Annual Report 2011/2012 - Colombo Stock Exchange
Annual Report 2011/2012 - Colombo Stock Exchange
Annual Report 2011/2012 - Colombo Stock Exchange
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MERCANTILE SHIPPING COMPANY PLC<br />
NOTES TO THE FINANCIAL STATEMENTS Contd...<br />
Year ended 31 March <strong>2012</strong><br />
22. COMMITMENTS AND CONTINGENCIES<br />
22.1 Commitments<br />
During the year the Group did not have any commitments that require adjustments or disclosure in the Financial<br />
Statements.<br />
22.2 Contingencies<br />
During the year the Group did not have any contingencies that require adjustments or disclosure in the Financial<br />
Statements.<br />
23. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE<br />
Mercantile shipping Company PLC has entered into a joint venture agreement with Hemas Transportation Limited forming<br />
a new company namely H & M Shipping Services (Private) Limited subsequent to the balance sheet date.<br />
The new company will be involved in providing crew transport services for international carriers who travel via Sri Lanka’s<br />
Southern seas. The Company expects to invest Rs. 30 Million in this project.<br />
24. ASSETS PLEDGED<br />
The following assets have been pledged as at the Balance Sheet Date.<br />
Company<br />
Nature of<br />
Assets<br />
Pledged<br />
Nature of Liabilities and<br />
Pledged to<br />
Carrying Amount Pledged<br />
<strong>2012</strong><br />
<strong>2011</strong><br />
Rs.<br />
Rs.<br />
Included<br />
Under<br />
Mercantile Emerald<br />
Shipping (Private)<br />
Limited<br />
Vessels<br />
Interest Bearing Loans and<br />
Borrowings from Bremer<br />
Landesbank - Germany<br />
3,683,066,932<br />
3,528,066,553<br />
Property,<br />
Plant and<br />
Equipment<br />
36
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