Annual Report 2011/2012 - Colombo Stock Exchange

MERCANTILE SHIPPING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS Contd...
Year ended 31 March 2012
3. PROPERTY, PLANT AND EQUIPMENT Contd...
3.2.4 During the financial year, the Group acquired a Motor Vehicles & Computers to the aggregate value of Rs. 5,947,547 (2011-
Rs. 6,090,950/- ). Cash payments amounting to Rs.3,231,061/- (2011 -Rs.6,090,950/- ) were made during the year for purchase of
Property, Plant and Equipment.
3.2.5 Property, Plant and Equipment include fully depreciated assets having a gross carrying amounts of Rs. 14,777,103/- (2011 -
Rs13,461,234/-).
3.3 The useful lives of the assets are estimated as follows
Buildings on Freehold and Leasehold Lands
Vessels
Furniture and Fittings
Office Equipment
Motor Vehicles
Air Conditioning Equipment
Computer Equipment
3.4 Information on the Freehold Land, Freehold Buildings of the Group
2012
20 Years
15 Years
8 Years
4 Years
4 Years
4 Years
4 Years
2011
20 Years
15 Years
8 Years
4 Years
4 Years
4 Years
4 Years
Company
Address
Ownership
Extent
No. of Buildings
Included In
Mercantile Shipping
Company PLC
No.441, K Cyril C Perera
Mawatha, Colombo 13.
Freehold
10.79 Perches
1
Property, Plant
and Equipment
No.108, Aluthmawatha
Road, Colombo 15.
Freehold
25.20 Perches
1
Investment
Property
4. INVESTMENT PROPERTY - COMPANY/GROUP
Cost
Group / Company
2012
Rs.
2011
Rs.
Balance as at the Beginning of the Year
Additions made during the year
Less : Disposals made during the year
Balance as at the End of the Year
Depreciation
Balance as at the Beginning of the Year
Charge for the Year
Balance as at the End of the Year
Net Book Values
4.1 Useful life of the Investment Property is estimated as 20 Years.
19,135,649
-
-
19,135,649
9,284,084
515,782
9,799,866
9,335,783
19,135,649
-
-
19,135,649
8,768,302
515,782
9,284,084
9,851,564
4.2 On 22 June, 2011 a revaluation was carried out by an Independent Professional Valuer Mr. B.J.P Kariyawasam in order to determine
the fair value of the Investment Property and such fair value has been estimated as Rs. 82,547,500/-.
5. INVESTMENTS IN SUBSIDIARIES
a)Non-Quoted
Country
of
Incorporation
Holding
Carrying
Value
2012
Rs.
Directors'
Valuation
2012
Rs.
Carrying
Value
2011
Rs.
Directors'
Valuation
2011
Rs.
28
26
MSC Trading Limited
Sri Lanka
Mercantile Global Shipping Limited
Sri Lanka
Mercantile Emerald Shipping (Private) Limited Sri Lanka
Less : Provision for Fall in Value - MSC Trading Limited
Total Net Carrying Value of Investments in Subsidiaries
100%
100%
100%
1,000,000
15,000,000
150,000,000
(1,000,000)
165,000,000
-
15,000,000
150,000,000
-
165,000,000
1,000,000
15,000,000
150,000,000
(1,000,000)
165,000,000
-
15,000,000
150,000,000
-
165,000,000