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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ANNUAL REPORT <strong>2011</strong> / 12<br />
NOTES TO THE FINANCIAL STATEMENTS Contd...<br />
Year ended 31 March <strong>2012</strong><br />
25. RELATED PARTY DISCLOSURES<br />
a) Transaction with the<br />
related entities<br />
Name of the Company and Relationship<br />
Significant Investor<br />
Reederi Eugen<br />
Freiderich GmbH<br />
<strong>2012</strong><br />
Rs.<br />
<strong>2011</strong><br />
Rs.<br />
Mercantile Global<br />
Shipping Ltd<br />
<strong>2012</strong><br />
Rs.<br />
Fully Owned Subsidiaries<br />
<strong>2011</strong><br />
Rs.<br />
Mercantile Emerald<br />
Shipping (Pvt) Ltd<br />
<strong>2012</strong><br />
Rs.<br />
<strong>2011</strong><br />
Rs.<br />
Affiliates<br />
<strong>2012</strong><br />
Rs.<br />
<strong>2011</strong><br />
Rs.<br />
<strong>2012</strong><br />
Rs.<br />
Total<br />
<strong>2011</strong><br />
Rs.<br />
Nature of Transaction<br />
As at 1 April<br />
Rendering of Services<br />
Funds Capitalized<br />
Management Fees Charged<br />
Management Fees Paid<br />
Settlement of Liabilities by the Company<br />
Settlement of Liabilities by the Company on behalf<br />
the Company<br />
Provision for Doubtful Receivables<br />
As at 31 March<br />
-<br />
-<br />
-<br />
-<br />
-<br />
-<br />
-<br />
-<br />
(27,636,918)<br />
-<br />
-<br />
-<br />
27,636,918<br />
-<br />
-<br />
-<br />
(28,898,550)<br />
-<br />
-<br />
-<br />
-<br />
374,466<br />
-<br />
-<br />
(28,524,084)<br />
(30,416,870)<br />
-<br />
-<br />
-<br />
-<br />
1,518,320<br />
-<br />
-<br />
(28,898,550)<br />
87,646,078<br />
-<br />
-<br />
14,017,750<br />
(14,017,750)<br />
1,926,152<br />
(655,984)<br />
-<br />
88,915,246<br />
197,436,624<br />
-<br />
(125,000,000)<br />
12,067,481<br />
-<br />
3,141,973<br />
-<br />
-<br />
-<br />
87,646,078<br />
4,019,645<br />
948,000<br />
-<br />
-<br />
-<br />
368,674<br />
(1,662,351)<br />
-<br />
(3,673,968)<br />
-<br />
4,196,096<br />
948,000<br />
-<br />
-<br />
-<br />
(1,124,451)<br />
-<br />
4,019,645<br />
62,767,173<br />
948,000<br />
-<br />
14,017,750<br />
(14,017,750)<br />
2,669,292<br />
(2,319,335)<br />
-<br />
(3,673,968)<br />
60,391,162<br />
143,578,932<br />
948,000<br />
(125,000,000)<br />
12,067,481<br />
-<br />
32,297,211<br />
(1,124,451)<br />
-<br />
-<br />
62,767,173<br />
Included in<br />
Trade and Other Receivables<br />
Trade and Other Payables<br />
-<br />
-<br />
-<br />
-<br />
-<br />
(28,524,084)<br />
(28,524,084)<br />
-<br />
(28,898,550)<br />
(28,898,550)<br />
88,915,24<br />
-<br />
88,915,246<br />
-<br />
87,646,078<br />
-<br />
87,646,078<br />
-<br />
-<br />
-<br />
4,019,645<br />
-<br />
4,019,645<br />
88,915,246<br />
(28,524,084)<br />
60,391,162<br />
91,665,723<br />
(28,898,550)<br />
62,767,173<br />
Affiliates Include Mercantile Shipping Agencies Limited and Mercantile Marine Management Limited.<br />
Transactions of Mercantile Emerald Shipping (Pvt) Limited with Reederi Eugan Freiderich GmbH<br />
Technical Management Services Fee<br />
Business Procument Fee<br />
Settlement of Technical Management and Business Procument Fee<br />
<strong>2012</strong><br />
Rs.<br />
20,541,840<br />
13,557,614<br />
(34,099,454)<br />
<strong>2011</strong><br />
Rs.<br />
18,735,444<br />
14,376,643<br />
(33,112,087)<br />
b) Transactions with Key Management Personnel of the Company<br />
The key management personnel of the Company are the members of its Board of Directors.<br />
Key Management Personnel Compensation<br />
Short-term Employment Benefits<br />
<strong>2012</strong><br />
Rs.<br />
3,180,000<br />
3,180,000<br />
<strong>2011</strong><br />
Rs.<br />
3,169,500<br />
3,169,500<br />
In addition to above compensation, the Company also provides non cash benefits to Key Management Personnel in terms of<br />
employment contracts with them.<br />
37
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