Notes to the Consolidated Financial Statements - Seylan Bank
Notes to the Consolidated Financial Statements - Seylan Bank
Notes to the Consolidated Financial Statements - Seylan Bank
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North Bound > <strong>Seylan</strong> <strong>Bank</strong> Annual Report 2011<br />
315<br />
26. Group Balances Receivable<br />
BANK<br />
GROUP<br />
2011 2010 2011 2010<br />
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000<br />
Name of Company<br />
<strong>Seylan</strong> Developments PLC 15,688 461,843 – –<br />
Total 15,688 461,843 – –<br />
BANK<br />
GROUP<br />
2011 2010 2011 2010<br />
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000<br />
27. Investment Properties<br />
Cost<br />
Balance as at 01st January 520,812 520,812 1,748,228 1,748,139<br />
Add: Additions During <strong>the</strong> Year – – 1,086 89<br />
Less: Disposals During <strong>the</strong> Year (267,064) – (267,064) –<br />
Cost as at 31st December (Note 27.1 & 27.2) 253,748 520,812 1,482,250 1,748,228<br />
Less - Provision for Impairment (Note 27.1) (16,119) (32,099) (150,914) (166,894)<br />
Cost Less Impairment as at 31st December 237,629 488,713 1,331,336 1,581,334<br />
Accumulated Depreciation<br />
Balance as at 01st January – – 128,736 108,668<br />
Charge for <strong>the</strong> Year – – 20,095 20,068<br />
Balance as at 31st December – – 148,831 128,736<br />
Carrying Value as at 31st December 237,629 488,713 1,182,505 1,452,598<br />
<strong>Bank</strong> has accounted its investment properties at cost and revalued <strong>the</strong>se properties periodically on a<br />
systematic basis for disclosure purposes.<br />
27.1 Investment Properties (<strong>Bank</strong>) - 2011<br />
BANK<br />
Cost Market Value<br />
Address Extent Date of Valuation Rs. ’000 Rs. ’000<br />
Kahapola, Piliyandala 20A 1R 39.5P 04.01.2012 114,429 140,000*<br />
97, Station Road, Kandana 1A 1R 9.84P 06.01.2012 139,319 123,200**<br />
253,748<br />
* <strong>Bank</strong> has made <strong>the</strong> arrangement <strong>to</strong> dispose <strong>the</strong> property and received an advance payment of Rs. 14 Mn.<br />
** The impairment provision of Rs. 16.1 Mn. has been accounted during <strong>the</strong> year.<br />
The property located at Kahapola, Piliyandala is valued by Mr. J.M.J. Fernando, professionally qualified<br />
valuer and <strong>the</strong> assumptions of <strong>the</strong> valuation are:<br />
a. Close proximity <strong>to</strong> Piliyandala <strong>to</strong>wn and Katubedda Campus<br />
b. Easy access <strong>to</strong> Galle Road<br />
The property at Kandana has been valued by Mr. J.M.J. Fernando, professionally qualified valuer and <strong>the</strong><br />
value is determined by notionally dividing <strong>the</strong> land with an allowance for internal roads, assuming:<br />
a. The close proximity <strong>to</strong> two export processing zones and airport<br />
b. Easy accessibility <strong>to</strong> Colombo, Kandy and Negombo roads