positive momentum - carson cumberbatch plc€¦ · sathosa motors ltd. movement in the portfolio...

POSITIVE MOMENTUM

Guardian Capital Partners PLC . Annual Report 2013/14

POSITIVE MOMENTUM

Providing growth capital, we seek to infuse fresh growth

capital into promising medium scale businesses driven

by visionary entrepreneurs, enabling these companies to

graduate into the next stage of their development. The

financial capital is backed by access to the strengths of

the Guardian and Carson Cumberbatch Groups' expertise

and local knowledge.

Guardian Capital Partners PLC | Annual Report 2013/14 | 1

For the year ended/As at 31st March 2014 2013 Change (%)

Revenue 28,923 23,051 25

Profit/(loss)fromoperations 15,777 (32,872) (148)

Profit/(loss)beforetaxation 15,777 (33,968) (146)

Profit/(loss)fortheyear 15,460 (33,791) (146)

Othercomprehensiveincomefortheyear 84,194 11,194 652

Total comprehensive income/(expense) for the year 99,654 (22,597) (541)

Netcashgeneratedfromoperatingactivities 20,050 48,804 (59)

Accumulatedloss (45,880) (61,340) (25)

Totalequity 582,781 483,127 21

Total assets 588,969 489,220 20

Earnings/(loss)pershare(Rs.) 0.60 (1.31) (146)

Netassetspershare-Bookvalue(Rs.) 22.56 18.70 21

Returnonordinaryshareholders'funds(%) 2.66 (6.99) (138)

Fair value of investment portfolio * 580,573 488,092 19

Stock Market data AllSharePriceIndex(points) 5,968 5,736 4

S&PSL20Index(points) 3,280 3,294 (0)

Marketcapitalization(000) 653,595 997,185 (34)

Shareprice(Rs.)

Yearend 25.30 38.60 (13)

High 47.30 77.00 (30)

Low 25.00 35.00 (10)

*Basedonthefairvalueofportfolioafteradjustingforcashandcashequivalents.Unlistedinvestmentsarestatedatcost.

Financial Highlights

2 | Guardian Capital Partners PLC | Annual Report 2013/14

Chairman’s Statement

Dear shareholder, Iwelcomeyoutothe94thAnnualGeneralMeetingoftheCompanyandonbehalfoftheBoardofDirectors,takepleasureinpresentingtheAnnualReportandAuditedAccountsoftheCompanyfortheyearended31stMarch2014.

Therewasanimprovementintheprivateequitydealflowduringtheyear,howevernoneofthemmetourinvestmentcriteria,hencewedidnotmakeanynewinvestmentsduringtheyear.Whilstonecompanyintheportfoliowasdivested,theotherlistedpositionswereheld,asthetradingpriceofthesecompaniesontheColomboStockExchangecontinuedtoremainbelowourestimateoftheirintrinsicvalue.

DuringtheyearthecompanygeneratedanaccountingprofitofRs.15.5MnandacomprehensivenetincomeofRs.99.6Mn.Thisrepresentsasignificantturnaroundrelativetolastyear.TheimprovementwasdrivenbyfavourableconditionsattheCSEresultinginfairvaluegainsaswellasrevenuegrowthandcontrolincosts.GrowthinprofitsresultedintheNAVpersharerecordinga20.6%growth,increasingfromRs.18.70toreachRs.22.56asat31stMarch2014.

Althoughwewerechallengedonceagaintomakenewinvestments,wecontinuetostronglybelieveintheimportantrolethatprivateequitycanplayinhelpingpromisingbusinessesachieverapidgrowth.Privateequityisstillarelatively

newconcepttoSriLanka,asallstakeholdersintheindustrygainmoreexperienceandcomfortinthisformofinvesting,wecouldexpectthelevelandqualityofactivitytoimproveovertime.GuardianCapitalPartnershopestoplayakeyroleinthedevelopmentofthisassetclass.Yourcompanywillcontinuetofocusonimprovingvariousfacetsofthebusinesssuchasdealgeneration,dealevaluationandstructuring.Wecontinuetopursueopportunitiestotieupwithforeignprivateequityfirmsandforeignfundingpartnerstoexpandassetsundermanagementandbuildourexpertise,asreportedlastyear.

Thediscrepancybetweentheactualnetworthofthecompanyandthepriceatwhichthesharetradesinthemarkethasnarrowedsignificantlyrelativetolastyear.Thenetworthofthecompanyasat31March2014stoodatRs.22.56relativetoamarketpriceofRs25.30.Thepaymentofadividendisnotrecommendedforthisfinancialyearaswell.Furtherwewouldliketostressonceagaintoourshareholdersthefactthatprivateequityinvestmentsareriskier,relativelyilliquidinnature,carryalonger

gestationperiod,andthereforecarryahigherriskweightthanlistedequity.

Inconclusion,Iwouldliketothanktheshareholdersfortheconfidenceandtrustplacedinthemanagementovertheyears.WethanktheAudit,Remuneration,NominationCommittees,theregulatorsandourbusinessassociatesfortheircontinuedsupport.IalsoliketothankmycolleaguesontheBoardfortheirinputs.

(Sgd.) Israel Paulraj Chairman

Colombo 05thMay2014


Operational Review

Composition of the portfolioAsat31March2014ourportfoliostandsat Rs.523Mnandconsistsof3companies(Figure1).ExpolankaHoldingsPLCcontinuestobeourlargestholding,followedbyAccessEngineeringPLC.

Figure 1: Portfolio Composition Rs. Mn

%

ExpolankaHoldingsPLC 303 58%AccessEngineeringPLC 180 34%HsenidBusinessSolutions(Pvt)Ltd 40 8%Total 523 100%

Expolanka Holdings PLCExpolankaisoneoftheleadingfreightforwardersintheSouthAsianregion,specializedinthegarments/apparelvertical.WhilstthecompanyhasalsodiversifiedintoahostofotherbusinessessuchasairlineGSA,travelagency,agriculturerelatedbusinesses;itisintheprocessofreorganizingitsbusinessportfoliowiththeobjectiveofimprovingthefocusonitscorefreightforwardingbusinessaswellastoexitfromlowreturnbusinesses.Theexposuretotheregionalapparelindustrythroughvaluableinternationalpartnerships,thoughsensitivetoglobaleconomicforces,providesexposuretoacompetitiveandscalablebusinessmodel.

Access Engineering PLCAccessEngineeringPLC(AEP)isengagedinconstructionandrealestatebusinesses.AEPisoneoftheleadingC1contractorsinthecountryinvolvedinconstructionofbuildings,roads&highways,water&wastewatermanagement,bridges&flyovers,harbours&marinework,dredging&reclamation,telecommunication,irrigation&landdrainage,andpiling.GiventheinfrastructuredevelopmentthrustinSriLanka,exposuretoAEPwouldenableustobenefitfromthegrowthtrendsinthissector.

HSenid Business Solutions (Pvt) LtdHSeniddevelopsandmarketshumanresourcemanagementsoftware,deliveringsolutionsviaon-premiseandsoftwareasaservice(SaaS)platforms.ThecompanyalsooffersHRoutsourcingservices.WhilstbeingthemarketleaderinSriLanka,thecompanyalsoderivesover25%ofitsrevenuefromoverseasmarkets,mainlyfromtheAfricanregion,IndiaandMalaysia.Thecompanyisintheprocessofinvestingandbuildingtheseoverseasmarketstofurtherpenetrateandimprovemarketshare,akeydriverofitsfuturegrowth.

Consolidated performance of the portfolio companiesTheportfoliocompaniesgeneratedaconsolidatedrevenueofRs.54.2Bnforthe9monthsendingDecember2013,growing19.8%.Consolidatednetprofitgrewby43.4%,toreachRs.3.4Bn(Figure2).HoweverthisfigureincludedaoneoffgaininExpolankaHoldingsofRs.557Mn,adjustedforthisprofitgrowthcomesinat20%.

Figure 2: Portfolio Company Performance

Annual 9 months – FY 2014Rs. Mn 2012M 2013M 2012D 2013DRevenue 42,975 64,366 45,290 54,239Netprofit 2,771 3,433 2,381 3,412GrowthRevenue 49.8% 19.8%Profit 23.9% 43.3%

TherevenuegrowthwasprimarilydrivenbyExpolanka,aidedbytheperformanceofitsfreightandinternationaltradesegmentperformance.HowevercoreprofitgrowthwasdrivenbyAccessEngineeringaidedbyimprovedperformanceintheconstructionbusinessaswellasimprovedperformanceatthesubsidiarySathosaMotorsLtd.

Movement in the portfolio TheportfoliovalueofGCPasat31stMarch2014stoodatRs.523Mn,recordingagrowthof16%(Figure3).ThegrowthwasdrivenbyfairvaluegainsrecordedonbothExpolankaandAccessduetoincreaseinprices.ExpolankasharepriceappreciatedtoRs.8.70fromRs.6.80,whilstAccessclosedatRs.22.50,upfromRs.19.70.TheremainingsharesofTexturedJerseyLankaPLCweredisposedduringtheyearforRs.20Mn,nettingagainofRs.8.3Mn.

Figure 3: Movement in Portfolio Rs. MnPortfoliovalueasat31stMarch2013 459MarktomarketadjustmentFairvalueanddisposalgains 89Disposals (16)Portfolio value as at 31st March 2014 523

Financial performanceDuringthefinancialyearthecompanygeneratedaprofitofRs.15.5MnandacomprehensiveincomeofRs.99.6Mn.Thisisasignificantimprovementrelativetolastyear,andwas

primarilydrivenbyimprovedconditionsattheCSE,coupledwithrevenuegrowthandcontroloncosts.

Lastyear’sperformancewassignificantlyaffectedbyimpairmentlossesmadeagainstAccessEngineeringasthemarketpricefell


Operational Review

belowtheacquiredcost.TherecoveryseenintheCSEduringthefinancialyearwasalsoreflectedinthetradingpricesofAccessandExpolanka,resultinginapartialreversalintheimpairmentchargemadeagainstAccess,andafairvaluegainonExpolanka.Inaccordancewithaccountingstandards,theresultinggainofRs.88.6Mnhasbeenbookedunderothercomprehensiveincome.

Revenuegrewby25%duringtheyear,primarilydrivenbyagrowthininterestincomeanddividendincome.ProceedsfromsalesweretemporarilyinvestedinshorttermdepositstakingthebalanceuptoRs.57MnfromRs.37Mn,andasaresultinterestincomeincreasedby159%duringtheyear.IncreaseindividenddistributionbyExpolankawastheprimarycontributortothe50%growthindividends.

Administrationandotheroperatingexpensesweretightlycontrolled,whilsttherepaymentofallborrowingsresultedinthecompanyincurringnointerestcostfortheperiod.

Financial positionAsat31stMarch2014,GCPholds9.7%incashwhilstthebalanceremaininvested.Hencewemayberequiredtoraisenewfundsifthereisanincreaseinthenumberofdealsthatwechoosetoinvestin.Fundsfromdivestmentsisanoption,howeverthetimingofthesameisnotwithinourcontrol.

Aswehavenodebtinthebalancesheet,wehavetheoptionofusingborrowingstotemporarilyfundanydealthatcomesourway,givingustheflexibilityandleewaytodecideonthemostsuitablepermanentfundingsourceandtimingofthefundraising.

Our philosophy and approachGuardianCapitalPartnersandGuardianFundManagementcontinuetofocusonimprovingitsprocessesandcapabilitiesintheprivateequityinvestmentspace.AsmentionedinpreviousreportsweseethesuccessofthePEbusinessrestingonfourpillarsofsearchingfor,investingin,protectingandbuildingvalue,andourimprovementeffortshavebeenfocusedonthesame.

Weareonthelookoutforgoodqualitybusinessesbackedbystrongentrepreneurialandmanagementteamswhoseekcapitaltofundtheirgrowthplans.Inordertoensurethatweidentifyandselectthebestpossiblecandidatesforinvestment,wediligentlyfollowtheinvestmentevaluationframework(Figure4)developed.Thisensuresthatwefollowaconsistent,objectiveandsystematicapproachtoevaluatingadealfromallangles.

Aftercommittingcapitalweseektocontinuouslyengagewiththecompanyinprovidinginputonstrategyandexecution.Thisisdonetoensurecontinuousguidanceandsupportforinvesteecompany’smanagementwhilstalsoensuringthatthecompanyachievestheobjectivessetoutatthetimeoffundraising.Engagementis

viatheparticipationinashareholderadvisoryboardorbybeingaboardmemberdependingonthestaketakenintheinvestment.Furtherwealsoenterintoshareholderagreements,whichsetoutparametersrelatingtofactorssuchasconductofbusiness,particularsrelatingtoexit,monitoringandshareholderrights.

Profile of the managers ThefundsaremanagedbyGuardianFundManagementLtd(GFM)whichisafullyownedsubsidiaryoftheCeylonGuardianInvestmentTrustPLC.GuardianFundManagementisregisteredwiththeSecuritiesandExchangeCommissionofSriLankaasanInvestmentManager,thusbeingcompliantwithallregulatoryrequirements.Atpresent,GFMmanagesthelargestlistedequityfundinSriLankaandhasbuiltupitscompetenciesinthefieldofportfoliomanagement,researchandsupportservices.GFMisintheprocessofinvestinginknowledge,talentandseekingopportunitiestotieupwithforeignprivateequityplayersandfundingpartnerstofacilitatethegrowthofthePEbusiness,focusingondealflowgenerationandresearch&structuringcapabilities.

Themanagementphilosophyonprivateequityisfocusedonidentifying,investingin,protectingandbuildingattractivelyvaluedbusinessesthathavetheabilitytogrowandreachthenextlevel.Thephilosophyisbuiltaroundforgingmeaningfulpartnershipswithourinvesteecompaniestoensurethatthecompanypursuesanoptimalstrategythatcreatesthemostvaluetoallstakeholdersandcloseengagementtosupportthecompanyandpromotersintheimplementationofthestrategy.Wealsofocusonintroducinggoodgovernanceandsoundmanagementpractices.

Guardian Fund Management Ltd InvestmentManagers

Colombo 05thMay2014

Business analysisFigure 4: Deal Evaluation Framework

Risk AnalysisDeal structureCompetitor analysisMacroMicroLegal & politicalEnvironmental

Operating modelRevenue modelGP modelWorking capital & capexTaxation

Macro Considerations

Assessment of market attractiveness

Assessment of industry attractiveness

Financials and valuation

Deal structuring- Forecasting and valuation, Equity IRR and sensitivity analysis- Income, balance sheet and cash flow statement analysis

Assessment of target market attractiveness

Sustainable competitive advantage

Micro Considerations

Management capability and governance


Risk Management

RiskmanagementformsanintegralandimportantpartofoperationalandstrategicmanagementfunctionsofGCP.Thecriticalriskswemonitorandmanagearemarketrisk,liquidityrisk,operationalrisk,monitoringrisk,governanceriskandregulatoryrisk.

Market risk Whilstitistraditionallybelievedthatmarketrisk,definedasexposuretoadversemovementsinthesecuritiesmarket,doesnotaffectprivateequity,itdoeshaveadirectbearingonthereturngeneratedonthisassetclass.Thisisduetothefactthatwhenitcomestoexits,thevaluerealizationisdirectlylinkedtotheperformanceoftheoverallmarketaswellaspricetoearningsmultiplesofpeercompaniesonthestockexchange.Hencetowardstheendofourholdingperiodwewouldactivelymonitormarketmovementstoensurethatexitsaretimedtoderivethemaximumbenefit.Uponlistingofourpositionswearedirectlyexposedtomarketriskintheeventwedonotdivestatthetimeoflisting.Movementinpricesaremonitoredandanalysedtounderstandthereasoningbehindsuchmovementandtheseareassessedagainstourviewandunderstandingofthecompany’sfundamentals(Pleaserefernote25,'Financialinstruments'inthefinancialstatementsforfurtherdetails).

Liquidity riskPrivateequityinvestmentsbynaturearehighlyilliquid,preventingtheinvestorfromrealizingcashquicklyoreasily.Thevirtualnonexistenceofasecondarymarketandrestrictionsimposedbywayoflockinperiods,furtherimpacttheabilitytocutlossandliquidatepositionsinaneventuality.Thisispartandparcelofthisbusiness,whichismitigatedbyfactoringinaliquidityriskpremiumwhensettingaminimumhurdlerateofreturn,atthepointoffilteringprospectiveinvestments.Sufficientliquidityismaintainedtomeetobligationsenteredinto(Pleasereferthenote25,'Financialinstruments'inthefinancialstatementsforfurtherdetails).

Operational riskOperationalriskisthepossibilityofincurringalossduetofailureofsystems,peopleandprocessesofGCP.Detailedpolicymanualsandchecklistscoveringinvestmentanalysis,governance&legalaspects,covenantsandshareholderagreementshavebeendevelopedtomanageandreducethisrisk.Thesewouldcoverkeyriskssuchasselloutsbypromoters,retentionofkeystaffandprotectionofimportanttangibleandintangibleassets.

Monitoring riskNoregularperformancereportingrequirementsarethereforunlistedcompaniesandhenceprivateequityinvestorsfacetheriskofnotgettingfinancialstatementsonaquarterly&yearlybasisasismandatoryforlistedsecurities.Howeverwerequesttheinvesteecompaniesthroughourshareholderagreementtoprovideusquarterly&annualfinancialstatementsalongwithrelevantMIS&marketdata,andwealsoschedulereviewmeetingswithmanagementonaregularbasis.Arapportwiththemanagementisbuiltthroughtime,alongwithamonitoringprocess.

Credit riskCreditriskordefaultriskistheriskofpotentiallossduetoanexternalpartywedealwithfailingtomeetitsobligationsinaccordancewithagreedtermsandconditions.Thecompanyisexposedtocreditriskindealingwithcounterpartiessuchasinvestmentbanks,stockbrokers,placementagentsetc.andalsowheninvestingexcesscashtemporarilyinfixedincomesecurities.Theriskarisingfromcounterpartiesismanagedbybeingselectiveinthecounterpartieswedealwith.Aninternalratingframeworkhasbeenformulatedfocusingoncriteriasuchasreputation,operatinghistory,externalratingsetc.Dealingsarecarriedoutwithcounterpartieswhomeetthesecriteria.Furtheranageanalysisiscarriedoutwithrespecttoalloutstandingamountsfromcounterparties.Withrespecttoinvestmentof

excesscashwelimitourinvestmentstofinancialinstruments/institutionswithcreditratingof‘A’andabove.(Pleasereferthenote25,'Financialinstruments'inthefinancialstatementsforfurtherdetails).

Governance riskSinceunlistedcompaniesdon’thavealargeminorityshareholderbase,itisdifficulttosetinplacegovernancepracticesandalsotoenforcethemsincethereisnoregulatoryframeworkgoverninginvestorinterests.However,werequestinvesteecompaniesthroughtheshareholderagreementtogetourapprovalforcriticaldecisionssuchasdivestmentofmajorassets,acquisitionsetc.Wealsorequireappointmentofauditcommitteesandadherencetodisclosurerequirementsoflistedcompanies,sothattheymaypreparethemselvesforeventuallistingrequirements.Whereourstakeinacompanyexceedsaparticularthreshold,wemayrequestboardrepresentationtosafeguardourinterestsasinvestors.

Regulatory riskChangesinregulationrelatingtolistingrulesandrelatedlock-inperiodshaveposedadditionalriskstoprivateequity.Weattempttohaveaconstantdialogwithregulatorsandproviderelevantfeedbackwhereverpossibleonproposedregulatorychangesthatarerelevanttothisassetclass.


TheBoardofDirectorsofGuardianCapitalPartnersPLChavepleasureinpresentingtotheshareholderstheirReporttogetherwiththeAuditedFinancialStatementsfortheyearended31stMarch2014.

ThedetailssetouthereinprovidethepertinentinformationrequiredbytheCompaniesActNo.07of2007,ListingRulesoftheColomboStockExchangeandareguidedbyrecommendedbestAccountingPractices.

TheAnnualReportwasapprovedbytheBoardofDirectorson05thMay2014.

1. GENERALGuardianCapitalPartnersPLC(the"Company")isapublicquotedCompanywithlimitedliabilityincorporatedinSriLankain1920.

2. PRINCIPAL ACTIVITY OF THE COMPANY

TheprincipalactivityoftheCompanyistoholdandmanageaportfolioofprivateequityinvestments.

TherewerenosignificantchangesinthenatureoftheprincipalactivitiesoftheCompanyduringthefinancialyearunderreview.

3. REVIEW OF OPERATIONS AND FUTURE DEVELOPMENTS

TheChairman’sStatementandtheOperationalReviewdescribeindetailtheperformanceduringtheyeartogetherwithcommentsonthefinancialresultsandfuturedevelopmentsoftheCompany.

4. FINANCIAL STATEMENTSThefinancialstatementswhichcomprisetheStatementofcomprehensiveIncome,Statementoffinancialposition,CashFlowStatement,StatementofChangesinEquityandNotestothefinancialstatementsoftheCompanyfortheyearended31stMarch2014aresetoutonpages

16to41.ThesefinancialstatementsdocomplywiththerequirementsoftheSection151oftheCompaniesAct,No7of2007.

4.1 RevenueTheCompanygeneratedarevenueofRs.28.9mn(2013–Rs.23.1mn)forwhichadetailedanalysisfortheyearisgiveninnote11totheFinancialStatements.

4.2 Financial Results and Appropriations

AnabridgementofthefinancialperformanceoftheCompanyispresentedinthetablebelow.

For the year ended 31st March

2014

2013

Accumulatedlossesbroughtforwardfrompreviousyear

(61,340) (27,549)

Dividendpaid - -

Profit/(loss)fortheyear 15,460 (33,791)

Accumulatedlossescarriedforward

(45,880) (61,340)

4.3 Significant Accounting PoliciesThesignificantaccountingpoliciesadoptedinthepreparationofthesefinancialstatementsaregivenonpages20to26.

4.4 Investment in Financial Instruments – Available for Sale Financial Assets

InvestmentsinfinancialinstrumentsoftheCompanyrepresentsinvestmentsinavailableforsalefinancialassets,categorizedinto,

FairvaluehierarchyLevel1-quotedsecurities

FairvaluehierarchyLevel2andLevel3–privateequity(unlistedequity).

InvestmentsplacedatfairvaluehierarchyLevel1–quotedsecurities,asatthereportingdate,carriedafairvalueofRs.483.2mn(2013–Rs.410.7mn)asdisclosedinnote16.1.

InvestmentsplacedatfairvaluehierarchyLevel2and3–privateequity(unlisted)investments,asatthereportingdate,carriedafairvalueofRs.40mn(2013–Rs.40mn)asdisclosedinnote16.2.

4.5 ReservesAsat31stMarch2014,thetotalreservesoftheCompanystoodatRs.69.1mn(2013–negativeRs.30.5mn)

ThedetailsandmovementsaresetoutintheStatementofChangesinEquityandnotes20tothefinancialstatements.

4.6 Available for Sale Financial Assets Reserve

Duringtheyear,thenetpositivemovementreflectedinthe‘Availableforsalefinancialassetsreserve’oftheCompanyamountingtoRs.84.2mn(2013–Rs.11.2mn)arisingoutoffairvalueadjustmenton“availableforsalefinancialassets”.

5. STATEMENT OF DIRECTORS RESPONSIBILITIES

TheresponsibilitiesoftheDirectorsinrelationtotheFinancialStatements,aredetailedinthefollowingparagraphs,whilsttheresponsibilitiesoftheAuditorsaresetoutintheReportoftheAuditors.

AccordingtotheCompaniesActNo.07of2007andtheSriLankaAccountingandAuditingStandardsActNo.15of1995,theDirectorsarerequiredtoprepareFinancialStatementsforeachfinancialyear,givingatrueandfairviewofthestateofaffairsoftheCompanyasattheendofthefinancialyearandoftheresultsforthesaidperiod.

InpreparingtheseFinancialStatementstheDirectorsarerequiredtoensurethat:

●appropriateaccountingpolicieshavebeenselectedandappliedconsistently,whilematerialdepartures,ifany,havebeendisclosedandexplained.

Annual Report of the Board of Directors on the Affairs of the Company


●allapplicableAccountingStandardshave beencompliedwithand,

●reasonableandprudentjudgmentsandestimateshavebeenmade.

TheDirectorsareresponsibleforensuringthattheCompanymaintainssufficientaccountingrecordstodisclosewithreasonableaccuracy,thefinancialpositionoftheCompanyinordertoensurethatitsFinancialStatementsmeetwiththerequirementsofCompaniesActNo.07of2007andtheSriLankaAccountingandAuditingStandardsActNo.15of1995.TheyarealsoresponsiblefortakingreasonablemeasurestosafeguardtheassetsoftheCompanyandinthisregardtogiveproperconsiderationtotheestablishmentofappropriatesystemsofinternalcontrolwithaviewtoprevent,detectandrectifyfraudsandotherirregularities.

TheseFinancialStatementshavebeenpreparedonaGoingConcernbasis,sincetheDirectorsareoftheviewthattheCompanyhasadequateresourcestocontinueoperationsfortheforeseeablefuturefromthedateofsigningtheseFinancialStatements.

TheDirectorsarealsooftheviewthattheyhavedischargedtheirresponsibilitiesassetoutinthisstatement.

6. INDEPENDENT AUDITORS’ REPORT

TheIndependentAuditors’ReportontheFinancialStatementsisgivenonpage15ofthisReport.

7. INTERESTS REGISTERTheCompanymaintainstheInterestsRegisterconformingtotheprovisionsoftheCompaniesActNo.7of2007.

AllDirectorshavemadedeclarationsasprovidedforinSection192(2)oftheCompaniesActaforesaid.TherelevantdetailsasrequiredbytheCompaniesActNo.07of2007havebeenenteredintheInterestsRegisterduringtheyearunderreview.

TheInterestsRegisterisavailableforinspectionasrequiredundertheCompaniesAct.

7.1. Remuneration of DirectorsDirectors’remuneration,forthefinancialyearended31stMarch2014isgiveninNote24totheFinancialStatements,onpage34.

7.2 Directors’ Interest in Contracts and Shares

TheRelatedPartyTransactionsoftheCompanyasrequiredbytheSriLankaAccountingStandardLKAS24RelatedPartyDisclosuresaredisclosedinNote24totheFinancialStatementsandhavebeendeclaredatMeetingsoftheBoardofDirectors.TheDirectorshavehadnodirectorindirectinterestinanyothercontractsorproposedcontractsinrelationtothebusinessoftheCompany,whiletheyhadthefollowinginterestsintheordinarysharesoftheCompanyasshowninthetablebelow.

Directors No. of shares as at

31st March 2014

01st April 2013

Mr.I.Paulraj(Chairman) 200 200Mr.D.C.R.Gunawardena 25 25Mr.S.Mahendrarajah 25 25

8. DIRECTORSThenamesoftheDirectorswhoservedduringtheyeararegivenunderCorporateInformationprovidedintheinnerbackcoveroftheAnnualReport.

8.1 Director to Retire by RotationIntermsofArticles72,73and74oftheArticlesofAssociationoftheCompany, Mr.S.Mahendrarajahretiresbyrotationandbeingeligibleoffershimselfforre-election.

8.2 Appointment of Director who is over 70 years of age

UpontherecommendationoftheNominationCommitteeofCeylonGuardianInvestmentTrustPLC(theparentcompany),whichactsastheNominationCommitteeoftheCompanyandtheBoard,itisrecommendedthatMr.I.Paulrajwhoisover70yearsofagebere-appointedasaDirectoroftheCompanyforafurtherperiodofoneyearfromtheconclusionoftheAnnualGeneralMeetingandthattheagelimitstipulatedinSection210oftheCompaniesActNo.7of2007shallnotbeapplicable.

9. INDEPENDENT AUDITORSTheCompany’sauditorsduringtheyearunderreviewwereMessrs.KPMG,CharteredAccountants.

AsumofRs.134,000/-waspaidtothembytheCompanyasauditfeesfortheyearended31stMarch2014(2013-Rs.120,000/-).FurthertheauditorswerepaidRs.20,000/-(2013– Rs.18,000/-)asprofessionalfeesforauditrelatedservicesduringtheyear.

Theretiringauditorshaveexpressedtheirwillingnesstocontinueinoffice.Aresolutiontore-appointthemasIndependentAuditorsoftheCompanyandauthorizingtheDirectorstofixtheirremunerationwillbeproposedattheforthcomingAnnualGeneralMeeting.

TheAuditCommitteereviewedtheappointmentoftheauditors,itseffectivenessandtheirrelationshipwiththeCompanyincludingthelevelofauditandnon-auditfeespaidtotheauditors.



9.1 Auditors’ Relationship or any interest with the company

TheDirectorsaresatisfiedthat,basedonwrittenrepresentationsmadebytheIndependentAuditorstotheBoard,theAuditorsdidnothaveanyinterestwiththeCompanythatwouldimpairtheirindependence.

10. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

Therewerenosignificanteventsduringtheyear.

11. RELATED PARTY TRANSACTIONS EXCEEDING 10% OF THE EQUITY OR 5% OF THE TOTAL ASSETS OF THE COMPANY

TherewerenotransactionsenteredintobytheCompanyduringtheyearunderreviewintheordinarycourseofbusiness,thevaluewhichexceeded10%oftheShareholders’equityor5%ofthetotalassetsoftheCompanyasat31stMarch2014.

ThedetailsoftherelatedpartytransactionsaregiveninNote24onpage34oftheFinancialStatements.

12. CORPORATE GOVERNANCETheBoardhasensuredthattheCompanyhascompliedwiththeCorporateGovernanceRulesaspertheListingRulesoftheColomboStockExchange(CSE).

12.1 Board of DirectorsThefollowingDirectorsheldofficeasatthereportingdateandtheirbriefprofilesaregivenonpage12oftheAnnualReport.

Directors Executive/ Non-Executive/ Independent

Mr.I.Paulraj(Chairman) Non-Executive/Independent*

Mr.D.C.R.Gunawardena Non-Executive

Mr.S.Mahendrarajah Non-Executive/Independent**

EachoftheNon-ExecutiveDirectorsoftheCompanyhassubmittedasigneddeclarationonIndependence/Non-IndependenceasperRule7.10.2(b)oftheListingRulesoftheColomboStockExchange(CSE).ThesaiddeclarationswerecirculatedtotheBoard,inordertoenabletheBoardofDirectorstodeterminetheIndependence/Non-IndependenceofeachoftheNon-ExecutiveDirectors,intermsofRule7.10.3(a)oftheListingRulesoftheCSE.

*TheBoardhasdeterminedthatMr.I.PaulrajisanIndependent/Non-ExecutiveDirectorinspiteofbeingontheBoardformorethannineyearsandbeingaDirectorofmanyothercompanieswithintheCarsonCumberbatchgroup,ofwhichmajorityoftheotherDirectorsoftheCompanyarealsoDirectorsandbeingaDirectorofCeylonGuardianInvestmentTrustPLCandCarsonCumberbatchPLCwhichhasasubstantialshareholdingintheCompany,sinceheisnotdirectlyinvolvedinthemanagementoftheCompany.

**TheBoardhasdeterminedthat Mr.S.MahendrarajahisanIndependent/Non-ExecutiveDirectorinspiteofbeingontheBoardformorethannineyears,sinceheisnotdirectlyinvolvedinthemanagementoftheCompany.

12.2 Directors’ Meeting AttendanceDuringthefinancialyeartheBoardofDirectorshadfourBoardMeetingsandtheattendanceoftheDirectorswereasfollows;

Directors Attended/ Eligible to Attend

Non-Executive/ Independent Directors

Mr.I.Paulraj(Chairman) 4/4

Mr.S.Mahendrarajah 2/4

Non-Executive Director

Mr.D.C.R.Gunawardena 3/4

12.3 Audit CommitteeAspertheRule7.10.6oftheListingRulesoftheColomboStockExchangetheAuditCommitteeofCarsonCumberbatchPLC(CCPLC),theultimateparentCompanyfunctionsastheAuditCommitteeoftheCompany.

Composition

Audit Committee Members

Executive / Non-Executive/ Independent

Mr.V.P.Malalasekera(Chairman)

Non-Executive/IndependentDirectorofCCPLC

Mr.F.Mohideen Non-Executive/IndependentDirectorofCCPLC

Mr.D.C.R.Gunawardena

Non-ExecutiveDirectorofCCPLC

TheAuditCommitteeReportisgivenonpage13ofthisAnnualReport.

12.4 Remuneration CommitteeAspertheRule7.10.5oftheListingRulesoftheColomboStockExchangetheRemunerationCommitteeofCarsonCumberbatchPLC(CCPLC),theultimateparentCompany,functionsastheRemunerationCommitteeoftheCompany.


Remuneration Committee Members Executive / Non-Executive/ Independent

Mr.I.Paulraj(Chairman) Non-Executive/IndependentDirectorofCCPLC

Mr.M.Moonesinghe* Non-Executive/IndependentDirectorofCCPLC

Mr.D.C.R.Gunawardena Non-ExecutiveDirectorofCCPLC

Mr.R.Theagarajah** Non-Executive/IndependentDirectorofCCPLC

* ResignedfromtheCCPLCBoardwitheffectfrom31stMarch2014andaccordinglyfromtheRemunerationCommitteewitheffectfrom31stMarch2014.

** Appointedwitheffectfrom1stApril2014.

Scope and Objective

TheprimaryobjectiveoftheRemunerationCommitteeistoleadtoestablishaformalandtransparentprocedureforthedevelopmentofaremunerationpolicyandtheestablishmentofaremunerationstructure.

AremunerationpolicyhasbeenformulatedbasedonmarketandindustryfactorsandindividualperformanceforallgroupCompanies.

Functions and ProceedingsTheRemunerationCommitteerecommendstotheBoardtheremunerationtobepaidtotheChiefExecutiveOfficer,ExecutiveDirectorsandNon-ExecutiveDirectors.BasedontherecommendationoftheRemunerationCommittee,theBoardapprovesremunerationtotherespectiveDirectors.

TheChiefExecutiveOfficer,Director-in-chargeandothermembersofseniormanagementmaybeinvitedtoattendmeetingstodiscusstheperformanceoftheExecutiveDirectorsandmakeproposalsasnecessary.NeitherExecutiveorNon-ExecutiveDirectorsareinvolvedinRemunerationCommitteemeetingswhendeterminationsaremadeinrelationtotheremunerationoftherespectiveDirectors.

TheCommitteeisauthorisedbytheBoardtoseekappropriateprofessionaladviceinternallyandexternallyasandwhenitconsidersnecessary.

TheRemunerationCommitteemeetsatleasttwiceayearandduringtheperiodunderreviewtheCommitteehadtwomeetings.

Remuneration Committee Members Attended/ Eligible to Attend


Mr.M.Moonesinghe* 0/2


Mr.R.Theagarajah** -

* ResignedfromtheCCPLCBoardwitheffectfrom31stMarch2014andaccordinglyfromtheRemunerationCommitteewitheffectfrom31stMarch2014

** Appointedwitheffectfrom1stApril2014

Reporting and Responsibilities

TheCommitteeChairmanreportsformallytotheBoardonitsproceedingsonallmatterswithinitsdutiesandresponsibilities.TheCommitteemakesrecommendationstotheBoardasdeemedappropriateonanyareawithinitslimitwhereactionorimprovementsareneeded.

DirectorsarenotcompensatedfortheirroleontheBoard.

13. Nomination CommitteeTheNominationCommitteeofCeylonGuardianInvestmentTrustPLC(CGIT),theparentCompanyfunctionsastheNominationCommitteeoftheCompanyandcomprisesofthefollowingmembers;

Composition

Nomination Committee Members

Executive / Non-Executive/ Independent

Mr.I.Paulraj(Chairman)

Non-Executive/IndependentDirectorofCGIT

Mrs.M.A.R.C.Cooray Non-Executive/IndependentDirectorofCGIT

Mr.D.C.R.Gunawardena

Non-ExecutiveDirectorofCCPLC

Scope and Objective

TheprimaryobjectiveoftheNominationCommitteeistoleadtheprocessforBoardappointmentsofnewDirectorswithingroupcompaniesandthenominationsofmemberstorepresenttheCompanyingroupcompanies/investeecompanies.

Functions and Proceedings

TheNominationCommitteerecommendsnewappointmentstotheBoard.BasedontherecommendationoftheNominationCommittee,theBoardapprovesthenewappointmentsofExecutiveandNon-ExecutiveDirectorstotheBoard.


AnyDirectoroftheBoardandtheChiefExecutiveOfficer/Director-in-ChargeandothermembersofseniormanagementmaybeinvitedtoattendMeetingsoftheNominationCommittee.TheCommitteemayalsoinviteappointedexternalconsultantstoaidtheCommitteeinthedischargeofitsduties.

TheCommitteeisauthorisedbytheBoardtoseekappropriateprofessionaladviceinternallyandexternallyasandwhenconsiderednecessary.

Nomination Committee Members

Attended/ Eligible to Attend


Mrs.M.A.R.C.Cooray 1/2


14. INTERNAL CONTROL AND RISK MANAGEMENTTheultimateresponsibilitytoestablish,monitorandreviewacompany-wideinternalcontrolsystemrestswiththeBoardofDirectors.Theintensity,depthandthetolerancelimitsforeachcomponentoftheinternalcontrolsystemwouldbebasedontheweightoftheelementofriskimposedonthesustenanceofthebusinessbytherespectiveareaofoperation.Whilstastronginternalcontrolsystemwouldmitigatethecrystallizationofriskelementstoagreaterextent,employmentofexternalsupportstructureswouldalsobenecessarybasedontheriskassessmentsmadethereon.

Effectivemaintenanceofinternalcontrols,riskidentificationandmitigationishandeddowntotherespectivemembersofseniormanagementwithintheguidelinesofbenchmarkpolicies,proceduresandauthoritylimitsclearlylaiddown.

19. DONATIONSTherewerenodonationsmadeduringtheyearended31stMarch2014.(2013-Nil)

20. HUMAN RESOURCES ThemanagementoftheCompany’sinvestmentsisundertakenbyGuardianFundManagementLimited(GFM)andmanagementsupportservicesareprovidedbyCarsonsManagementServices(Private)Limited(CMSL).

21. EQUITABLE TREATMENT TO SHAREHOLDERS

TheCompanyendeavoursatalltimestoensureequitabletreatmenttoallshareholders.

22. STATED CAPITALThestatedcapitaloftheCompanyasat31stMarch2014wasRs.513,655,750/-consistingof25,833,808ordinaryshares.

TherewasnochangeintheStatedCapitaloftheCompanyduringtheyear.

23. EVENTS OCURRING AFTER THE REPORTING DATE

Subsequenttothereportingdate,nocircumstanceshavearisen,whichwouldrequireadjustmentstoordisclosuresinthefinancialstatements.

24. CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS

TheContingentliabilitiesandcommitmentsasat31stMarch2014aregiveninNote23tothefinancialstatements.

25. SHARE INFORMATIONInformationrelatingtosharetradingaregivenonpages44and45ofthisReport.

GroupInternalAudit,whosescopeofscrutinyisentirelydrivenbythegradingoftheriskinvolvedwillbemonitoringandprovidingthefeedbacktothemanagementandtherespectiveAuditCommittees.RegularsubmissionofcomplianceandinternalsolvencycertificatesvouchedbytheheadsoftherespectivedivisionsasamandatoryagendaitemkeepstheDirectorsabreastofthehealthoftheCompany’sresourcebaseandgovernancerequirements.

ThisallowstheBoardtohavetotalcontrolofthefulfillmentofgovernancerequirementsbyprovidingopportunitytotaketimelypreventiveactionincaseofpotentialdeteriorationofstatusquo.MoredetaileddescriptionoftheriskmanagementstrategiesoftheCompanyisgivenonpage5.

15. DIVIDENDTheDirectorsdonotrecommendadividendforthecurrentfinancialyear(2013–Nil).

16. SOLVENCY TESTTheCompanydidnotmakeanydistributionduringtheyearwhichnecessitatedthemeasurementoftheSolvencyTestrequirementunderSection56(2)oftheCompaniesActNo.07of2007.

17. STATUTORY PAYMENTSTheDirectorstothebestoftheirknowledgeandbeliefaresatisfiedthatallstatutorypaymentshavebeenpaiduptodateorhavebeenprovidedforintheseFinancialStatements.

18. GOING CONCERNTheBoardofDirectorsissatisfiedthattheCompanyhasadequateresourcestocontinueitsoperationsintheforeseeablefuture.Accordingly,theseFinancialStatementsarepreparedbasedontheGoingConcernbasis.



26. TWENTY MAJOR SHAREHOLDERS WITH COMPARATIVESTheparentCompany,CeylonGuardianInvestmentTrustPLCholds83.97%ofthetotalordinarysharesinissueoftheCompany.

Twenty Major Shareholders as at 31st March 2014 2013 No. of shares

% No. of shares

%

CeylonGuardianInvestmentTrustPLCA/cNo.3 21,692,800 83.97 21,692,800 83.97

LakeViewInvestments(Private)Limited 617,825 2.39 641,790 2.48

CarsonCumberbatchPLCA/cNo.2 581,950 2.25 581,950 2.25

MerchantBankofSriLankaLimited/UnionInvestmentsLimited

98,000 0.38 98,000 0.38

Dr.S.M.T.B.Samarakoon 83,708 0.32 699 -

People'sLeasing&FinancePLC/S.P.Jayakumar 60,104 0.23 - -

FirstCapitalMarketsLimited/Mr.M.A.U.Gnanathi

54,161 0.21 47,342 0.18

Mr.W.A.W.N.Wickremesinghe 51,256 0.20 31,000 0.12

Mr.S.N.C.W.M.B.C.Kandegedara 50,004 0.19 43,600 0.17

Dr.C.E.G.Abayasekera 50,000 0.19 47,600 0.18

Mr.M.W.deSilva 49,291 0.19 49,291 0.19

Mrs.J.R.Kelaart 35,244 0.14 44,838 0.17

SeylanBankPLC/Mr.S.N.C.W.M.BandaraChandrasekera

31,179 0.12 3,500 0.01

Mr.K.K.P.Kodikara 28,342 0.11 28,342 0.11

Mr.K.S.H.Mawellage 26,729 0.10 6,422 0.02

CommercialBankofCeylonPLC/M.A.U.Gnanathilake

24,820 0.10 15,409 0.06

Mr.W.Dharmawardana 24,600 0.10 24,600 0.10

DPMCAssetlineHoldings(Pvt)Ltd.A/cNo.02 24,500 0.09 24,500 0.09

PanAsiaBankingCorporationPLC/Mr.V.P.K.A.Palpita

24,190 0.09 - -

Mr.M.A.Lukmanjee 21,360 0.08 21,360 0.08

27. ANNUAL REPORTTheBoardofDirectorshasapprovedtheAuditedFinancialStatementsoftheCompanytogetherwiththeReviewsandotherReportswhichformpartoftheAnnualReporton5thMay2014.TheappropriatenumberofcopiesoftheAnnualReportwillbesubmittedtotheColomboStockExchange,theSriLankaAccountingandAuditingStandardsMonitoringBoardandtheRegistrarGeneralofCompanies,withinapplicabletimeframes.

28. ANNUAL GENERAL MEETINGThe94thAnnualGeneralMeetingoftheCompanywillbeheldon06thdayofJune2014at3.00P.MatNo.65C,DharmapalaMawatha,Colombo7.

TheNoticeoftheAnnualGeneralMeetingsettingoutthebusinesswhichwillbetransactedthereatisonpage46oftheAnnualReport.

SignedonbehalfoftheBoard,

(Sgd.) (Sgd.) I. Paulraj D.C.R. Gunawardena Chairman Director

(Sgd.) K. D. De Silva (Mrs.) Director Carsons Management Services (Private) Limited Secretaries

05thMay2014


SUBRAMANIAM MAHENDRARAJAHSubramaniamMahendrarajahisaDirectorofEquityOnePLCandLeechman&Company(Private)Limited.HeisalsotheGroupFinanceDirectorofSriKrishnaGroupofCompanies. Hehaswideexperienceinmanufacturing,trading,financialservicesandmanagement. HeisalsothePastPresidentoftheRotaryClubofColomboDownTownandistherecipientoftheprestigious“ServiceaboveSelf”awardfromRotaryInternational.

ISRAEL PAULRAJIsraelPaulrajistheChairmanofCeylonGuardianInvestmentTrustPLC,CeylonInvestmentPLCandRubberInvestmentTrustLimited.HeservesasaDirectorofCarsonCumberbatchPLCandofseveralofthesubsidiarycompanieswithintheCarsonsGroup.

HeservedasPastChairmanoftheFederationofExportersAssociationsofSriLankaandTheCoconutProductsTradersAssociation.HewasamemberoftheExecutiveCommitteeoftheCeylonChamberofCommerceandNationalChamberofCommerceofSriLankaandShippersCouncil.HeservedontheBoardofArbitratorsoftheCeylonChamberofCommerce.HehasservedasHony.GeneralSecretaryoftheCentralCouncilofSocialServices,Hony.TreasurerofTheChristianConferenceinAsia,PresidentoftheChurchofCeylonYouthMovementandHony.TreasureroftheNationalChristianCouncilofSriLanka.HehasalsoservedasChairmanoftheIncorporatedTrusteesoftheChurchofCeylon.

HealsoservedonthePresidentialTaskForceonNon-TraditionalExportandImportCompetitiveAgriculturesetupbyPresidentR.Premadasa.HeservedasChairmanoftheEcumenicalLoanFundofSriLankaandonitsInternationalBoardinGeneva.HewasamemberoftheCommercialLawReformCommissionandhasservedontheParliamentaryConsultativeCommitteeonInternalandInternationalTrade.

HeholdsaBachelorofLawDegreeandanExecutiveDiplomainBusinessAdministration.

CHANDIMA GUNAWARDENAChandimaGunawardenaservesasaNon-Independent,Non-ExecutiveDirectorofCarsonCumberbatchPLCandinmostoftheCarsonsGroupCompaniesinSriLankaandoverseas.HeisalsoaDirectorofBukitDarahPLC.SinceassumingNon-ExecutivestatusintheGroup,heservesasanadvisortotheGroup'sStrategicPlanningandManagementforumsinSriLankaandservesonBoardCommitteesincludingtheAuditCommitteesoftheGroupinSriLankaandoverseascoveringalloperatingsectorsoftheGroup.

Mr.GunawardenahasoverfourdecadesofexperienceinvariedfieldsofbusinessandcommercialactivitiesandhasheldseniorpositionsinCorporate,MercantileandStateInstitutions.HewasappointedtotheCarsonsGroupDirectoratein1990.

HehasservedintheManagementCommitteeofTheCeylonChamberofCommerceforover10yearsandwasaFounderCouncilmemberoftheSriLankaInstituteofDirectors(SLID)andcontinuedtoserveinthecouncilforover10years.

HeisaFellowoftheCharteredInstituteofManagementAccountants,UK.

Profiles of the Directors


Audit Committee Report

AsprovidedbytheColomboStockExchangeListingRules,theAuditCommitteeofCarsonCumberbatchPLC(CCPLC)-theultimateParentCompanyistheAuditCommitteeoftheCompany.

ThemembersoftheAuditCommitteeareasfollows:

Audit Committee Members

Executive/Non-Executive/Independent

Mr.VijayaMalalasekera(Chairman)

Non-Executive,Independent(CCPLC)

Mr.ChandimaGunawardena

Non-Executive(CCPLC)

Mr.FaizMohideen Non-Executive,Independent(CCPLC)

Mr.VijayaMalalasekeraisaNon-Executive,IndependentDirectorofCCPLCandaformerDirectorofCeylonTobaccoCompanyPLC.

Mr.ChandimaGunawardenaisaNon-ExecutiveDirectorofCCPLCandinmostofitsGroupCompanies.HeisaFellowoftheCharteredInstituteofManagementAccountants,U.K.

Mr.FaizMohideen,aNon-Executive,IndependentDirectorofCCPLC,wastheformerDeputySecretarytotheTreasuryandaformerDirectorofBankofCeylonandSecuritiesandExchangeCommissionofSriLanka.

ThepurposeoftheAuditCommitteeofCCPLCisasfollows:

ToassisttheBoardofDirectorsinfulfillingitsoversightresponsibilitiesforthefinancialreportingprocess,thesystemofinternalcontroloverfinancialreporting,theauditprocessandtheCompany’sprocessformonitoringcompliancewithlawsandregulations,Companypoliciesandproceduresandthecodeofconduct.

Toensurethattheinternalauditactivityiswellmanaged,sothatitaddsvaluetotheorganizationbybeingobjectiveinproviding

relevantassurance,contributingtotheeffectivenessandefficiencyofgovernance,riskmanagementandcontrolprocesses.

TheauditaspectsofGuardianCapitalPartnersPLCareconductedwithintheAgendaofCCPLC-AuditCommittee.

CCPLC-AuditCommitteeheldfour(04)MeetingsduringthefinancialyeartodiscussmattersrelatingtotheCompanyandtheattendanceoftheMembersoftheAuditCommitteewasasfollows:

Meetings attended (out of four)

Mr.VijayaMalalasekera(Chairman) 04

Mr.ChandimaGunawardena 04

Mr.FaizMohideen 04

TheChiefExecutiveOfficer-InvestmentSector,FinancialController-CarsonsManagementServices(Private)Limited)-Managers,internalauditorsandseniormanagementstaffmembersattendedtheAuditCommitteeMeetingsbyinvitation.

TheCommitteemettheexternalauditorstwiceduringtheyear,i.e.todiscusstheauditscopeandtodeliberatethedraftFinancialReportandAccounts.TheAuditCommitteealsomettheexternalauditors,Messrs.KPMGanddiscussedthedraftFinancialReportandAccounts,withoutthemanagementbeingpresent.

TheAuditCommitteeapprovedtheauditplanforthefinancialyear2013/2014andtheGroupInternalAudit(GIA)carriedout06detailedauditsontheInvestmentSectorcompanies.

ThefindingsandcontentsoftheGroupInternalAuditreportshavebeendiscussedwiththemanagementandsubsequentlytheauditreportswerecirculatedtotheAuditCommitteeandtothemanagement.

TheobjectivesoftheGIAworkwastohaveanindependentreviewofthesystemofinternalcontrolsasestablishedbythemanagement,itsadequacyandintegrityvis-à-visobjectivesservedandtodeterminetheextentofadherence

tothecontrolsbystaffresponsibleforthefunctionandtotakecorrective/preventiveactionwherenecessary.

TheinterimfinancialstatementsofGuardianCapitalPartnersPLChavebeenreviewedbytheAuditCommitteeMembersatAuditCommitteeMeetings.

ThedraftfinancialstatementsofGuardianCapitalPartnersPLCfortheyearended31stMarch2014werereviewedataMeetingoftheAuditCommittee,togetherwiththeExternalAuditors,Messrs.KPMG,priortoreleaseofsametotheRegulatoryAuthoritiesandtotheshareholders.TheAuditCommitteewasprovidedwithconfirmationsanddeclarationsasrequired,bytheManagers,CarsonsManagementServices(Private)LimitedthatthesaidfinancialstatementswerepreparedinaccordancewiththeSriLankaAccountingStandardsandtheinformationrequiredbytheCompaniesActNo.7of2007thereinandpresentedatrueandfairviewoftheCompany’sstateofaffairsasatthatdateandtheCompany’sactivitiesduringtheyearunderreview.

TheAuditCommitteehasdeterminedthatMessrs.KPMG,CharteredAccountants,AuditorswereindependentonthebasisthattheydidnotcarryoutanymanagementrelatedfunctionsoftheCompany.

TheAuditCommitteehasconcurredtorecommendtotheBoardofDirectorsthere-appointmentofMessrs.KPMG,CharteredAccountants,asAuditorsforthefinancialyearending31stMarch2015,subjecttotheapprovaloftheshareholdersofGuardianCapitalPartnersPLCattheAnnualGeneralMeeting.

(Sgd.)V.P. MalalasekeraChairman–AuditCommitteeCarson Cumberbatch PLC

05thMay2014


IndependentAuditors’Report 15

StatementofComprehensiveIncome 16

StatementofFinancialPosition 17

StatementofChangesinEquity 18

StatementofCashFlow 19

NotestotheFinancialStatements 20

FiveYearSummary 42

InformationtoShareholdersandInvestors 44

NoticeofMeeting 46

FormofProxy 47

FINANCIAL CALENDAR

Quarterly Financial Statements1stQuarterending30thJune2013

IssuedtoColomboStockExchangeon14thAugust2013

2nd Quarter ending 30th September 2013IssuedtoColomboStockExchangeon14thNovember2013

3rd Quarter ending 31st December 2013IssuedtoColomboStockExchangeon13thFebruary2014

Annual Report for the year ended 31st March 201494th Annual General Meeting - 06th June 2014

Financial Information


TO THE SHAREHOLDERS OF GUARDIAN CAPITAL PARTNERS PLC Report on the Financial StatementsWehaveauditedtheaccompanyingfinancialstatementsofGuardianCapitalPartnersPLC(the“Company”),whichcomprisethestatementoffinancialpositionasatMarch31,2014,andthestatementsofcomprehensiveincome,changesinequityandcashflowfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatorynotesassetoutonpages16to41oftheAnnualReport.

Management’s Responsibility for the Financial Statements ManagementisresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewithSriLankaAccountingStandards.Thisresponsibilityincludes:designing,implementingandmaintaininginternalcontrolrelevanttothepreparationandfairpresentationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror;selectingandapplyingappropriateaccountingpolicies;andmakingaccountingestimatesthatarereasonableinthecircumstances.

Scope of Audit and Basis of OpinionOurresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewithSriLankaAuditingStandards.Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassurancewhetherthefinancialstatementsarefreefrommaterialmisstatement.

Anauditincludesexamining,onatestbasis,evidencesupportingtheamountsanddisclosuresinthefinancialstatements.Anauditalsoincludesassessingtheaccountingpoliciesusedandsignificantestimatesmadebymanagement,aswellasevaluatingtheoverallfinancialstatementpresentation.

Wehaveobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposesofouraudit.Wethereforebelievethatourauditprovidesareasonablebasisforouropinion.

OpinionInouropinion,sofarasappearsfromourexamination,theCompanymaintainedproperaccountingrecordsfortheyearendedMarch31,2014andthefinancialstatementsgiveatrueandfairviewofthefinancialpositionoftheCompanyasatMarch31,2014andofitsfinancialperformanceanditscashflowsfortheyearthenendedinaccordancewithSriLankaAccountingStandards.

Report on Other Legal and Regulatory RequirementsThesefinancialstatementsalsocomplywiththerequirementsofSection151(2)oftheCompaniesActNo.07of2007.

Chartered Accountants

Colombo

05thMay2014

Independent Auditors’ Report


Statement of Comprehensive IncomeInRupeesThousands

For the year ended 31st March Note 2014 2013

Revenue 11 28,923 23,051

Impairmentlossonavailableforsalefinancialassets - (42,680)

Profit/(loss) on investment activities 28,923 (19,629)

Administrativeandotheroperatingexpenses (13,146) (13,243)

Profit /(loss) from operations 12 15,777 (32,872)

Financeexpense 13 - (1,096)

Profit/(loss) before taxation 15,777 (33,968)

Incometax(expense)/reversal 14 (317) 177

Profit /(loss) for the year 15,460 (33,791)

Other comprehensive income

Netchangeinfairvalueofavailableforsalefinancialassets 88,605 11,999

Transferofrealizedgainsonavailableforsalefinancialassets (4,411) (805)

Other comprehensive income for the year 84,194 11,194

Total comprehensive income /(expense) for the year 99,654 (22,597)

Earnings /(loss) per share (Rs.) 15 0.60 (1.31)

Thenotestothefinancialstatementsfrompages20to41formanintegralpartofthesefinancialstatements.

Figuresinbracketsindicatedeductions.


InRupeesThousands

As at 31st March Note 2014 2013

ASSETS Non-current assets

Availableforsalefinancialassets 16 523,158 450,727

Total non-current assets 523,158 450,727

Current assets

Tradeandotherreceivables 17 7,248 46

Currenttaxrecoverable 1,148 1,082

Cashandcashequivalents 18 57,415 37,365

Total current assets 65,811 38,493

Total assets 588,969 489,220

EQUITY AND LIABILITIES Equity

Statedcapital 19 513,656 513,656

Revenuereserves 20 69,125 (30,529)

Total equity 582,781 483,127

Current liabilities Otherpayables 21 6,188 6,093

Total current liabilities 6,188 6,093

Total equity & liabilities 588,969 489,220

Netassetspershare(Rs.) 22.56 18.70


IcertifythatthesefinancialstatementshavebeenpreparedincompliancewiththerequirementsoftheCompaniesAct,No.7of2007.

(Sgd.)

V. R. Wijesinghe

FinancialController

Carsons Management Services (Private) Limited

TheBoardofDirectorsisresponsibleforthepreparationandpresentationofthesefinancialstatements.

ApprovedandsignedonbehalfoftheInvestmentManagers, ApprovedandsignedonbehalfoftheBoard,

(Sgd.) (Sgd.) (Sgd.) W. Y. R. Fernando I. Paulraj D. C. R. Gunawardena Director Chairman Director Guardian Fund Management Limited Colombo

5thMay2014

Statement of Financial Position


Statement of Changes In Equity InRupeesThousands

Stated capital Revenue reserves Total equity Available for sale General reserve Accumulated financial assets losses reserve

Balanceasat1stApril2012 513,656 18,998 619 (27,549) 505,724

Lossfortheyear - - - (33,791) (33,791)

Othercomprehensiveincome - 11,194 - - 11,194

Totalcomprehensiveincome/(expense)fortheyear - 11,194 - (33,791) (22,597)

Balanceasat31stMarch2013 513,656 30,192 619 (61,340) 483,127

Balance as at 1st April 2013 513,656 30,192 619 (61,340) 483,127

Profitfortheyear - - - 15,460 15,460

Othercomprehensiveincomefortheyear - 84,194 - - 84,194

Totalcomprehensiveincomefortheyear - 84,194 - 15,460 99,654

Balance as at 31st March 2014 513,656 114,386 619 (45,880) 582,781




InRupeesThousands

Statement of Cash Flow

For the year ended 31st March Note 2014 2013

Cash flows from operating activities

Profit/(loss)beforetaxation 15,777 (33,968)

Financeexpense 13 - 1,096

Impairmentlossonavailableforsalefinancialassets - 42,680

Operating profit before changes in working capital 15,777 9,808

Decreaseininvestments 11,763 39,984

(Increase)/decreaseintradeandotherreceivables (7,202) 46

Increaseinotherpayables 95 64

Cash generated from operating activities 20,443 49,902

Financeexpensepaid - (1,096)

Incometaxpaid (383) (2)

Net cash generated from operating activities 20,050 48,804

Net increase in cash & cash equivalents during the year 20,050 48,804

Cashandcashequivalentsatthebeginningoftheyear 37,365 (11,439)

Cash and cash equivalents at the end of the year 18 57,415 37,365

Thenotestothefinancialstatementsfrompages20to41fromanintegralpartofthesefinancialstatements.



Notes to the Financial Statements

1. Reporting Entity GuardianCapitalPartnersPLCisa

limitedliabilitycompanywhichisincorporatedinSriLanka.ThesharesoftheCompanyarelistedonthe‘DiriSavi’boardoftheColomboStockExchangeofSriLanka.

TheregisteredofficeandprincipalplaceofbusinessofthecompanyislocatedatNo61JanadhipathiMawatha,Colombo1.

TheprincipalactivityoftheCompanywastoactasaspecializedinvestmentvehicletoundertakeprivateequityinvestments.

TherewerenosignificantchangesinthenatureoftheprincipalactivitiesoftheCompanyduringthefinancialyearunderreview.

TheCompanyhadnoemployeesasatthereportingdate(2013-Nil).

2. Basis of Preparation (a) Statement of compliance

ThefinancialstatementsoftheCompanycomprisethestatementoffinancialposition,statementofcomprehensiveincome,statementofchangesinequityandcashflowstogetherwiththenotestothefinancialstatements.

ThefinancialstatementshavebeenpreparedinaccordancewithSriLankaAccountingStandards(LKAS/SLFRS)laiddownbytheInstituteofCharteredAccountantsofSriLankaandtherequirementsofCompaniesAct,No.7of2007.

ThefinancialstatementswereauthorisedforissuebytheBoardofDirectorson5thMay2014.

(b) Basis of measurement

Thefinancialstatementshavebeenpreparedonthehistoricalcostbasisandappliedconsistentlywithnoadjustmentsbeingmadeforinflationaryfactorsaffectingthefinancialstatements,exceptforthefollowingmaterialitemsinthestatementoffinancialposition;

•Available-for-salefinancialassetsaremeasuredatfairvalue;

ThesefinancialstatementshavebeenpreparedonthebasisthattheCompanywouldcontinueasagoingconcernfortheforeseeablefuture.

(c) Functional and Presentation Currency

ItemsincludedinthefinancialstatementsoftheCompanyaremeasuredusingthecurrencyoftheprimaryeconomicenvironmentinwhichtheentitiesoperate(‘thefunctionalcurrency’).ThefinancialstatementsarepresentedinSriLankanRupees,whichistheCompany’sfunctionalandpresentationcurrency.

(d) Use of estimates and judgments

ThepreparationofthefinancialstatementsinconformitywithLKAS/SLFRSrequiresmanagementtomakejudgments,estimatesandassumptionsthataffecttheapplicationofaccountingpoliciesandthereportedamountsofassets,liabilities,incomeandexpenses.Actualresultsmaydifferfromtheseestimates.

Estimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognisedintheperiodinwhichthe

estimatesarerevisedandinanyfutureperiodsaffected.

Informationaboutassumptionsandestimationuncertaintiesthathaveasignificantriskofresultinginamaterialadjustmentwithinthenextfinancialyearareincludedinthefollowingnotes:

Assumptionsandestimationuncertainties:

i. Assessment of Impairment - Key assumptions used in discounted cash flow projections.

TheCompanyassessesateachreportingdatewhetherthereisobjectiveevidencethatanassetorportfolioofassetsisimpaired.Therecoverableamountofanassetisthegreaterofitsvalueinuseanditsfairvaluelesscoststosell.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtopresentvalueusingappropriatediscountratesthatreflectsthecurrentmarketassessmentsofthetimevalueofmoneyandrisksspecifictotheasset.

ii. Current taxation

Currenttaxliabilitiesareprovidedforinthefinancialstatementsapplyingtherelevanttaxstatutesandregulationswhichthemanagementbelievesreflecttheactualliability.TherecanbeinstanceswherethestandtakenbytheCompanyontransactionsiscontestedbyrevenueauthorities.Anyadditionalcostsonaccountoftheseissuesareaccountedforasataxexpenseatthepointtheliabilityisconfirmedontheentity.

iii. Measurement of fair values

Informationofaboutassumptionandestimationuncertaintiesthathave


significantriskandresultinginamaterialadjustmentintheyearended31stMarch2014isincludedin Note10andrelatestothedeterminationoffairvalueoffinancialinstrumentswithsignificantunobservableinputs.

(e) Materiality and aggregation

EachmaterialclassofsimilaritemsispresentedinaggregateintheFinancialStatements.Itemsofdissimilarnatureorfunctionarepresentedseparatelyunlesstheyareimmaterial.

3. Significant Accounting Policies

TheAccountingPoliciessetoutbelowhavebeenappliedconsistentlytoallperiodspresentedintheFinancialStatementsoftheCompanyunlessotherwiseindicated.

(a) Financial instruments

(i) Non-derivative financial assets

TheCompanyinitiallyrecognisesloansandreceivablesonthedatethattheyareoriginated.Allotherfinancialassetsarerecognisedinitiallyonthetradedate,whichisthedatethattheCompanybecomesapartytothecontractualprovisionsoftheinstrument.

TheCompanyderecognisesafinancialassetwhenthecontractualrightstothecashflowsfromtheassetexpire,orittransferstherightstoreceivethecontractualcashflowsinatransactioninwhichsubstantiallyalltherisksandrewardsofownershipofthefinancialassetaretransferred.AnyinterestinsuchtransferredfinancialassetsthatiscreatedorretainedbytheCompanyisrecognisedasaseparateassetorliability.

Financialassetsandliabilitiesareoffsetandthenetamountpresentedinthestatementoffinancialpositionwhen,andonlywhen,theCompanyhasalegalrighttooffsettheamountsandintendseithertosettlethemonanetbasisortorealizetheassetandsettletheliabilitysimultaneously.

TheCompanyclassifiesnon-derivativefinancialassetsintothefollowingcategories;financialassetsatfairvaluethroughprofitorloss,held-to-maturityfinancialassets,loansandreceivablesandavailable-for-salefinancialassets.TheCompanydoesnotholdfinancialassetscategorizedinthefinancialassetsatfairvaluethroughprofitorlossandheld-to-maturityfinancialassets.

Loans and receivables

Loansandreceivablesarefinancialassetswithfixedordeterminablepaymentsthatarenotquotedinanactivemarket.Suchassetsarerecognisedinitiallyatfairvalueplusanydirectlyattributabletransactioncosts.Subsequenttoinitialrecognition,loansandreceivablesaremeasuredatamortisedcostusingtheeffectiveinterestmethod,lessanyimpairmentlosses.

Loansandreceivablescomprisecashandcashequivalents,andtradeandotherreceivables.

Available-for-sale financial assets

Available-for-salefinancialassetsarenon-derivativefinancialassetsthataredesignatedasavailable-for-saleorarenotclassifiedinanyoftheabovecategoriesoffinancialassets.Available-for-salefinancialassetsarerecognisedinitiallyatfairvalueplusanydirectlyattributabletransactioncosts.

Subsequenttoinitialrecognition,theyaremeasuredatfairvalueandchangestherein,otherthanimpairmentlossesandforeigncurrencydifferencesonavailable-for-saledebtinstruments,arerecognisedinothercomprehensiveincomeandpresentedintheavailableforsalefinancialassetsreserveinequity.Whenaninvestmentisderecognised,thegainorlossaccumulatedinequityisreclassifiedtoprofitorloss.

Available-for-salefinancialassetscompriseequitysecurities.

Specific instruments

Cash and cash equivalents

Cashandcashequivalentscomprisecashbalancesandcalldepositswithmaturitiesofthreemonthsorlessfromtheacquisitiondatethataresubjecttoaninsignificantriskofchangesintheirfairvalue,andareusedbytheCompanyinthemanagementofitsshort-termcommitments.

Investments on reverse repurchase

agreements

Thecompanypurchasesafinancialassetandsimultaneouslyenterintoanagreementtoresellthesameorasubstantiallysimilarassetatafixedpriceonafuturedate.Thearrangementisaccountedforasaloanandreceivables.

(ii) Non-derivative financial liabilities

TheCompanyinitiallyrecognizesdebtsecuritiesissuedandsubordinatedliabilitiesonthedatethattheyareoriginated.Allotherfinancialliabilitiesarerecognisedinitiallyonthetradedate,whichisthedatethattheCompanybecomesapartytothecontractualprovisionsoftheinstrument.


TheCompanyderecognizesafinancialliabilitywhenitscontractualobligationsaredischarged,cancelledorexpire.

TheCompanyclassifiesnon-derivativefinancialliabilitiesintotheotherfinancialliabilitiescategory.Suchfinancialliabilitiesarerecognisedinitiallyatfairvaluelessanydirectlyattributabletransactioncosts.Subsequenttoinitialrecognition,thesefinancialliabilitiesaremeasuredatamortisedcostusingtheeffectiveinterestmethod.

Otherfinancialliabilitiescomprisebankoverdraftsandtradeandotherpayables.

BankoverdraftsthatarerepayableondemandandformanintegralpartoftheCompany’scashmanagementareincludedasacomponentofcashandcashequivalentsforthestatementofcashflows.

(iii) Stated capital

Ordinary shares

Ordinarysharesareclassifiedasequity.Costsattributabletotheissueofordinarysharesarerecognizedasanexpense.

(b) Impairment

(i) Non derivative financial assets

Afinancialassetnotclassifiedasatfairvaluethroughprofitorloss,isassessedateachreportingdatetodeterminewhetherthereisobjectiveevidencethatitisimpaired.Afinancialassetisimpairedifthereisobjectiveevidenceofimpairmentasaresultofoneormoreeventsthatoccurredaftertheinitialrecognitionoftheasset,andthatlossevent(s)hadanimpactontheestimatedfuturecashflowsofthatassetthatcanbeestimatedreliably.

Objectiveevidencethatfinancialassetsareimpairedincludesdefaultordelinquencybyadebtor,restructuringofanamountduetotheCompanyontermsthattheCompanywouldnotconsiderotherwise,indicationsthatadebtororissuerwillenterbankruptcy,adversechangesinthepaymentstatusofborrowersorissuers,economicconditionsthatcorrelatewithdefaultsorthedisappearanceofanactivemarketforasecurity.Inaddition,foraninvestmentinanequitysecurity,asignificantorprolongeddeclineinitsfairvaluebelowitscostisobjectiveevidenceofimpairment.TheCompanyconsidersadeclineof20percenttobesignificantandaperiodof9monthstobeprolonged.

Financial assets measured at amortised cost

TheCompanyconsidersevidenceofimpairmentforfinancialassetsmeasuredatamortizedcostatbothaspecificassetandcollectivelevel.Allindividuallysignificantassetsareassessedforspecificimpairment.Thosefoundnottobespecificallyimpairedarethencollectivelyassessedforanyimpairmentthathasbeenincurredbutnotyetidentified.Assetsthatarenotindividuallysignificantarecollectivelyassessedforimpairmentbygroupingtogetherassetswithsimilarriskcharacteristics.

Inassessingcollectiveimpairment,theCompanyuseshistoricaltrendsoftheprobabilityofdefault,thetimingofrecoveriesandtheamountoflossincurred,adjustedformanagement’sjudgementastowhethercurrenteconomicandcreditconditionsaresuchthattheactuallossesarelikelytobegreaterorlesserthansuggestedbyhistoricaltrends.

Animpairmentlossinrespectofafinancialassetmeasuredatamortisedcostiscalculatedasthedifferencebetweenitscarryingamountandthepresentvalueoftheestimatedfuturecashflowsdiscountedattheasset’soriginaleffectiveinterestrate.Lossesarerecognisedinprofitorlossandreflectedinanallowanceaccountagainstloansandreceivables.Interestontheimpairedassetcontinuestoberecognised.Whenaneventoccurringaftertheimpairmentwasrecognisedcausestheamountofimpairmentlosstodecrease,thedecreaseinimpairmentlossisreversedthroughprofitorloss.

Available-for-sale financial assets

Impairmentlossesonavailable-for-salefinancialassetsarerecognisedbyreclassifyingthelossesaccumulatedintheavailableforsalefinancialassetsreserveinequitytoprofitorloss.Thecumulativelossthatisreclassifiedfromequitytoprofitorlossisthedifferencebetweentheacquisitioncost,netofanyprincipalrepaymentandamortisation,andthecurrentfairvalue,lessanyimpairmentlossrecognisedpreviouslyinprofitorloss.Changesincumulativeimpairmentlossesattributabletoapplicationoftheeffectiveinterestmethodarerefiectedasacomponentofinterestincome.

If,inasubsequentperiod,thefairvalueofanimpairedavailable-for-saledebtsecurityincreasesandtheincreasecanberelatedobjectivelytoaneventoccurringaftertheimpairmentlosswasrecognized,thentheimpairmentlossisreversed,withtheamountofthereversalrecognizedinprofitorloss.However,anysubsequentrecoveryinthefairvalueofanimpairedavailable-for-saleequitysecurityisrecognizedinothercomprehensiveincome.



(ii) Non-financial assets

ThecarryingamountsoftheCompany’snon-financialassetsarereviewedateachreportingdatetodeterminewhetherthereisanyindicationofimpairment.Ifanysuchindicationexists,thentheasset’srecoverableamountisestimated.Animpairmentlossisrecognisedifthecarryingamountofanassetexceedsitsrecoverableamount.

Therecoverableamountofanassetisthegreaterofitsvalueinuseanditsfairvaluelesscoststosell.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.

Impairmentlossesarerecognisedinprofitorloss.

Animpairmentlossisreversedonlytotheextentthattheasset’scarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendetermined,netofdepreciationoramortisation,ifnoimpairmentlosshadbeenrecognized.

(c) Provisions

Aprovisionisrecognisedif,asaresultofapastevent,theCompanyhasapresentlegalorconstructiveobligationthatcanbeestimatedreliably,anditisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation.Provisionsaredeterminedbydiscountingtheexpectedfuturecashflowsatapre-taxratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheliability.

(i) Contingent liabilities and contingent assets

Acontingentliabilityisapossibleobligationthatarisesfrompasteventswhoseexistencewillbeconfirmedbytheoccurrenceornon-occurrenceofoneormoreuncertainfutureeventsbeyondthecontroloftheCompanyorapresentobligationthatisnotrecognizedbecauseitisnotprobablethatanoutflowofresourceswillberequiredtosettletheobligation.

Acontingentliabilityalsoarisesinextremelyrarecaseswherethereisaliabilitythatcannotberecognizedbecauseitcannotbemeasuredreliably.TheCompanydoesnotrecognizeacontingentliabilitybutdisclosesitsexistenceinthefinancialstatements.

Acontingentassetisapossibleassetthatarisesfrompasteventswhoseexistencewillbeconfirmedbytheoccurrenceornon-occurrenceofoneormoreuncertainfutureeventsbeyondthecontroloftheCompany.TheCompanydoesnotrecognizecontingentassetsbutdisclosesitsexistencewhereinflowsofeconomicbenefitsareprobable,butnotvirtuallycertain.

(d) Revenue

RevenueisrecognizedtotheextentthatitisprobablethattheeconomicbenefitswillflowtotheCompany,andtherevenueandassociatedcostsincurredortobeincurredcanbereliablymeasured.Revenueismeasuredatthefairvalueoftheconsiderationreceivedorreceivable,netoftradediscountsandsalestaxes.

Thefollowingspecificcriteriaareusedforthepurposeofrecognitionofrevenue;

(i) Dividend Income

DividendincomeisrecognisedinprofitorlossonthedatethattheCompany’srighttoreceivepaymentisestablished,whichinthecaseofquotedsecuritiesisnormallytheex-dividenddate.

(ii) Gain on disposal of financial assets (categorized as available for sale / fair value through profit or loss) ProfitsorlossesondisposalofinvestmentsareaccountedforintheStatementofIncomeonthebasisofrealizednetprofit.

(iii) Interest Income Interestincomecomprisestheamountsearnedonfundsinvested(includingavailable-for-salefinancialassets),andisrecognizedasitaccruesinprofitorloss,usingtheeffectiveinterestmethod.

(iv) Other Income

Accrualbasis

(e) Expenditure Recognition

(i) Operating Expenses

Allexpensesincurredinday-to-dayoperationsofthebusinesshasbeenchargedtorevenueinarrivingattheprofitorlossfortheyear.Provisionhasalsobeenmadeforallknownliabilities.

(ii) Finance costs Financecostscompriseinterestexpenseonbankoverdrafts.

Foreigncurrencygainsandlossesonfinancialassetsandfinancialliabilitiesarereportedonanetbasisaseitherfinanceincomeorfinancecostdependingonwhetherforeigncurrencymovementsareinanetgainornetlossposition.


(iii) Fee and commission expenses

Feeandcommissionexpensesarerecognizedinprofitorlosswhentherelatedservicesareperformed.

(f) Income tax expense IncomeTaxexpensecomprisescurrentanddeferredtax.Currenttaxanddeferredtaxisrecognisedinprofitorlossexcepttotheextentthatitrelatestoabusinesscombination,oritemsrecogniseddirectlyinequityorinothercomprehensiveincome.

(i) Current taxation Currenttaxistheexpectedtaxpayableorreceivableonthetaxableincomeorlossfortheyear,usingtaxratesenactedorsubstantivelyenactedatthereportingdate,andanyadjustmenttotaxpayableinrespectofpreviousyears.Currenttaxpayablealsoincludesanytaxliabilityarisingfromthedeclarationofdividends.

(ii) Deferred taxation Deferredtaxisrecognisedinrespectoftemporarydifferencesbetweenthecarryingamountsofassetsandliabilitiesforfinancialreportingpurposesandtheamountsusedfortaxationpurposes.

ThemeasurementofdeferredtaxreflectsthetaxconsequencesthatwouldfollowthemannerinwhichtheCompanyexpects,attheendofthereportingperiod,torecoverorsettlethecarryingamountofitsassetsandliabilities.

Deferredtaxismeasuredatthetaxratesthatareexpectedtobeappliedtotemporarydifferenceswhentheyreverse,usingtaxratesenactedorsubstantivelyenactedatthereportingdate.

Deferredtaxassetsandliabilitiesareoffsetifthereisalegallyenforceablerighttooffsetcurrenttaxliabilitiesandassets,andtheyrelatetotaxesleviedbythesametaxauthorityonthesametaxableentity,orondifferenttaxentities,buttheyintendtosettlecurrenttaxliabilitiesandassetsonanetbasisortheirtaxassetsandliabilitieswillberealisedsimultaneously.

Adeferredtaxassetisrecognisedforunusedtaxlosses,taxcreditsanddeductibletemporarydifferencestotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichtheycanbeutilised.Deferredtaxassetsarereviewedateachreportingdateandarereducedtotheextentthatitisnolongerprobablethattherelatedtaxbenefitwillberealised,basedontheleveloffuturetaxableprofitforecastsandtaxplanningstrategies.

(iii) Tax exposures Indeterminingtheamountofcurrentanddeferredtax,theCompanytakesintoaccounttheimpactofuncertaintaxpositionsandwhetheradditionaltaxesandinterestmaybedue.Thisassessmentreliesonestimatesandassumptionsandmayinvolveaseriesofjudgementsaboutfutureevents.NewinformationmaybecomeavailablethatcausestheCompanytochangeitsjudgementregardingtheadequacyofexistingtaxliabilities;suchchangestotaxliabilitieswillimpacttaxexpenseintheperiodthatsuchadeterminationismade.

(iv) Economic Service Charge (ESC)AspertheprovisionsofEconomicServiceChargeActNo.13of2006andamendmentsthereto,ispayableon“LiableTurnover”andisdeductiblefromtheincometaxpayments.Any

unclaimedESCcanbecarriedforwardandsettledagainsttheincometaxpayableinthefoursubsequentyears.

4 Earnings per share TheCompanypresentsbasicearnings

pershare(EPS)dataforitsordinaryshares.BasicEPSiscalculatedbydividingtheprofitorlossattributabletoordinaryshareholdersoftheCompanybytheweightedaveragenumberofordinarysharesoutstandingduringtheperiod.

5 Related party transactions Disclosurehasbeenmadeinrespect

ofthetransactionsinwhichonepartyhastheabilitytocontrolorexercisesignificantinfluenceoverthefinancialandoperatingpoliciesdecisionsoftheother,irrespectiveofwhetherapriceischarged.

6 Events after the Reporting Period

AllmaterialandimportanteventswhichoccuraftertheReportingdatehavebeenconsideredanddisclosedinNote22.

7 Dividends on ordinary Shares

DividendsonordinarysharesarerecognizedasaliabilityanddeductedfromequitywhentheyareapprovedbytheCompany’sshareholders.InterimdividendsaredeductedfromequitywhentheyaredeclaredandarenolongeratthediscretionoftheCompany.

8 Segment reporting Segmentresultsthatarereportedtothe

Boardofdirectorsincludeitemsthataredirectlyattributabletoasegmentaswellasthosethatcanbeallocatedon



areasonablebasis.Unallocateditemscomprisemainlyaudit,directorsandlegalfeeandotheroperatingexpense.

9 Presentation Assetsandliabilitiesaregroupedby

natureandlistedinanorderthatreflectstheirrelativeliquidityandmaturitypattern.

Whereappropriate,thesignificantaccountingpoliciesaredisclosedinthesucceedingNotes.

(i) Offsetting Income and Expenses Incomeandexpensesarenotoffsetunlessrequiredorpermittedbyaccountingstandards.

(ii) Offsetting Assets and Liabilities Assetsandliabilitiesareoffsetandthenetamountreportedinthestatementoffinancialpositiononlywherethereis;

• acurrentenforceablelegalrighttooffsettheassetandtheliability;and

• anintentiontosettletheliabilitysimultaneously

10 Determination of Fair Values AnumberoftheCompany’saccounting

policiesanddisclosuresrequirethedeterminationoffairvalue,forbothfinancialandnon-financialassetsandliabilities.Fairvalueshavebeendeterminedformeasurementand/ordisclosurepurposesbasedonthefollowingmethods.Whereapplicable,furtherinformationabouttheassumptionsmadeindeterminingfairvaluesisdisclosedinthenotesspecifictothatassetorliability.

Whenmeasuringthefairvalueofanassetoraliability,theCompany

usesmarketobservabledataasfaraspossible.Fairvaluesarecategorizedintodifferentlevelsinafairvaluehierarchybasedontheinputsusedinthevaluationtechniquesasfollows;

• Level1-Inputsthatarequotedmarketprices(unadjusted)inactivemarketsforidentifiableassetsandliabilities

• Level2-InputsotherthanquotedpricesincludedinLevel1thatareobservablefromtheassetorliabilityeitherdirectly(asprices)orindirectly(derivedprices)

• Level3–Inputsfromtheassetorliabilitythatarenotbasedonobservablemarketdata(unobservableinputs).Thiscategoryincludesallfinancialinstrumentsforwhichthevaluationtechniquesincludeinputsnotbasedonobservabledataandunobservableinputshavesignificanteffectontheinstrument’svaluation.

Iftheinputsusedtomeasurethefairvalueofanassetoraliabilitymightbecategorizedindifferentlevelsofthefairvaluehierarchy,thenthefairvaluemeasurementiscategorizedinitsentiretyinthesamelevelofthefairvaluehierarchyasthelowestlevelinputthatissignificanttotheentiremeasurement.

(a) Equity securities Thefairvaluesofinvestmentsinequitysecuritiesaredeterminedwithreferencetotheirquotedclosingbidpriceatthemeasurementdate,orifunquoted,determinedusingavaluationtechnique.Valuationtechniquesemployedincludemarketmultiplesanddiscountedcashflowanalysisusingexpectedfuturecashflowsandamarket-relateddiscountrate.

(b) Trade and other receivables Thefairvaluesoftradeandotherreceivablesareestimatedatthepresentvalueoffuturecashflows,discountedatthemarketrateofinterestatthemeasurementdate.Short-termreceivableswithnostatedinterestratearemeasuredattheoriginalinvoiceamountiftheeffectofdiscountingisimmaterial.Fairvalueisdeterminedatinitialrecognitionand,fordisclosurepurposes,ateachannualreportingdate.

(c) Other non-derivative financial liabilities Othernon-derivativefinancialliabilitiesaremeasuredatfairvalue,atinitialrecognitionandfordisclosurepurposes,ateachannualreportingdate.Fairvalueiscalculatedbasedonthepresentvalueoffutureprincipalandinterestcashflows,discountedatthemarketrateofinterestatthemeasurementdate.

Directors’ responsibility TheBoardofDirectorsisresponsibleforthepreparationandpresentationoftheFinancialStatements.Thisismorefullydescribedundertherelevantclausein

theDirectors’Report.

New Accounting Standards issued but not effective as at the reporting date

TheInstituteofCharteredAccountantsofSriLankahasissuedthefollowingnewSriLankaAccountingStandardswhichhavebecomeapplicableforfinancialperiodsbeginningonorafter1stJanuary2014/2015.

AccordinglytheseStandardshavenotbeenappliedinpreparingtheseFinancialStatements.


• Sri Lanka Accounting Standards –SLFRS 10 “Consolidated financial statements”

TheobjectiveofthisSLFRSistoestablishprinciplesforthepresentationandpreparationofconsolidatedfinancialstatementswhenanentitycontrolsoneormoreotherentities.

SLFRS10hasbecomeeffectivefortheCompanyfrom1April2014.

ThisStandardwillrequireaCompanytoreviewthegroupstructureinthecontextofthenewStandardanditsrequirements.However,thisStandardwillnotbeapplicablefortheCompany,unlessthereisachangetothestructure.

• Sri Lanka Accounting Standards –SLFRS 11 “Joint Arrangements”

TheobjectiveofthisSLFRSistoestablishprinciplesforfinancialreportingbyentitiesthathaveaninterestinarrangementsthatarecontrolledjointly(i.e.jointarrangements).

SLFRS11hasbecomeeffectivefortheCompanyfrom1April2014.However,thisstandardwillnotbeapplicablefortheCompany,unlessthereisachangetothestructure.

• Sri Lanka Accounting Standards – SLFRS 12 “Disclosure of Interests in Other Entities”

SLFRS12hasbecomeeffectivefortheCompanyfrom1April2014.However,thisstandardwillnotbeapplicablefortheCompany,unlessthereisachangetothestructure.

• Sri Lanka Accounting Standards – SLFRS 13 “Fair Value Measurement”

ThisSLFRSdefinesfairvalue,setsoutinasingleSLFRSaframeworkformeasuringfairvalue;andrequiresdisclosuresaboutfairvaluemeasurements.

ThisSLFRShasbecomeeffectivefortheCompanyfrom1April2014.

• Sri Lanka Accounting Standard – SLFRS 9 “Financial Instruments”

TheobjectiveofthisSLFRSistoestablishprinciplesforthefinancialreportingoffinancialassetsandfinancialliabilitiesthatwillpresentrelevantandusefulinformationtousersoffinancialstatementsfortheirassessmentoftheamounts,timinganduncertaintyofanentity’sfuturecashflows.

AnentityshallapplythisSLFRStoallitemswithinthescopeofLKAS39FinancialInstruments:RecognitionandMeasurement.

TheeffectivedateofthisSLFRShasbeendeferred.



For the year ended 31st March 2014 2013

11 Revenue Netgainfromdisposalofavailableforsalefinancialassets(note11.1) 8,290 10,621

Dividendincome 15,934 10,617

Interestincome 4,699 1,813

28,923 23,051

11.1 Net gain from disposal of available for sale financial assets Proceedsfromdisposalofavailableforsalefinancialassets 20,053 50,605

Carryingvalueofavailableforsalefinancialassetsdisposed (16,174) (40,789)

Transferfromavailableforsalefinancialassetsreserve 4,411 805

8,290 10,621

12 Profit / (loss) from operations 12.1 Profit/(loss)fromoperationsisstatedafterchargingallexpensesincludingthefollowing:

Auditors'remuneration&expenses

-Auditfees 134 120

-Auditrelatedfees 20 18

-Non-auditfees - -

Directors'fees&emoluments - -

Professionalservices - 93

Personnelcost - -

Supportservicefees(note24.3) 2,259 2,313

12.2 TheCompanyhadnoemployeesofitsownduringthefinancialyearunderreview.

13 Finance expense Interestonbankoverdrafts - 1,096

- 1,096



14 Income tax expense/(reversal) Provisionfortheyear(note14.1) 317 -

Overprovisionforpreviousyears - (177)

Totaltaxexpense/(reversal)fortheyear 317 (177)

14.1 Reconciliation between accounting profit/(loss) and taxable profit/(loss) Accountingprofit/(loss)beforetaxation 15,777 (33,968)

Less:Exemptprofitsonsharetradingactivities (24,224) (21,238)

Add:Disallowedexpenses 10,190 11,896

Impairmentlossonavailableforsalefinancialassets - 42,680

Taxableprofit/(loss)fortheyear 1,743 (630)

Taxlossesutilisedduringtheyear (610) -

Taxableincome 1,133 -

Taxationthereon@28%(2013-28%) 317 -

14.2 Movement in tax losses Taxlossesatthebeginningoftheyear 6,451 6,282

Adjusmentontaxlossbroughtforward 22 (461)

Taxlossincurred/(utilised)duringtheyear (610) 630

Taxlossesattheendoftheyear 5,863 6,451



14.3 InaccordancewiththeprovisionsoftheInlandRevenueAct,No.10of2006andamendmentsthereto,theCompanyisliabletoincometaxat28%(2013-28%).

14.4 Intermsofsection13(t)oftheInlandRevenueAct,No.10of2006andamendmentsthereto,profitsderivedfromthesaleofsharesonwhichtheShareTransactionLevy(STL)hasbeenpaidisexemptfromIncometax.

14.5 Utilizationoftaxlossesbroughtforwardisrestrictedto35%ofthecurrentyear'sStatutoryIncome.Anypartofunutilizedtaxlossescanbecarriedforwardindefinitely.

14.6 ThedeferredtaxassetofRs.1,641,792/=(2013-Rs.1,806,203)arisingfromthetaxlosseshasnotbeenrecognisedduetouncertaintyoffuturetaxableprofitsagainstwhichthedeferredtaxassetwouldbeutilized,giventhetheCompany'smainsourceofincomebeingdividendincomewhichdoesnotformapartofthestatutoryincome.

15 Earnings /(loss) per share TheCompany'sbasicearnings/(loss)pershareiscalculatedontheprofit/(loss)attributabletotheshareholdersofGuardianCapitalPartnersPLC

overtheweightedaveragenumberofordinarysharesoutstandingduringtheyear,asrequiredbySriLankaAccountingStandard(LKAS33)-"Earningspershare".

Thefollowingreflectstheearningandsharedatausedforthecomputationof'Earnings/(loss)pershare'.


Amount used as the numerator Profit/(loss)fortheyear(Rs'000) 15,460 (33,791)

Amount used as the denominator Weightedaveragenumberofordinarysharesoutstandingduringtheyear 25,833,808 25,833,808

Earnings/(loss)pershare(Rs.) 0.60 (1.31)


16 Available for sale financial assets16A Summary

Cost Fair value Cost Fair value as at as at as at as at 31st March 31st March 31st March 31st March Note 2014 2014 2013 2013

Investment in equity securities Quoted 16.1 411,447 483,153 436,077 410,722

Privateequity(unlisted) 16.2 40,005 40,005 40,005 40,005

Totalinvestmentinequitysecurities 451,452 523,158 476,082 450,727

Note:Investmentportfolioexcludescashandcashequivalents.

16B Movement in available for sale financial assets

Fair value Fair value Year 2013/14 as at Change as at

1st April in fair 31st March 2013 Additions Disposals value 2014

Investmentinequitysecurities 450,727 - (16,174) 88,605 523,158

450,727 - (16,174) 88,605 523,158

Fair value Fair value Year 2012/13 as at Change as at

1st April in fair 31st March 2012 Additions Disposals value 2013

Investmentinequitysecurities 522,197 - (40,789) (30,681) 450,727

522,197 - (40,789) (30,681) 450,727

Thechangeinfairvaluerepresentsthenetunrealizedgains/(losses)onfairvalueadjustmentofinvestmentportfoliosincludinganyadjustmentonimpairmentlosses.

Sincethereisnosignificant/prolongeddeclineinfairvalueofinvestmentinequitysecuritiesbelowitscost,noimpairmentlosshasbeenrecognisedinthestatementofcomprehensiveincomefortheyear(2013–Rs.42.7mn)asrequiredbyLKAS–39“FinancialInstruments;recognitionandmeasurement”.LKAS–39alsorequirestorecognisefairvaluegainsandlossesarisingfromassetsclassifiedasavailableforsale,otherthanimpairmentlosses,inothercomprehensiveincome.Accordingly,gainsofRs.88.6mnandRs.11.9mnhavebeenrecognisedinfinancialyears2014and2013respectively.



16.1 Investment in equity securities - Quoted Fairvalue

No. of Cost Fair value No. of Cost Fair value shares as at as at shares as at as at 31st March 31st March 31st March 31st March 2014 2014 2013 2013

Construction & Engineering AccessEngineeringPLC 8,000,000 200,280 180,000 8,000,000 200,280 157,600

200,280 180,000 200,280 157,600

Diversified

ExpolankaHoldingsPLC 34,845,150 211,167 303,153 34,845,150 211,167 236,947

211,167 303,153 211,167 236,947

Manufacturing TexturedJerseyLankaPLC - - - 1,633,844 24,630 16,175

- - 24,630 16,175

Totalinvestmentsinequitysecurities-Quoted 411,447 483,153 436,077 410,722

ThefairvalueoftheCompany’sinvestmentportfolioisbasedonthevolumeweightedaveragepriceasat31stMarch,publishedbytheColomboStockExchange.

16.2 Investment in equity securities - Private equity (unlisted)

No. of Cost Fair value No. of Cost Fair value shares as at as at shares as at as at 31st March 31st March 31st March 31st March 2014 2014 2013 2013

Information Technology

hSenidBusinessSolutions(Pvt)Ltd. 163,419 40,005 40,005 163,419 40,005 40,005

Totalinvestmentinequitysecurities -Privateequity(unlisted) 40,005 40,005 40,005 40,005


17 Trade and other receivables As at 31st March 2014 2013

Financial

Dividendreceivables 7,248 -

7,248 -

Non financial

Prepaidexpenses - 46

- 46

7,248 46

18 Cash and cash equivalents Cashatbank 146 5,672

Securitiespurchasedunderrepurchaseagreements 35,303 31,693

Placementswithbankinginstitutions 21,966 -

Totalcashandcashequivalents 57,415 37,365

Netcashandcashequivalentsforthecashflowstatementpurpose 57,415 37,365

19 Stated capital Ordinaryshares-Issuedandfullypaid 513,656 513,656

513,656 513,656

19.1 Number of shares

Ordinaryshares-Issuedandfullypaid 25,833,808 25,833,808

25,833,808 25,833,808



20 Revenue reserves As at 31st March 2014 2013

Generalreserve(note20.1) 619 619

Availableforsalefinancialassetsreserve(note20.2) 114,386 30,192

Accumulatedlosses (45,880) (61,340)

69,125 (30,529)

ThemovementoftheabovearegivenintheStatementofChangesinEquity.

20.1 GeneralreserverepresentstheamountssetasidebytheDirectorstomeetanycontingencies.

20.2 Availableforsalefinancialassetsreserveconsistsofnetunrealisedgainsarisingfromfairvaluationofavailableforsalefinancialassets,excludingtheimpactarisingfromimpairmentofassets.

21 Other payables As at 31st March 2014 2013

Financial

Otherpayables 4,835 4,835

4,835 4,835

Non Financial

Accrualsandprovisions 1,353 1,258

1,353 1,258

6,188 6,093

22 Events after the reporting period Nocircumstanceshavearisensincethereportingdate,whichwouldrequireadjustmentsordisclosureinthefinancialstatements.

23 Commitments and contingencies23.1 Capital expenditure commitments Therewerenocontractsforcapitalexpenditureofamaterialamountasatthereportingdate.

23.2 Contingencies Therewerenocontingentliabilitiesasatthereportingdate.


24 Related party transactions

TheCompanycarriedouttransactionsintheordinarycourseofitsbusinesswithpartieswhoaredefinedasrelatedpartiesinSriLankaAccountingStandard(LKAS24)-“Relatedpartydisclosures”,thedetailsofwhicharereportedbelow.

24.1 Parent and ultimate controlling entity CeylonGuardianInvestmentTrustPLCistheparentcompanyofGuardianCapitalPartnersPLC.

IntheopinionoftheDirectors,CarsonCumberbatchPLCistheultimateparentCompanyofGuardianCapitalPartnersPLC.

24.2 Transactions with Key Management Personnel (KMP) AccordingtoSriLankaAccountingStandard(LKAS24)-“Relatedpartydisclosures”,KeyManagementpersonnel(KMP)arethosehavingauthority

andresponsibilityforplanningandcontrollingtheactivitiesoftheentity.Accordingly,theDirectorsoftheCompanyanditsparentcompany(includingexecutiveandnon-executivedirectors)andtheirimmediatefamilymembershavebeenclassifiedasKeyManagementPersonneloftheCompany.

NocompensationwaspaidtotheKeymanagementpersonnel,intheformofshort-termemployeebenefits,postemployeebenefits,terminationbenefitsandotherlongtermbenefitsduringtheyearunderreview.

24.3 Transactions with related companies

Name of the company Name/s of common director/s Nature of the transactions 2014 2013

Fellow Subsidiaries

GuardianFundManagementLimited - Portfoliomanagementfeespaid* 6,778 6,799

CarsonsManagementServices (Private)Limited(CMSL) - Supportservicefeespaid** 2,259 2,313

Secretarialfeespaid 300 300

Computerchargespaid 30 30

* PortfoliomanagementfeeisbasedonportfoliovalueoftheCompanyandcommensuratewitharm’slengthindustrynorms.

** SupportservicefeeisbasedontheservicesprovidedbyCMSL.



25 Financial instruments Financial risk management - Overview TheCompanyhasexposuretothefollowingrisksarisingfromfinancialinstruments:

Credit risk Liquidity risk Market risk ThisnotepresentsinformationabouttheCompany’sexposuretoeachoftheaboverisks,theCompany’sobjectives,policiesandprocessesfor

measuringandmanagingrisk,andtheCompany’smanagementofcapital.Page5alsocarryareviewofrisksfacedbytheCompanyandtheapproachofmanagingsuchrisks.

Risk management framework TheCompany’sBoardofDirectorshasoverallresponsibilityfortheestablishmentandoversightoftheCompany’sriskmanagementframework.The

BoardofDirectorshasdelegatedthisfunctiontotheChiefExecutiveOfficerofGuardianFundManagementLimited,theFundManagersandCarsonsManagementServices(Private)Limited,theManagers;whoareresponsiblefordevelopingandmonitoringtheGroup’sriskmanagementpoliciesandreportsregularlytotheBoardofDirectorsonitsactivities.

TheCompany’sriskmanagementpoliciesareestablishedtoidentifyandanalysetherisksfacedbytheCompany,tosetappropriaterisklimitsandcontrols,andtomonitorrisksandadherencetolimits.Riskmanagementpolicies,andsystemsarereviewedregularlytoreflectchangesinmarketconditionsandtheCompany’sactivities.

Thecompany’sinvestmentportfoliocompriseslistedandunlistedequitysecurities.Thecompany’sinvestmentmanagerhasbeengivendiscretionaryauthoritytomanagetheassetinlinewiththecompany’sinvestmentobjectives.

Further,anInvestmentCommitteedrawnfromacrosstheCarsonsGroupdirectorateprovideadviceandinsightstothefundmanagementteamtofurthersharpenandrefinetheirdecisionmakingprocess.ThiscomprehensivemanagementstructuredeterminestheobjectivesandpoliciesoftheCompany’sriskmanagementframeworkandpromotesacultureofriskawarenessandbalancedrisk-takingwithintheCompany.

25.1 Credit risk CreditriskistheriskoffinanciallosstotheCompany,ifacustomeroracounterpartytoafinancialinstrumentoranobligedpartytoareceivable

failstomeetitscontractualobligationsandarisesprimarilyontheCompany’sinvestmentsinfixedincomeearningsecurities,placementswithbankinginstitutionsandreceivablesfrommarketintermediariesandothercounterparties,theCompanyhasdealingswith.


25.1.1 Exposure to credit risk Thecarryingamountoffinancialassetsrepresentsthemaximumcreditexposure.Themaximumexposuretocreditriskattheendofthereporting

periodwasasfollows.

As at 31st March Carrying Amount Note 2014 2013

Tradeandotherreceivables 17 7,248 -

Cashatbank 18 146 5,672

Securitiespurchasedunderrepurchaseagreements 18 35,303 31,693

PlacementswithBankingInstitutions 21,966 -

64,663 37,365

Impairment losses Theagingoftradeandotherreceivablesattheendofthereportingperiodthatwerenotimpairedwasasfollows

As at 31st March 2014 2013

Lessthan30days 7,248 -

Morethan30days - -

7,248 -

TheCompanyhasneitherrecognisedanimpairmentlossnoranallowanceforimpairmentofitstradeandotherreceivablesoverthepast5financialyears.

Cash and cash equivalents TheCompanyheldcashandequivalentsintheformofdemanddepositswithcommercialbanks,placementswithbankinginstitutionsand

investmentsunderrepurchaseagreements,hencetheCompanyisexposedtoriskofsuchcounter-partiesfailingtomeetcontractualobligations.

25.1.2 Management of credit risk TheCompanyminimizethecreditriskbymonitoringthecreditworthinessofthecounterpartiesperiodically.

Theanalysisofbanking/financialinstitutonalcounter-partieswithwhomthebalanceswereheldateachreportingperiodendispresentedbelow.

Credit rating 2014 2013

AAA 229 268

AA 34,758 32,115

AA- 21,965 -

Unrated 463 4,982

57,415 37,365



25.2 Liquidity risk LiquidityriskistheriskthattheCompanywillencounterdifficultyinmeetingtheobligationsassociatedwithitsfinancialliabilitiesthataretobe

settledbydeliveringcashoranotherfinancialasset.

25.2.1 Exposure to liquidity risk Thefollowingaretheremainingcontractualmaturitiesattheendofthereportingperiodarisingonit'sfinancialliabilities.

As at 31st March 2014 Carrying amount Total Up to 3 months 3-12 months More than a year

Non derivative financial liabilities Otherpayables 4,835 4,835 4,835 - -

4,835 4,835 4,835 - -

As at 31st March 2013 Carrying amount Total Up to 3 months 3-12 months More than a year

Non derivative financial liabilities Otherpayables 4,835 4,835 4,835 - -

4,835 4,835 4,835 - -

Theratioofnetassetswithaveryshorterexpectedliquidationperiod(liquidassets)tototalnetassetsissetoutbelow.


Totalliquidassets 19,826 17,137

Liquidassetsas%oftotalnetassets 61% 57%

25.2.2 Management of liquidity risk TheCompany’sapproachtomanagingliquidityistoensure,asfaraspossible,thatitwillalwayshavesufficientliquiditytomeetitsliabilitieswhen

due,underbothnormalandstressedconditions,withoutincurringunacceptablelossesorriskingdamagetotheCompany’sreputation.

TheCompanymaintainsaportionofitsassetsinhighlyliquidform–demanddepositsandplacementsinrepurchaseagreementsinordertocapitalizeontheopportunitiesarisinginvolatilemarketconditionsandtomeetitscontractualobligationsduringthenormalcourseofitsoperations.

Asignificantportionofthecompany’sinvestmentportfoliocomprisesoflistedequityinvestmentswhichprovidestheCompanywithexposuretoadequateliquidity,giventheabilitytoconvertintocashandcashequivalentswithinaveryshortperiodoftimeandwithaminimumlossbeingincurred.

Inaddition,thecompanyhasaccesstoapprovedfinancingarrangements,ananalysisofwhichasateachofthereportingdatesaregivenbelow.


Unutilisedoverdraftfacilities 350,000 350,000

350,000 350,000


25.3 Market risk Themarketriskisexposuretoadversemovementsinthesecuritiesmarketsforbothequityandfixedincomeinvestments,whichcanresult

variationsintheanticipatedreturnsfromthosesecurities.Allfinancialinstitutionsfacemarketrisks,createdbychangesinthemacroenvironmentrelatedtopoliticalfactors,nationalsecurity,economicmanagementandglobalizationinfluenceswhichhaveanimpactonsystematicriskfactorssuchasinterestrates,currencyparity,inflation,andavailabilityofcredit.

25.3.1 Interest rate risk TheCompanyisexposedtointerestraterisk,arisingfromitsInvestmentsunderrepurchaseagreementsandoverdraftfacilities,intheeventsuchhavebeenutilized.

Profile Attheendofthereportingperiod,theinterestrateprofileoftheCompany’sinterest-bearingfinancialinstrumentswasasfollows.

Carrying Amount As at 31st March Note 2014 2013

Financial assets Investmentsunderrepurchaseagreements 18 35,303 31,693

PlacementswithBankingInstitutions 21,966 -

57,269 31,693

Financial liabilities Bankoverdrafts - -

- -

Theindexedaverageinterestratesappliedfortheabovefinancialinstrumentsareasfollows;

2014 2013

CommercialBanksAveragedWeightedPrimeLendingRate(AWPLR)* 8.81% 13.86%

CommercialBanksAveragedWeightedFixedDepositRate(AWFDR)* 10.47% 13.94%

*Monthlyaveragedrate

Sensitivity Analysis Achangeof100basispointsininterestratesattheendofthereportingperiodwouldhaveincreased/(decreased)profitorlossbytheamounts

shownbelow.

Movement in interest rate Increase in 1% Decrease in 1% As at 31st March 2014 -Oninterestearningassets 573 (573)

-Oninterestbearingliabilities - -

573 (573)

As at 31st March 2013 -Oninterestearningassets 317 (317)

-Oninterestbearingliabilities - -

317 (317)



25.3.2 Other market price risks Equity price risk TheCompanyisholdinganinvestmentportfoliowhichincludesbothinvestmentsinlistedequities(initiallyundertakenasprivateequity

investmentswhichweresubsequentlylisted).Havingasubstantialportionof92%(2013-92%)ofitsassetbasedesignatedaslistedinvestmentsintheColomboStockExchangeandprivateequityinvestments,marketvolatilitiesbringinsubstantialvariationstotheCompany'searningsandvalueofitsassetbaseatthereportingdates.

Listed equity investments ManagementoftheCompanymonitorsthemixofequityanddebtsecuritiesinitsinvestmentportfoliobasedonmarketindices,wheredecisions

concernedwiththetimingofbuy/selldecisionsarewellsupportedwithstructuredin-houseresearchrecommendations.TransactionsofamajormagnitudewithintheportfolioaresubjecttoreviewandapprovalbytheInvestmentCommittee.

Sectorwiseanalysisoflistedequityportfolio

Portfolio exposure % As at 31st March 2014 2013

Construction&Engineering 37 38

Diversified 63 58

Manufacturing - 04

100 100

Private equity investments Dueevaluationsarecarriedoutpriortoinvesting,extendingtobothfinancialandoperationalfeasibilityoftheprivateequityprojectsthatthe

Companyventuresinto,withaviewtoascertaintheCompany'sinvestmentdecisionandtherisksinvolved.

Continuousmonitoringoftheoperationsagainstthebudgetsandtheindustrystandardsensurethattheprojectsmeetthedesiredoutcome,andtherebythereturns.Further,theCompanygenerallycarriesinvestmentagreementswiththepartiesconcerned,whichcarryspecific'exitclauses'toprivateequityprojects-typicallyan'InitialPublicOffering'ora'Buy-out'ataspecifiedpriceagreed,whichprovidescoveragainstmovementsinmarketconditions.

Thetotalassetbasewhichisexposedtoequitypriceriskistabulatedbelow.

Carrying amount As at 31st March Note 2014 2013

Investmentinequitysecurities-Availableforsalefinancialassets 16 523,158 450,727

523,158 450,727

AbroadanalysisoftheinvestmentsmadebytheCompany,basedontheindustry/sectorisgiveninnote16.


25.4 Accounting classification and fair values Thefairvaluesoffinancialassetsandliabilitiestogetherwiththerespectivecarryingamountsasshowninthestatementoffinancialpositionareas

follows.

As at 31st March 2014 Fair value Held to Loans and Available Other financial Total carrying Fair value through profit maturity receivables for sale liabilities amount

or loss financial assets

Assets

Availableforsalefinancialassets - - - 523,158 - 523,158 523,158

Cashandcashequivalents - - 57,415 - - 57,415 57,415

Totalfinancialassets - - 57,415 523,158 - 580,573 580,573

Liabilities Otherpayables - - - 4,835 4,835 4,835

Totalfinancialliabilities - - - - 4,835 4,835 4,835

As at 31st March 2013 Fair value Held to Loans and Available Other financial Total carrying Fair value through profit maturity receivables for sale liabilities amount

or loss financial assets

Assets

Availableforsalefinancialassets - - - 450,727 - 450,727 450,727

Cashandcashequivalents - - 37,365 - - 37,365 37,365

Totalfinancialassets - - 37,365 450,727 - 488,092 488,092

Liabilities

Otherpayables - - - - 4,835 4,835 4,835

Totalfinancialliabilities - - - - 4,835 4,835 4,835



25.5 Fair value hierarchy

Thetablebelowanalysesfinancialinstrumentscarriedatfairvalue,bythelevelsinthefairvaluehierarchy.Thedifferentlevelshavebeendefinedasfollows.

Level1:Availabilityofquotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities.

Level2:inputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheasset

orliability,eitherdirectly(i.e.asprices)orindirectly(i.e.derivedfromprices).

Level3:inputsfortheassetorliabilitythatarenotbasedonobservablemarketdata(unobservableinputs).

Level1 Level2 Level3 Total

As at 31st Mar 2014 Equitysecurities-availableforsale 483,153 - 40,005 523,158

483,153 - 40,005 523,158

As at 31st Mar 2013

Equitysecurities-availableforsale 410,722 - 40,005 450,727

410,722 - 40,005 450,727

NomovementshaveoccurredinthefairvaluemeasurementsinLevel3ofthefairvaluehierarchy,duringtheyear.

26 Segmental Reporting Thecompany’sChiefOperatingDecisionMaker(CODM)monitorstheoperatingresultsoftheentityasawholeconsideringtheoperationsasasingle

segment(PrivateEquityInvestments)forthepurposeofmakingdecisionsaboutresourceallocationandperformance.Thereforenodisclosureismadeonoperatingsegments.

27 Responsibility for Financial Statements TheBoardofDirectorsisresponsibleforthepreparationandpresentationofthefinancialstatements.ThisismorefullydescribedundertherelevantclauseintheDirector'sreport.


SLFRS/LKAS SLAS For the year ended/As at 31st March 2014 2013 2012 2011 2010

Operating results

Revenue 28,923 23,051 13,834 2,991 20,191

Impairmentlossonavailableforsalefinancialassets - (42,680) (18,453) - -

Profit/(loss) on investment activities 28,923 (19,629) (4,619) 2,991 20,191

Profit/(loss)beforetaxation 15,777 (33,968) (21,283) (8,910) 18,086

Incometax(expense)/reversal (317) 177 (198) (94) (2,317)

Profit/(loss) for the year 15,460 (33,791) (21,481) (9,004) 15,769

Statement of financial position

Statedcapital 513,656 513,656 513,656 513,656 10,400

Reserves 69,125 (30,529) (7,932) (5,449) 92,128

Total equity 582,781 483,127 505,724 508,207 102,528

Assets Employed

Currentassets 65,811 38,493 5,753 226,208 105,555

Currentliabilities (6,188) (6,093) (22,226) (5,428) (3,027)

Netcurrentassets 59,623 32,400 (16,473) 220,780 102,528

Availableforsalefinancialassets 523,158 450,727 522,197 287,427 -

Net assets 582,781 483,127 505,724 508,207 102,528

Cash Flow Statements

Netcashgeneratedfrom/(usedin)operatingactivities 20,050 48,804 (197,199)(337,842) 38,441

Netcashgeneratedfrom/(usedin)financingactivities - - (50) 418,143 (11,418)

Net (decrease)/increase in cash & cash equivalents 20,050 48,804 (197,249) 80,301 27,023

Ratios & statistics

Earnings/(loss)pershare* (Rs.) 0.60 (1.31) (0.83) (0.37) 0.66

Dividendpershare** (Rs.) - - - - 132.00

Dividendgrowth (%) - - - - 654.3%

Dividendyield (%) - - - - 13.2%

Dividendpayoutratio (%) - - - - 56.17

Netassetspershare (Rs.) 22.56 18.70 19.58 19.67 152.80

Marketpricepershare* (Rs.) 25.30 38.60 70.20 290.60 1,000.00

Pricetobookvalue (times) 1.12 2.06 3.59 14.77 6.54

Fairvalueofinvestmentportfolio*** (Rs.'000) 580,573 488,092 510,758 473,213 105,485

Marketcapitalisation (Rs.'000) 653,595 997,1851,813,5337,507,305 671,008

AllSharePriceIndex(points) (points) 5,968 5,736 5,420 7,226 3,725

S&PSL20(points) (points) 3,280 3,294 2,986 3,893 2,142

Five year summary


*Theearningspershareandthemarketpricepersharereflectsvalueadjustedduetotherightissueofshares,since2011.

**Dividendpershareisbasedonproposeddividendsandinterimdividendsfortheyear.

***basedonthemarketvalueofportfolioafteradjustingforcashandcashequivalents.

Financialinformationfortheperiods2010-2011werenotadjustedtoreflectthetransitiontorevisedSriLankaAccountingStandards(LKAS/SLFRS)applicableforfinancialperiodsbeginningonorafter1stJanuary2012.


1. Stock Exchange Listing GuardianCapitalPartnersPLCisaPublicQuotedCompany,theordinarysharesofwhicharelistedontheDiri-SaviBoardoftheColomboStock

Exchange.

StockExchangecodeforGuardianCapitalPartnersPLCis‘WAPO’

2. Ordinary Shareholders


Numberofshareholders 2,678 2,916

Thenumberofsharesheldbynon-residentsasat31stMarch2014was53,840(2013-115,350)whichamountsto0.21%(2013-0.45%)ofthetotalordinarysharesinissue.

Residents Non-Residents Total

Distribution of Shares No of shareholders

No. of Shares % No of shareholders

No of Shares

% No of shareholders

No of Shares

%

1 - 1,000 2,160 609,110 2.36 29 7,877 0.03 2,189 616,987 2.39

1001 - 10,000 440 1,259,531 4.88 9 30,563 0.12 449 1,290,094 5.00

10,001 - 100,000 36 1,018,752 3.94 1 15,400 0.06 37 1,034,152 4.00

100,001 - 1,000,000 2 1,199,775 4.64 - - - 2 1,199,775 4.64

Above1,000,000 1 21,692,800 83.97 - - - 1 21,692,800 83.97

GrandTotal 2,639 25,779,968 99.79 39 53,840 0.21 2,678 25,833,808 100.00

Categories of shareholders No of shareholders No. of Shares %

Individuals 2,599 2,450,399 9.49

Institutions 79 23,383,409 90.51

Total 2,678 25,833,808 100.00

Information to shareholders and investors


3. Market performance – ordinary shares


Sharepriceasat31stMarch(Rs.) 25.30 38.60 Highest(Rs.) 47.30 77.00 Lowest(Rs.) 25.00 35.00 Valueofsharestraded(Rs.‘000) 66,777 154,001 No.ofsharestraded 1,888,658 2,809,690 Volumeoftransactions(Nos.) 5,206 10,760 Marketcapitalization(Rs‘000) 653,595 997,185

4. Public Holding Thepercentagesharesheldbypublicasat31stMarch2014was13.77%(2013–13.77)

5. Dividend TheDirectorsdonotrecommendadividendfortheyearended31stMarch2014(2013-Nil).


NOTICEISHEREBYGIVENthattheNinetyFourthAnnualGeneralMeetingofGuardianCapitalPartnersPLCwillbeheldonFriday,the6thdayofJune2014at3.00p.m.atthe8thFloor,No.65C,DharmapalaMawatha,Colombo7forthefollowingpurposes:

1. ToreceiveandadopttheAnnualReportoftheBoardofDirectorsandtheFinancialStatementsfortheyearended 31stMarch2014togetherwiththereportoftheAuditorsthereon.

2. Tore-electMr.S.MahendrarajahwhoretiresbyrotationintermofArticles72,73&74oftheArticlesofAssociationoftheCompany.

3. ToRe-appointMr.I.PaulrajasaDirectoroftheCompanywhoisoverSeventyyearsofageandtoconsiderandifdeemedfittopassthefollowingresolution:

“ITISHEREBYRESOLVEDthattheagelimitstipulatedinSection210oftheCompaniesActNo.7of2007shallnotbeapplicabletoMr.I.Paulrajwhois77yearsofageandthathebere-appointedaDirectoroftheCompanyfromtheconclusionoftheAnnualGeneralmeetingforafurtherperiodofoneyear.”

4. Tore-appointMessrs.KPMG,CharteredAccountantsasAuditorsoftheCompanyassetoutinSection154(1)oftheCompaniesActNo.07of2007andtoauthorizetheDirectorstodeterminetheirremuneration.

Notice of Meeting

ByOrderoftheBoard

(Sgd.) K. D. De Silva (Mrs.) Director Carsons Management Services (Private) Limited Secretaries

Colombo, 05thMay2014

Notes :1. Amemberisentitledtoappointaproxytoattendandvoteinsteadofhim/herself.AproxyneednotbeamemberoftheCompany.AFormofProxy

accompaniesthisNotice.

2. ThecompletedFormofProxymustbedepositedattheRegisteredOffice,No.61,JanadhipathiMawatha,Colombo1,notlaterthan3.00p.m.on04thJune2014.

3. ApersonrepresentingaCorporationisrequiredtocarryacertifiedcopyoftheresolutionauthorizinghim/hertoactastherepresentativeoftheCorporation.Arepresentativeneednotbeamember.

4. ThetransferbooksoftheCompanywillremainopen.

5. SecurityCheck-

Weshallbeobligediftheshareholders/proxiesattendingtheAnnualGeneralMeeting,producetheirNationalIdentityCardtothesecuritypersonnelstationedattheentrancelobby.


*I/We.................................................................................................................................................................................................

of......................................................................................................................................................................................................

being*aMember/MembersofGUARDIANCAPITALPARTNERSPLC

herebyappoint.....................................................................................................................................................................................

of.............................................................................................................................................................................................................

bearingNICNo./PassportNo......................orfailinghim/her

IsraelPaulraj orfailinghim,DonChandimaRajakarunaGunawardena orfailinghim,SubramaniamMahendrarajah

as*my/ourproxytoattendatthe94thAnnualGeneralMeetingoftheCompanytobeheldonFriday,the6thdayofJune2014at3.00p.m.,atthe8thFloor,No.65C,DharmapalaMawatha,Colombo07andanyadjournmentthereofandateverypollwhichmaybetakeninconsequencethereof.

For Against

Form of Proxy

(i) ToadopttheAnnualReportoftheBoardofDirectorsandtheFinancialStatementsfortheyearended31stMarch2014,togetherwiththeReportoftheAuditorsthereon.

(ii) Tore-electMr.S.MahendrarajahwhoretiresintermsofArticle72,73&74oftheArticlesofAssociationoftheCompany.

(iii) Tore-appointMr.I.PaulrajwhoisoverseventyyearsofageasaDirectoroftheCompany.

(iv) Tore-appointMessrs.KPMG,CharteredAccountantsasAuditorsoftheCompanyassetoutinSection154(1)oftheCompaniesAct.No.07of2007andtoauthorizetheDirectorstodeterminetheirremuneration.

Signedthis...................................................dayof……………………TwoThousandandFourteen.

………………………………….

Signature/s

Note: (a)*Pleasedeletetheinappropriatewords.

(b)AshareholderentitledtoattendandvoteataGeneralmeetingofthecompany,isentitledtoappointaproxytoattendandvoteinsteadofhim/ herandtheproxyneednotbeashareholderofthecompany.Aproxysoappointedshallhavetherighttovoteonashowofhandsoronapoll andtospeakatthegeneralmeetingoftheshareholders.

(c)Ashareholderisnotentitledtoappointmorethanoneproxytoattendonthesameoccasion.

(d)Instructionsarenotedonthereversehereof.


INSTRUCTIONS AS TO COMPLETION

1. Kindlyperfecttheformofproxyafterfillinginlegiblyyourfullnameandaddress,bysigninginthespaceprovided.Pleasefillinthedateofsignature.

2. IfyouwishtoappointapersonotherthantheDirectorsasyourproxy,pleaseinserttherelevantdetailsinthespaceprovidedoverleaf.

3. IntermsofArticle54oftheArticlesofAssociationoftheCompany:

(1) AnyShareholderentitledtoattendandvoteatameetingshallbeentitledtoappointanotherperson(whetheraShareholderornot)ashisproxytoattendandvoteinsteadofhim.AproxysoappointedshallhavethesamerightastheShareholdertovoteonashowofhandsoronapollandtospeakatthemeeting.

(2) Aninstrumentappointingaproxyshallbeinwritingand:

(i) inthecaseofanindividualshallbesignedbytheappointororbyhisattorney; and (ii)inthecaseofacorporationshallbeeitherunderitscommonsealorsignedbyitsattorneyorbyanofficeronbehalfofthecorporation.

TheDirectorsmay,butshallnotbeboundto,requireevidenceoftheauthorityofanysuchattorneyorofficer.

4. IntermsofArticle50oftheArticlesofAssociationoftheCompany:

WheretherearejointregisteredholdersofanyShareanyone(01)ofsuchpersonsmayvoteandbereckonedinaquorumatanymeetingeitherpersonallyorbyproxyasifheweresolelyentitledtheretoandifmorethanone(01)ofsuchjointholdersbesopresentatanymeetingone(01)ofsuchpersonssopresentwhosenamestandsfirstintheRegisterinrespectofsuchShareshallalonebeentitledtovoteinrespectthereof.SeveralexecutorsoradministratorsofadeceasedShareholderinwhosenameanySharestandsshallforthepurposeofthisArticlebedeemedjointholdersthereof.

5. TobevalidthecompletedformofproxyshouldbedepositedattheRegisteredOfficeoftheCompanysituatedatNo.61,JanadhipathiMawatha,Colombo1notlaterthan3.00p.m.on04thJune2014.

Pleasefillinthefollowingdetails

Name : …………………………………………………………………………………………………………………………………………

Address : …………………………………………………………………………………………………………………………………………

…………………………………………………………………………………………………………………………………………

Jointlywith : …………………………………………………………………………………………………………………………………………

Sharefoliono. : …………………………………………………………………………………………………………………………………………

Form of Proxy

Corporate Information

Name of the CompanyGuardian Capital Partners PLC(A Carson Cumberbatch Company)

Company Registration NoPQ-49

Legal FormA Public Quoted Company (Quoted on the Diri Savi Board of the Colombo Stock Exchange) with Limited Liability, Incorporated in Sri Lanka in 1920

Principal Activity and Nature of OperationsThe principal activity of the company is to hold and manage a portfolio of private equity investments.

Parent EnterpriseThe Company’s holding Company and Controlling Entity is Ceylon Guardian Investment Trust PLC, which is incorporated in Sri Lanka

Ultimate Parent CompanyCarson Cumberbatch PLC

DirectorsI. Paulraj (Chairman)D. C. R. GunawardenaS. Mahendrarajah

Alternate DirectorS. Mahendrarajah (for I.Paulraj)

BankersStandard Chartered BankCommercial Bank of Ceylon PLCDeutsche Bank AG Colombo

AuditorsMessrs. KPMG Chartered AccountantsNo 32A, Sir Mohamed Macan Marker Mawatha,Colombo 03,Sri Lanka

Managers & SecretariesCarsons Management Services (Private) Limited No. 61, Janadhipathi Mawatha,Colombo 01.Sri LankaTelephone No: +94-11-2039200Fax No: +94-11-2039300

Investment ManagerGuardian Fund Management LimitedNo. 61, Janadhipathi Mawatha,Colombo 01.Sri LankaTelephone No: +94-11-2039200Fax No: +94-11-2439777

Registered Office & Principal Place of BusinessNo. 61, Janadhipathi Mawatha, Colombo 01.Sri LankaTelephone No: +94-11-2039200Fax No: +94-11-2039300

Corporate Websitewww.carsoncumberbatch.com

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