated from Operations 215,149,865 217,133,249 233,720,544 243,314,165

Finance Costs paid (72,259,059) (92,228,488) (72,461,431) (92,255,561)Defined Benefit Plan Costs paid 13 (1,739,182) (1,427,323) (2,294,527) (1,427,323)

(32,431,727) (63,323,077) (33,575,918) (65,535,076)Net Cash From/(Used in) Operating Activities 108,719,897 60,154,361 125,388,667 84,096,205

Acquisition of Property, Plant and Equipment 4 (128,087,857) (33,336,724) (137,911,685) (43,028,327)Acquisition of Intangible Assets 5 (911,373) (718,855) (2,197,728) (2,179,903)Net Increase in Capital work in progress (17,300,084) - (17,300,084) -

84,492,969 1,455,202 84,492,969 1,455,202Investment in subsidiaries 6 (10,001,010) - (14,124,042) -Investment in Backstage Singapore - (38,072,097) - (38,072,097)Proceeds from disposal of Investment 40,478,775 - 40,478,775 -Investment Income Received 17 4,033,975 13,862,251 4,033,975 1,262,249

Net Cash Flows from/(Used in) Investing Activities (27,294,605) (56,810,223) (42,527,820) (80,562,876)

Repayment of Interest Bearing Borrowings 12.1 (83,254,741) (103,804,835) (83,254,740) (103,804,835)Proceeds From Interest Bearing Borrowings 12.1 158,600,000 36,662,237 158,600,000 36,662,238Lease Rentals Paid - Vehicle (332,618) - (332,618) -Loan Settlement - Director - (5,000,000) - (5,000,000)Dividends Paid (148,335,000) (8,100,000) (148,335,006) (8,100,000)Net Cash Flows from/(Used in) Financing Activities (73,322,359) (80,242,598) (73,322,364) (80,242,597)

8,102,933 (76,898,460) 9,538,483 (76,709,268)

(278,106,071) (201,207,613) (277,651,844) (200,942,576)16.2 (270,003,137) (278,106,071) (268,113,361) (277,651,844)

The accounting policies and notes on pages 52 through 74 form and integral part of the Financial Statements.

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Stated Revaluation Retained TotalCapital Reserve Earnings

Rs. Rs. Rs. Rs.

1,425,000 - 570,017,221 571,442,221

Net Profit / (Loss) for the period - - 16,577,209 16,577,209

Dividends - - (8,100,000) (8,100,000)

1,425,000 - 578,494,429 579,919,429

Revaluation Surplus - 457,648,885 - 457,648,885

Net Profit / (Loss) for the period ended

31 March 2010 - - 112,333,655 112,333,655Dividends - - (148,335,000) (148,335,000)

1,425,000 442,885,640 542,493,084 986,803,724

Stated Revaluation Retained Minority TotalCapital Reserve Earnings Interest

Rs. Rs. Rs. Rs. Rs.

1,425,000 - 602,681,990 (705,734) 603,401,255

Net Profit / (Loss) for the period - - 34,307,370 (2,094,681) 32,212,689

Dividends - - (8,100,000) - (8,100,000) 1,425,000 - 628,889,360 (2,800,415) 627,513,944

1,425,000 - 628,857,360 (2,800,415) 627,481,944

Revaluation Surplus - 590,299,020 - - 590,299,020

Revaluation Reserve- Building - (15,006,840) - - (15,006,840)

Revaluation Reserve - 243,595 - - 243,595

Net Profit / (Loss) for the

period ended 31 March 2010 - - 141,798,095 (1,105,100) 140,692,995

Dividends - - (148,335,006) (6) (148,335,012)

Negative Goodwill recogniseddirectly in Equity - - 1,029,200 - 1,029,200

change in holding - - (3,905,521) 3,905,521 -

1,425,000 575,535,775 619,444,129 - 1,196,404,902

The accounting policies and notes on pages 52 through 74 form an integral part of the Financial Statements.

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Odel Limited is a limited liability company

incorporated and domiciled in Sri Lanka.

The registered office of the Company

business is situated at No. 10, Ward

Place Colombo 07.

Odel Properties (Pvt) Ltd.,

Odel Properties (Pvt) Limited is a limited

liability company incorporated and

domiciled in Sri Lanka. The registered

office and the principal place of business

Odel Lanka (Pvt) Ltd.,

Odel Lanka (Pvt) Limited is a limited



office of the Company is located at

Odel Information Technology Services

(Pvt) Ltd


(Pvt) Ltd is a limited liability company

incorporated and domiciled in Sri Lanka.

The registered office of the Company

Odel Apparels (Pvt) Ltd .

Odel Apperals (Pvt) Ltd is a limited



office of the Company is located at

Otone (Pvt) Ltd

OTONE (Pvt) Ltd is a limited liability

company incorporated and domiciled

in Sri Lanka. The registered office of the

Company is located at No.38, Dickmans

Road, Colombo -05 and the principal

place of business is situated at No.2,

Ward Place Colombo 07.

During the year, the principal activities

of the Company were the sale of ready-

made Garments, Home-ware and other

accessories.

Odel Properties (Pvt) Ltd

During the year, the principal activities

of the Company were to build, own,

establish, manage, run warehousing

Odel Lanka (Pvt) Ltd

Principal activities of the Company were

to initiate and plan the preliminary

activities required to construct a high rise

not yet commenced.

Odel Apparels (Pvt) Ltd .

During the year, the principal activities of

the Company were manufacturing and

supply of Garments.

Otone (Pvt) Ltd


the Company were to carry on, operate

manage and undertake the business

of health and fitness centers, spas,

gymnasium, of kind and description.


(Pvt) Ltd


the Company were to provide information

technology infrastructure services for the

local market and to provide maintenance

services in connection with computers

and peripheral equipment and word

processing and similar equipment.

The Financial Statements of Odel Limited

for the year ended 31 March 2010 were

authorised for issue on 17th May 2010

by the Board of Directors.

The financial statements have been

prepared on a historical cost basis. The

financial statements are presented in

Sri Lankan Rupees. The preparation and

presentation of these financial statements

are in compliance with the Companies

Act No. 07 of 2007.

2.1.1 Statement of Compliance

The balance sheet, statements of income,

changes in equity and cash flow, together

with the accounting policies and notes,

Financial Statements of the Group and the

Company as at 31st March 2010 and for

the year then ended comply in all materialrespects with the applicable Sri Lanka

Accounting Standards.

2.1.2 Going Concern

The Directors have made an assessment

a going concern and they do not intend

either to liquidate or to cease trading.

2.1.3 Comparative Information

The accounting policies have been

consistently applied by the Group and,are consistent with those used in the

previous year.

2.1.4 Foreign Currency Translation

The Financial Statements are presented

in Sri Lanka Rupees, which is the

currency. Transactions in foreign

currencies are initially recorded at

the functional currency rate ruling at

the date of the transaction. Monetary

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assets and liabilities denominated in

foreign currencies are retranslated at

ruling at the balance sheet date. All

differences are taken to profit or loss. Non

monetary items that are measured in terms

of historical cost in a foreign currency are

the dates of the initial transactions. Non

monetary items measured at fair value in

a foreign currency are translated using

fair value was determined.

2.1.5 Basis of consolidation

The Consolidated Financial Statements

include the results, assets and liabilities

of Odel Limited, Odel Lanka (Pvt) Ltd,


(Pvt) Ltd, Odel Properties (Pvt) Limited,

Odel Apparels (Pvt) Ltd & Otone (Pvt)

2010 which is its financial year end.

Control means the ability or power of the

Company to dominate decision making

directly or indirectly in relation to financialand operating policies of another

company to enable that other company to

of the controlling company.

All intra- Group balances, transactions

and profits are eliminated on

consolidation.

The interest of the outside shareholders

in net assets and the proportion of the

profit and loss are stated separately inthe consolidated balance sheet under the

heading minority interest.

In the Separate Financial Statements

of the company the investments in

subsidiaries are accounted for at cost.

that dividends are received from those

investments.

2.1.6 Effect of Sri Lanka Accounting

Standards that have been issued

but not yet effective

The following standards have been issued

by the Institute of Chartered Accountants

of Sri Lanka and are effective for the

accounting periods on the dates specified

below.

Sri Lanka Accounting Standard 44:

Financial Instruments; Presentation (SLAS

44) and Sri Lanka Accounting Standard

45: Financial Instruments; Recognition &

Measurement (SLAS 45)

SLAS 44 and 45 would be effective forfinancial years beginning on or after 1

January 2011. Accordingly, the financial

Statements for the year ending 31

December 2011 will adopt SLAS 44 and

45, for the first time.

These two standards together provide

comprehensive guidance on identification,

classification, measurement and

presentation of financial instruments into

financial assets, financial liabilities and

equity instruments.

these standards the impact of adoption is

not estimable as at the date of publication

of these financial statements.

b) Sri Lanka Accounting Standard 39:

Share Based Payments (SLAS 39)

SLAS 39: Share based payments is

effective for periods beginning on or

after 1 January 2010 and will be first

adopted in the year ending 31 December

to be recognised where the Company

for shares or rights over shares (equity

other assets equivalent in value to a given

number of shares or rights over shares

(cash- settled transactions). For equity-

settled share-based payment transactions,

the Company is required to apply SLAS

39 to grants of shares, share options or

other equity instruments that were granted

after 01 January 2010.

The Group is in the process of evaluating

the impact of this standard, and the

impact of the same is not currently

estimable as at the date of the publication

of these financial statements.

The accounting policies adopted are

consistent with those of the previousfinancial year.

accounting policies, management is

those involving estimations, which may

have significant effects on the amounts

recognised in the Financial Statements.

Further, management is required toconsider key assumptions concerning the

future and other key sources of estimation

uncertainty at the balance sheet date,

that have a significant risk of causing

amounts of assets and liabilities within

carrying amounts of such assets and

liabilities are as given in related notes to

the Financial Statements. The key items as

such are discussed below;

Review of Impairment of Assets

The Group determined whether assets

had been impaired by performing

an impairment test. This requires an

cash generating units. Estimating a value

in use amount requires management to

cash flows from the cash generating unit

and also to choose a suitable discount

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rate in order to calculate present value of

those cash flows. This valuation requires

the Company to make estimates about

uncertainty.

Owner Occupied Properties and

Investment Property

In determining if a property qualifies as

Investment Property the Group makes a

independent cash flows rather than cash

flows that are attributable not only to the

property but also other assets. Judgment

is also applied in determining if ancillary

services are significant, so that a property

does not qualify as investment property.

Defined Benefit Plans

The Defined Benefit Obligation and

the related charge for the year are

determined using assumptions required

under actuarial valuation techniques. The

valuation involves making assumptions

about discount rates, future salaryincreases, staff turnover rates etc. Due to

the long-term nature of such obligations

uncertainty. Further details are given Note

No 12.

2.4.1 Taxation

a) Current Taxes

for the current and prior periods are

used to compute the amount are those that

are enacted or substantively enacted by

the balance sheet date.

as reported in the Financial Statements

and computed in accordance with the

recognised directly in equity is recognised

in equity and not in the income statement.

b) Deferred Taxation

the liability method, on all temporary

differences at the balance sheet date

liabilities and their carrying amounts for

financial reporting purposes.

liability arises from goodwill

amortisation of an asset or liability

in a transaction that is not a

business combination and , at

the time of the transaction, affects

neither the accounting profit nor

differences associated with

investments in subsidiaries,

of the reversal of the temporary

differences can be controlled and

it is probable that the temporary

differences will not reverse in the

foreseeable future.

recognised for all deductible temporary

be available against which the deductible

temporary differences, and the carry-

where the deferred income

temporary differences arises from

the initial recognition of an asset

or liability in a transaction that is

not a business combination and, at

the time of the transaction, affects

neither the accounting profit nor

In respect of deductible temporary

difference associated with

investments in subsidiaries,

it is probable that the temporary

differences will reverse in the

profit will be available against

which the temporary differences

can be utilised.

The carrying amount of deferred income

it is no longer probable that sufficient

be utilised.

asset is realised or the liability is settled,

have been enacted or substantively

enacted at the balance sheet date.

c) Sales Tax

a purchase of assets or service is not

as a part of the cost of the asset or part

receivable and payable that are stated

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is included as a part of receivables and

payable in the Balance Sheet.

2.4.2 Borrowing Costs

Borrowing costs are recognised as an

incurred.

2.4.3 Inventories

Inventories are valued at the lower of cost

and net realisable value, after making

due allowances for obsolete and slow

moving items. Net realisable value is the

price at which inventories can be sold

in the ordinary course of business less

the estimated cost of completion and the

estimated cost necessary to make the sale.

The cost incurred in bringing finished

inventories to its present location and

condition is accounted using the actual

cost (Weighted Average).

2.4.4 Trade and Other Receivables

Trade receivables are stated at the

amounts they are estimated to realise

net of provisions for bad and doubtful

receivables.

Other receivables and dues from

Related Parties are recognised at cost

less provision for bad and doubtful

receivables.

2.4.5 Cash and Cash EquivalentsCash and cash equivalents are defined as

cash in hand, demand deposits and short-

term highly liquid investments, readily

convertible to known amounts of cash and

value.

For the purpose of cash flow statement,

cash and cash equivalents consist of cash

in hand and deposits in banks net of

outstanding bank overdrafts. Investments

with short maturities i.e. three months or

less from the date of acquisition are also

treated as cash equivalents.

2.4.6 Intangible Assets

Intangible assets acquired separately are

measured on initial recognition at cost.

Following intangible assets are carried at

cost less any accumulated amortisation

and any accumulated impairment losses.

Computer Software: Straight line method

over 04 Years

Intangible assets with finite lives are

amortised over the useful economic life

and assessed for impairment whenever

there is an indication that the intangible

assets may be impaired. The amortisation

period and the amortised method for an

intangible asset with a finite useful life

is reviewed at least at each financial

consumption of future economic benefitsembodied in the asset is accounted for

by changing the amortisation period or

method, as appropriate, and treated

as changing accounting estimates. The

assets with finite lives is recognised in

category consistent with the function of

the intangible assets.

2.4.7 Property, Plant and Equipment

Plant and equipment is stated at cost,

servicing, less accumulated depreciation

and accumulated impairment in value.

Such cost includes the cost of replacing

part of the plant and equipment when that

cost is incurred, if the recognition criteria

are met.

Land and buildings are measured at fair

value less depreciation on buildings and

impairment charged subsequent to the

date of the revaluation.

Depreciation is calculated on a straight

line basis over the following useful lives

of the assets using the applicable rates as

follows.

Landscaping Over 2 years

Buildings Over 40 years

Lease hold

Buildings Over the lease period

Equipment Over 10 years

Furniture Over 10 years

Office Equipment

Office Equipment

Motor Vehicle Over 5 Years

Motor Vehicle

Finance Lease Over the lease period

Any revaluation surplus is credited to the

revaluation reserve included in the equity

decrease of the same asset previously

recognised in profit or loss, in which case

the increase is recognised in profit or

loss. A revaluation deficit is recognised in

offsetting a previous surplus on the same

asset is directly offset against the surplus

in the asset revaluation reserve.

Accumulated depreciation as at the

revaluation date is eliminated against the

gross carrying amount of the asset and

the net amount is restated to the revalued

amount of the asset. Upon disposal,

any revaluation reserve relating to the

particular asset being sold is transferred

to retained earnings.

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performed, its cost is recognised in

the carrying amount of the plant and

equipment as a replacement if the

recognition criteria are satisfied.

An item of property, plant and equipment

is derecognised upon disposal or when

from its use or disposal. Any gain or loss

arising on derecognition of the asset

(calculated as the difference between the

net disposal proceeds and the carrying

amount of the asset) is included in theincome statement in the year the asset is

derecognised.

lives and methods of depreciation are

each financial year end.

2.4.8 Lease

a) Finance Leases where the Company

is the Lessee

Property, plant and equipment on financeleases, which effectively transfer to the

Company substantially all of the risk

and benefits incidental to ownership of

the leased item are capitalised at their

fair value or if lower, at the present

value of the minimum lease payments

and disclosed as property, plant and

equipment and depreciated over the

benefit from the use of the leased assets.

The corresponding principal amountpayable to the lessor together with the

interest payable over the period of

the lease is shown as a liability. Lease

payments are apportioned between the

finance charges and reduction of the

lease liability so as to achieve a constant

rate of interest on the remaining balance

of the liability. Finance charges that are

charged, are reflected in the Income

Statement.

2.4.9 Investments

a) Long Term Investments

Long term investments are stated at cost.The cost of the investment is the cost of

acquisition inclusive of brokerage fees,

duties and bank fees.

The carrying amount of long term

investments is reduced to recognise

a decline other than temporary in the

value of investments, determined on an

individual investment basis.

2.4.10 Investment Properties

Investment properties are measured

initially at cost, including transaction

costs. The carrying amount includes

investment property at the time that cost

is incurred if the recognition criteria are

servicing of an investment property.

Investment properties are derecognised

when either they have been disposed

of or when the investment property ispermanently withdrawn from use and no

its disposal. Any gains or losses on the

retirement or disposal of an investment

property are recognised in the income

statement in the year of retirement or

disposal.

Transfers are made to investment

property when, and only when, there is

a change in use, evidenced by the end

of owner occupation, commencementof an operating lease to another

party or completion of construction or

development. Transfers are made from

investment property when, and only

when, there is a change in use, evidenced

by commencement of owner occupation

or commencement of development with a

view to sale.

For a transfer from investment property to

owner occupied property or inventories,

the deemed cost of property for

subsequent accounting is its fair value

at the date of change in use. If the

property occupied by the Group as an

owner occupied property becomes an

investment property, the Group accounts

for such property in accordance with

the policy stated under property, plant

and equipment up to the date of change

in use. For a transfer from inventories

to investment property, any difference

between the fair value of the propertyat that date and its previous carrying

amount is recognised in the income

statement. When the Group completes

the construction or development of a

self constructed investment property, any

difference between the fair value of the

property at that date and its previous

carrying amount is recognised in the

income statement.

2.4.11 Impairment of Non Financial

AssetsThe Group assesses at each reporting

date whether there is an indication

that an asset may be impaired. If any

impairment testing for an asset is

required, the Group makes an estimate of

recoverable amount is the higher of an

less costs to sell and its value in use and is

determined for an individual asset, unless

the asset does not generate cash inflowsthat are largely independent of those from

other assets or groups of assets. Where

its recoverable amount, the asset is

considered impaired and is written down

to its recoverable amount. In assessing

value in use, the estimated future cash

flows are discounted to their present value

current market assessments of the time

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value of money and the risks specific to

the asset. In determining fair value less

costs to sell, an appropriate valuation

model is used. These calculations are

corroborated by valuation multiples or

other available fair value indicators.

2.4.12 Provisions

Provisions are recognised when the

company has a present obligation (legal

or constructive) as a result of a past event,

where it is probable that an outflow of

resources embodying economic benefits

will be required to settle the obligation

and a reliable estimate can be made of

the amount of the obligation. If the effect

of the time value of money is material,

provisions are determined by discounting

assessments of the time value of money

and, where appropriate, the risks specific

to the liability.

2.4.13 Retirement Benefit Obligations

a) Defined Benefit Plan GratuityGratuity is a Defined Benefit Plan. The

Group is liable to pay gratuity in terms of

the relevant statute. In order to meet this

liability, a provision is carried forward in

the balance sheet, computed based on

16 (Revised 2006), this formula measures

Credit Method.

The gratuity liability is not funded nor

actuarially valued. This item is groupedunder Other Deferred Liabilities in the

Balance Sheet.

b) Defined Contribution Plans

Employees Provident Fund &

Employees Trust Fund

Provident Fund Contributions and

in line with the respective statutes and

regulations. The Company contributes

12% and 3% of gross emoluments of

2.4.14 Revenue Recognition

it is probable that the economic benefits

will flow to the Company and the revenue

and associated costs incurred or to be

incurred can be reliably measured.

Revenue is measured at the fair value of

the consideration received or receivable

following specific criteria are used for the

purpose of recognition of revenue.

a) Sale of Goods

Revenue from sale of goods is recognised

when the significant risks and rewards of

ownership of the goods have passed to

the buyer; with the Company retaining

neither continuing managerial involvement

to the degree usually associated with

ownership, nor effective control over the

goods sold.

b) Interest

Interest Income is recognised as the

interest accrued (taking into account

the effective yield on the asset) unless

collectability is in doubt.

c) Dividends

Dividend Income is recognised when the

is established.

d) Rental income

Rental income is recognised on an accrual

basis.

e) Others

Other income is recognised on an accrual

basis.

Net Gains and losses of a revenue

nature on the disposal of property, plant

& equipment and other non current

assets including investments have been

accounted for in the income statement,

having deducted from proceeds on

disposal, the carrying amount of the

Gains and losses arising from incidental

activities to main revenue generating

activities and those arising from a group

of similar transactions which are not

material, are aggregated, reported and

presented on a net basis.

2.4.15 Expenditure Recognition

statement on the basis of a direct

association between the cost incurred and

the earning of specific items of income.

of the business and in maintaining the

property, plant & equipment in a state of

efficiency has been charged to income in

arriving at the profit for the year.

For the purpose of presentation of theIncome Statement the Directors are of

method presents fairly the elements of the

presentation method is adopted.

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Year ended 31 March 2010 2009 2010 2009Rs. Rs. Rs. Rs.

Summary

Sales - Local 2,435,166,433 1,950,633,573 2,438,777,109 1,950,633,573

2,181,120 19,673,082 2,181,120 19,673,082

2,437,347,553 1,970,306,654 2,440,958,228 1,970,306,654

(24,177,466) (19,591,391) (24,177,466) (19,591,391)

2,413,170,087 1,950,715,263 2,416,780,762 1,950,715,263

4.1.1 Gross Carrying Amounts

Balance Acquisitions/ Revaluations Disposals/ BalanceAs at Transfers Transfers As at

01-04-2009 31-03-2010At Cost Rs. Rs. Rs. Rs. Rs.

Land 538,597,854 - - (538,597,854) -

Landscaping 884,560 - - - 884,560Building 65,509,375 400,000 - (65,509,375) 400,000

Building - Lease Hold 13,982,104 26,696,340 - - 40,678,444

Office Equipment 63,697,874 39,949,993 - - 103,647,867

74,151,511

12,915,663

Furniture 19,249,149 22,916,200 - - 42,165,349

Computer Equipment 38,732,367 2,357,900 - (101,900) 40,988,367

Office Equipment - Other 5,431,661 - - - 5,431,661

92,840,775

Shop Fittings - Mobiles 22,574,601 882,798 - - 23,457,399

Motor Vehicles 22,843,951 255,446 - (4,814,409) 18,284,988

Motor Vehicles - Finance Lease - 4,718,750 - - 4,718,750

936,782,266 132,806,607 - (609,023,538) 460,565,335

Land - 531,346,801 414,772,199 - 946,119,000

Building - 65,509,375 31,640,625 - 97,150,000

- 596,856,176 446,412,824 - 1,043,269,000

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4.1.2 In the course of construction

Balance as at Incurred During Reclassified/ Disposal/ Balance as at01-04-2009 the year Transferred Written off 31-03-2010

Rs. Rs. Rs. Rs. Rs.

Capital Work In Progress - 127,106,370 (109,806,286) - 17,300,084

Total Gross Carrying Amount - 127,106,370 (109,806,286) - 17,300,084

936,782,266 856,768,153 336,606,538 (609,023,538) 1,521,134,420

4.1.3 Depreciation

Balance Additions Charge for Disposals/ BalanceAs at /Transfers the year/ Transfers As at

At Cost 01-04-2009 /Acquisitions Transfers 31-03-2010Rs. Rs. Rs. Rs. Rs.

Landscaping 884,560 - - - 884,560

Building 10,417,194 - 825,534 (11,236,061) 6,666

Building - Lease Hold 2,032,379 - 4,270,458 - 6,302,838

Office Equipment 32,418,466 - 7,576,642 - 39,995,108

41,327,089

10,800,739

Furniture 7,615,079 - 2,685,703 - 10,300,782

Computer Equipment 30,381,603 - 4,328,947 (94,053) 34,616,497Office Equipment - Other 1,103,513 - 271,853 - 1,375,365

32,447,324

Shop Fittings - Mobiles 9,972,184 - 2,250,909 - 12,223,094

Motor Vehicles 20,223,678 - 725,262 (3,174,891) 17,774,049

Motor Vehicles - Lease - - 78,646 - 78,646

184,850,167 - 37,787,594 (14,505,005) 208,132,756

Land - - - - -

Building - - 1,617,549 - 1,617,549

- - 1,617,549 - 1,617,549

184,850,167 - 39,405,142 (14,505,005) 209,750,304

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4.1.4 Net Book Value

As at As at31-03-2010 31-03-2009

At Cost Rs. Rs

Land - 538,597,854

Landscaping - -

Building 393,334 55,092,182

Building - Lease Hold 34,375,606 11,949,725

Office Equipment 63,652,760 31,279,409

32,824,422 40,239,550

2,114,924 2,532,331

Furniture 31,864,568 11,634,071

Computer Equipment 6,371,870 8,350,764

Office Equipment- Other 4,056,296 4,328,148

60,393,452 32,705,377

Shop Fittings - Mobiles 11,234,305 12,602,417

Motor Vehicles 510,939 2,620,273

Motor Vehicles - Lease 4,640,104 -

252,432,580 751,932,099

Land 946,119,000 -

Building 95,532,451 -

1,041,651,451 -

4.1.5 Capital Work In Progress 17,300,084 -

1,311,384,115 751,932,099

4.1.6 The fair value of land and buildings was (last) determined by means of a revaluation during the year ended 31, March 2010

by Messrs.A.Y.Daniel & Sons an independent valuer in reference to market based evidence. The results of such revaluation

were incorporated in these Financial Statements from its effective date which is 1, October 2009. The surplus arising from the

revaluation was transferred to a revaluation reserve.The carrying amount of revalued assets that would have been included in

the financial statements had the assets been carried at cost less depreciation is as follows:

Cumulative

Depreciation Net Carrying Net CarryingIf assets were Amount Amount

Cost carried at cost 31-03-2010 31-03-2009Class of Asset Rs. Rs. Rs. Rs.

Building 65,509,375 12,054,928 53,454,447 55,092,181

4.1.7 During the financial year, the Company acquired Property, Plant & Equipment to the aggregate value of Rs.132,806,607/=,

(2009 Rs.33,336,724/=) of which Rs. 4,718,756/=(2009 Rs. Nil) was acquired by means of finance leases. Cash payments

amounting to Rs. 128,087,857/= (2009 Rs. 33,336,724/=) were made during the year for purchase of Property, Plant &

Equipment.

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4.1.8 Property, Plant & Equipment includes fully depreciated assets having a gross carrying amount of Rs. 68,989,063 /-

(2009- Rs. 48,241,156 /-).

4.2.1 Gross Carrying Amounts

Balance Acquisitions/ Revaluations Disposals/ BalanceAs at Transfers Transfers As at

01-04-2009 31-03-2010At Cost Rs. Rs. Rs. Rs. Rs.

Land 586,491,420 - - (586,491,420) -Landscaping 884,560 - - - 884,560

Building 129,934,809 - - (129,934,809) -

Building - Lease Hold 13,982,104 29,363,614 - - 43,345,718

Office Equipment 63,697,874 40,125,173 - - 103,823,047

83,026,181

12,915,663

Furniture 27,024,297 23,280,511 - - 50,304,808

Computer Equipment 45,140,676 10,381,876 - (101,900) 55,420,652

Office Equipment - Other 7,252,532 1,616,328 - - 8,868,860

97,740,322

Shop Fittings - Mobiles 22,574,601 882,798 - - 23,457,399

Motor Vehicles 22,843,951 2,007,653 - (4,814,409) 20,037,195Motor Vehicles -Lease - 4,718,750 - - 4,718,750

1,065,105,594 160,780,100 - (721,342,538) 504,543,156

Land - 579,240,367 480,378,634 - 1,059,619,001

Building - 130,334,809 88,215,191 - 218,550,000

- 709,575,176 568,593,825 - 1,278,169,001

4.2.2 In the course of construction

Balance as at Incurred During Reclassified/ Disposal/ Balance as at

01-04-2009 the year Transferred Written off 31-03-2010Rs. Rs. Rs. Rs. Rs.

Building work in progress 36,890,824 - - (36,890,824) -

Capital Work In Progress - 127,106,370 (109,806,286) - 17,300,084

36,890,824 127,106,370 (109,806,286) (36,890,824) 17,300,084

1,101,996,418 997,461,646 458,787,539 (758,233,362) 1,800,012,241

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4.2.3 Depreciation

Balance Additions Charge for Disposals/ BalanceAs at /Transfers the year/ Transfers As at

At Cost 01-04-2009 /Acquisitions Transfers 31-03-2010Rs. Rs. Rs. Rs. Rs.

Landscaping 884,560 - - - 884,560Building 20,081,010 - 1,624,185 (21,705,195) -Building - Lease Hold 2,032,379 385,754 4,603,867 - 7,022,001Office Equipment 32,418,466 5,418 7,585,677 - 40,009,560 42,805,285 10,800,739Furniture 11,185,336 75,250 3,529,658 - 14,790,245Computer Equipment 31,367,607 - 6,231,428 (94,053) 37,504,982Office Equipment - Other 1,387,684 57,439 756,381 - 2,201,503 32,957,532Shop Fittings - Mobiles 9,972,184 - 2,250,909 - 12,223,094Motor Vehicles 20,223,678 1,576,986 900,479 (3,174,891) 19,526,256Motor Vehicles - Lease - - 78,646 - 78,646

199,354,416 3,335,853 43,088,271 (24,974,139) 220,804,401

Land - - - - -Building - - 3,430,185 - 3,430,185

- - 3,430,185 - 3,430,185 199,354,416 3,335,853 46,518,455 (24,974,139) 224,234,585

4.2.4 Net Book Value

As at As at31-03-2010 31-03-2009

At Cost Rs. Rs

Land - 586,491,420Landscaping - -Building - 109,853,799Building - Lease Hold 36,323,717 11,949,725Office Equipment 63,813,488 31,279,408 40,220,896 40,239,549

2,114,924 2,532,331Furniture 35,514,564 15,838,961Computer Equipment 17,915,670 13,773,069Office Equipment - Other 6,667,357 5,864,848 64,782,791 32,705,378Shop Fittings - Mobiles 11,234,305 12,602,417Motor Vehicles 510,939 2,620,273Motor Vehicles - Lease 4,640,104 -

283,738,755 865,751,178

Land 1,059,619,001 -Building 215,119,815 -

1,274,738,816 -

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As at As at31-03-2010 31-03-2009

At Cost Rs. Rs

4.2.5 Capital Work In Progress 17,300,084 36,890,824

1,575,777,656 902,642,002

4.2.6 The fair value of land and buildings was (last) determined by means of a revaluation during the period ended 31, October

2009 by Messrs. A. Y. Daniel & Sons an independent valuer in reference to market based evidence. The results of such

revaluation were incorporated in these Financial Statements from its effective date which is 1, October 2009. The surplus

arising from the revaluation was transferred to a revaluation reserve. The carrying amount of revalued assets that would have

been included in the financial statements had the assets been carried at cost less depreciation is as follows:

CumulativeDepreciation Net Carrying Net CarryingIf assets were Amount Amount

Cost carried at cost 31-03-2010 31-03-2009Class of Asset Rs. Rs. Rs. Rs.

Building 129,934,809 23,329,380 106,605,430 109,583,800

4.2.7 During the financial year, the Company acquired Property, Plant & Equipment to the aggregate value of Rs.160,780,100/-,

(2009 Rs.38,139,577/-) of which Rs. 4,718,756/- (2009 Rs. Nil) was acquired by means of finance leases and

Rs.17,932,360/- was acquired through new subsidiaries. Cash payments amounting to Rs. 137,911,685/- (2009 Rs.

43,028,327/-) were made during the year for purchase of Property, Plant & Equipment.

Computer Software

As of 31, March 2010 2009 2010 2009

7,234,490 6,515,635 28,766,119 26,586,215

911,373 718,855 2,197,727 2,179,903

Transferred from under development - - 110,000 -

Impairment during the year - - - -

Disposals/Transfers - - - -

8,145,862 7,234,490 31,073,845 28,766,118

Cumulative amortisation as at 1st April 4,589,048 3,694,390 10,952,420 4,948,802

Amortised during the year 1,046,793 894,658 6,592,520 6,003,617

Acquired through new subsidiaries - - 2,292 -

Cumulative amortisation as at 31, March 5,635,841 4,589,048 17,547,231 10,952,419

Balance as at 31, March 2,510,021 2,645,442 13,526,614 17,813,699

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5.1 During the period, the Company acquired Intangible assets to the aggregate value of Rs.911,373/- (2009 Rs.718,855/-).Cash

payments amounting to Rs. 911,373/- (2009 Rs.711,855/-) were made during the period for purchase of Intangible Assets.

During the period, the Group acquired Intangible assets to the aggregate value of Rs.2,197,727/- (2009 - Rs.2,179,903/-).

Cash payments amounting to Rs. 2,197,727/- (2009 - Rs.2,179,903/-) were made during the period for purchase of Intangible

Assets.

2010 2009 2010 2009Rs. Rs. Rs. Rs.

Odel Properties (Pvt) Ltd. 100% 108,100,000 108,100,000 - -

Odel Information Technology

Services (Pvt) Ltd 100% 10 10 - -

Odel Lanka (Pvt) Ltd 100% 20 10 - -

Otone (Pvt) Ltd. 100% 10,000,000 - - -

Odel Apparels (Pvt) Ltd 100% 1,000 - - -

118,101,030 108,100,020 - -

2010 2009 2010 2009Rs Rs Rs Rs

Finished Goods 642,205,126 403,796,892 650,802,228 403,796,892

Goods In Transit 2,965,607 5,091,695 2,965,607 5,091,695

645,170,733 408,888,587 653,767,834 408,888,587

2010 2009 2010 2009

Trade Debtors 9,506,045 11,650,444 10,352,978 14,306,142

Other Debtors (Note 8.1) 19,472,948 29,100,219 21,140,701 29,100,419

Deposits & Prepayments 47,121,218 37,205,550 49,017,223 37,205,550

76,100,211 77,956,213 80,510,902 80,612,111

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2010 2009 2010 2009

Other debtors 19,087,958 26,785,219 20,755,711 26,785,419

Loans to key management personnel 384,990 2,315,000 384,990 2,315,000

19,472,948 29,100,219 21,140,701 29,100,419

8.1.1 Movement of the loan to key management personnel has been disclosed in the note 26.1 (b) to the Financial Statements

2010 2009 2010 2009

Rs. Rs. Rs. Rs.

Odel Properties (Pvt) Ltd. 5,607,246 32,923,698 - -

Odel Apparels (Pvt) Ltd 46,844,438 28,861,725 - 29,191,725

Odel Lanka (Pvt) Ltd 45,240,518 42,219,231 - -

Odel IT Services (Pvt) Ltd 19,090,478 39,126,624 - -

Otone (Pvt) Ltd 4,313,379 - - -

121,096,059 143,131,278 - 29,191,725

Less: Provision for doubtful debt - Odel Lanka (Pvt) Ltd (45,183,055) - - -

75,913,004 143,131,278 - 29,191,725

Backstage Retail (India) Pvt Ltd - 1,066,937 - 1,066,937

Backstage (Pvt) Ltd - 67,650 - 67,650

- 1,134,587 - 1,134,588

75,913,004 144,265,865 - 30,326,313

2010 2009 2010 2009Rs. Rs. Rs. Rs.

Investment in Backstage Retail (Singapore) Pvt Ltd - 38,072,097 - 38,072,097

Investment in 500,000 Equity shares in Backstage Retail (Singapore) Private Ltd. Company which was a fully owned subsidiary of

Odel Ltd has been sold during the year and recognised a gain of Rs. 2,406,678/- on this transaction.

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Number Rs. Number Rs.

Fully Paid Ordinary Shares 128,250,000 1,425,000 142,500 1,425,000

128,250,000 1,425,000 142,500 1,425,000

2010 2010 2009 2009Repayable Repayable 2010 Repayable Repayable 2009

within 1 year after 1 year Total within 1 year after 1 year TotalRs. Rs. Rs. Rs. Rs. Rs.

Bank Loan (12.1) 129,652,636 138,947,354 268,599,990 79,904,827 113,349,904 193,254,731

Lease Creditors (12.2) 719,233 3,835,268 4,554,501 - - -

Bank Overdrafts (16.2) 293,095,353 - 293,095,353 298,831,112 - 298,831,112

423,467,222 142,782,622 566,249,844 378,735,939 113,349,904 492,085,843

As at As at01-04-2009 Obtained Repayment 31-03-2010

Rs. Rs. Rs. Rs.

Short term working capital loans 6,381,115 58,600,000 (6,381,115) 58,600,000

209,999,990

193,254,731 158,600,000 (83,254,741) 268,599,990

12.1.1 Terms of the Loan

Principal Loan Amount Rs. 400 Mn

Security Primary mortgage over the property situated at lot A, bearing assessmentNo 15 situated at Cinnamon Gardens, Colombo 07.

Principal Loan Amount Rs. 200 Mn (As of 31 March 2010, bank disbursed Rs. 100 Mn only)

Security Primary mortgage over the property situated at lot A, bearing assessment

No 15 situated at Cinnamon Gardens, Colombo 07.

Principal Loan Amount Rs. 58.6 Mn

Security Primary mortgage over the property situated at lot A, bearing assessment

No 15 situated at Cinnamon Gardens, Colombo 07.

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2010 2010 2010 2009 2009 2009Repayable Repayable Total Repayable Repayable Total

within 1 year 1 < 5 Year within 1 year 1 < 5 YearRs. Rs. Rs. Rs. Rs. Rs.

Future minimum lease payments 1,330,476 4,989,285 6,319,761 - - -Finance cost

allocated to future period (611,243) (1,154,017) (1,765,260) - - -Net Liability 719,233 3,835,268 4,554,501 - - -

There are no installments to be paid after five years

Defined Benefit Plan Cost - Gratuity 2010 2009 2010 2009

Defined benefit obligation as at thebeginning of the year 20,282,393 14,724,545 21,339,534 15,819,834

Balance transferred from new subsidiaries - - 1,264,747 -Transitional effect - 3,402,277 - 3,347,312Interest cost 4,193,999 1,993,950 4,436,702 2,108,386Charge for the year 8,831,203 3,729,899 9,091,527 3,928,846Payments made during the year (1,739,182) (1,427,323) (2,294,527) (1,427,323)Actuarial Loss/ (Gain) on obligation (2,206,745) (2,140,956) (2,294,527) (2,437,523)

Defined benefit obligation as at the end of the year 29,361,667 20,282,393 31,731,182 21,339,533

The principal financial assumptions underlying the valuation are as follows.

2010 2009

Discount rate 11% 11%

Salary Increment rate 10% 10%

Staff Turnover 35% 35%

Retirement Age 55 Years 55 Years

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2010 2009 2010 2009Rs. Rs. Rs. Rs.

Trade payables 350,628,722 212,527,268 358,607,022 214,501,462

119,336,389 98,972,772 123,556,952 101,057,923

Odel Foundation Trust 1,154,042 1,161,692 1,154,042 1,161,692

471,119,153 312,661,732 483,318,016 316,721,017

2010 2009 2010 2009Rs. Rs. Rs. Rs.

Odel Properties (Pvt) Ltd 48,562,553 60,972,341 - -

Odel Information Technology Services (Pvt) Ltd 37,514,720 46,111,064 - -

Otone (Pvt) Ltd 1,210,001 -

odel 2009-2010

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