Annual Report 2011/2012 - Colombo Stock Exchange

MERCANTILE SHIPPING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS Contd...
Year ended 31 March 2012
Group
Company
13. RETIREMENTS BENEFIT OBLIGATION - GRATUITY
2012
Rs.
2011
Rs.
2012
Rs.
2011
Rs.
Balance as at Beginning of the Year
Provision Made During the Year
Payments Made During the Year
Exchange Loss
Balance as at End of the Year
882,181
120,282
-
12,774
1,015,236
919,075
191,874
(230,350)
1,582
882,181
766,746
60,875
-
-
827,621
919,075
78,021
(230,350)
-
766,746
13.1 The Retirement Benefit Obligation (Gratuity) is calculated in accordance with the formula method as described in Appendix E of
Revised SLAS 16 for the year ended 31 March 2012. Appropriate and compatible assumptions were used in determining the cost of
retirement benefits.
Group / Company
The principal assumptions used were as follows;
Discount Rate
Future Salary Increment Rate
Retirement Age
2012
10%
9%
55 Years
2011
10%
9%
55 Years
14. TRADE AND OTHER PAYABLES
Group
2012
Rs.
2011
Rs.
Company
2012
Rs.
2011
Rs.
Trade Payable
Sundry Creditors Including Accrued Expenses
Amounts due to Related Parties (Note14.1)
13,522,864
38,921,625
139,513
52,584,003
16,537,160
28,513,410
94,614
45,145,184
-
8,552,128
28,524,084
37,076,212
-
3,315,673
28,898,550
32,214,223
Group
Company
14.1 Amounts due to Related Parties
Relationship
2012
Rs.
2011
Rs.
2012
Rs.
2011
Rs.
Mercantile Marine Management Limited
Mercantile Global Shipping Limited
Affiliate
Subsidiary
139,513
-
139,513
94,614
-
94,614
-
28,524,084
28,524,084
-
28,898,550
28,898,550
32