Notes to the Consolidated Financial Statements - Seylan Bank

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314 North Bound > Seylan Bank Annual Report 2011 Notes to the Consolidated Financial Statements 22. Lease Rentals Receivable within One Year BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 From the Balance Sheet date 3,367,369 2,313,471 3,367,369 2,313,471 Less: Unearned Income (961,676) (604,778) (961,676) (604,778) 2,405,693 1,708,693 2,405,693 1,708,693 Less: Loan Loss Provision (Note 21.1) (212,532) (230,978) (212,532) (230,978) Interest in Suspense (Note 21.1) (43,458) (48,909) (43,458) (48,909) 2,149,703 1,428,806 2,149,703 1,428,806 23. Lease Rentals Receivable Later Than One Year and not later than five years From the Balance Sheet Date (Note 23.1) 6,176,963 3,032,315 6,176,963 3,032,315 Less: Unearned Income (1,006,459) (518,650) (1,006,459) (518,650) 5,170,504 2,513,665 5,170,504 2,513,665 23.1 Lease Rentals Receivable 6,262,885 3,120,618 6,262,885 3,120,618 Less: Deposit of Rentals (85,922) (88,303) (85,922) (88,303) 6,176,963 3,032,315 6,176,963 3,032,315 24. Lease Rentals Receivable Later Than Five Years From the Balance Sheet Date (Note 24.1) 2,784 822 2,784 822 Less: Unearned Income (139) – (139) – 2,645 822 2,645 822 24.1 Lease Rentals Receivable 2,784 822 2,784 822 Less: Deposits of Rentals – – – – 25. INVESTMENTS IN SUBSIDIARIES - BANK Quoted - Ordinary Shares Seylan Developments PLC Principal Activity 2,784 822 2,784 822 Number of Shares as at Holding Cost as at 31.12.2011 Market Value as at 31.12.2011 Number of Shares as at Holding Cost as at 31.12.2010 Market Value as at 31.12.2010 31.12.2011 % Rs. ’000 Rs. ’000 31.12.2010 % Rs. ’000 Rs. ’000 Property Development/ Management 76,688,880 51.83 793,254 943,273 37,203,584 50.29 358,916 625,020 793,254 943,273 358,916 625,020 Seylan Developments PLC made a Rights Issue during the year and Bank purchased 39,485,296 Shares of the Rights Issued at a cost of Rs. 434.338 Mn.
North Bound > Seylan Bank Annual Report 2011 315 26. Group Balances Receivable BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Name of Company Seylan Developments PLC 15,688 461,843 – – Total 15,688 461,843 – – BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 27. Investment Properties Cost Balance as at 01st January 520,812 520,812 1,748,228 1,748,139 Add: Additions During the Year – – 1,086 89 Less: Disposals During the Year (267,064) – (267,064) – Cost as at 31st December (Note 27.1 & 27.2) 253,748 520,812 1,482,250 1,748,228 Less - Provision for Impairment (Note 27.1) (16,119) (32,099) (150,914) (166,894) Cost Less Impairment as at 31st December 237,629 488,713 1,331,336 1,581,334 Accumulated Depreciation Balance as at 01st January – – 128,736 108,668 Charge for the Year – – 20,095 20,068 Balance as at 31st December – – 148,831 128,736 Carrying Value as at 31st December 237,629 488,713 1,182,505 1,452,598 Bank has accounted its investment properties at cost and revalued these properties periodically on a systematic basis for disclosure purposes. 27.1 Investment Properties (Bank) - 2011 BANK Cost Market Value Address Extent Date of Valuation Rs. ’000 Rs. ’000 Kahapola, Piliyandala 20A 1R 39.5P 04.01.2012 114,429 140,000* 97, Station Road, Kandana 1A 1R 9.84P 06.01.2012 139,319 123,200** 253,748 * Bank has made the arrangement to dispose the property and received an advance payment of Rs. 14 Mn. ** The impairment provision of Rs. 16.1 Mn. has been accounted during the year. The property located at Kahapola, Piliyandala is valued by Mr. J.M.J. Fernando, professionally qualified valuer and the assumptions of the valuation are: a. Close proximity to Piliyandala town and Katubedda Campus b. Easy access to Galle Road The property at Kandana has been valued by Mr. J.M.J. Fernando, professionally qualified valuer and the value is determined by notionally dividing the land with an allowance for internal roads, assuming: a. The close proximity to two export processing zones and airport b. Easy accessibility to Colombo, Kandy and Negombo roads
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Notes to the Consolidated Financial Statements - Seylan Bank

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