enl commercial limited annual report 2011 - Investing In Africa

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Notes to the Financial Statements Year ended June 30, 2011 17 BORROWINGS (continued) (c) THE GROUP 2011 2010 Rs’000 Rs’000 Finance lease liabilities-minimum lease payments Not later than 1 year 36,535 16,036 After one year and before two years 31,438 14,775 After two years and before three years 12,587 13,047 After three years and before five years 20,820 3,361 After five years 456 - 101,836 47,219 Future finance charges on finance leases (16,008) (7,609) Present value of finance lease liabilities 85,828 39,610 THE GROUP 2011 2010 Rs’000 Rs’000 The present value of finance lease liabilites may be analysed as follows: Not later than 1 year 29,568 12,245 After one year and before two years 27,709 12,074 After two years and before three years 11,657 11,406 After three years and before five years 16,438 3,885 After five years 456 - 85,828 39,610 The group leases some plant and equipment, motor vehicles and furniture and fittings under finance leases. The leases have purchase options on termination. There are no restrictions imposed on the group by lease arrangements. (d) Non-current borrowings can be analysed as follows: THE GROUP THE COMPANY 2011 2010 2011 2010 Rs’000 Rs’000 Rs’000 Rs’000 - after one year and before five years Bank borrowings 162,103 57,060 75,717 33,881 - after two years and before three years Bank borrowings 32,464 22,778 14,306 14,585 - after three years Bank borrowings 273,577 63,812 98,470 5,135 Other loans 40 40 40 40 273,617 63,852 98,510 5,175 (e) The interest rates at the end of the reporting period were as follows: THE GROUP THE COMPANY 2011 2010 2011 2010 USD EURO Rs Rs Rs Rs % % % % % % Bank overdrafts 6.35 - 9.25-10.125 9.375-16.875 9.625 9.625 Bank loans 4 4 7.25-15 9.50-10.00 7.25-12.25 9.875 Other loans - - 11 11 - 9.375 Debentures - - 5 - - - Finance lease liabilities - - 9-13.8 9.50-12.75 - - 94 ENL Commercial Limited Annual Report 2011
Notes to the Financial Statements Year ended June 30, 2011 17 BORROWINGS (continued) (f) (g) The exposure of the group’s borrowings to interest rate changes and the contractual repricing dates are less than 6 months. The carrying amounts of borrowings are denominated in the following currencies. THE GROUP THE COMPANY 2011 2010 2011 2010 Rs’000 Rs’000 Rs’000 Rs’000 Rupees 732,956 470,547 234,719 179,578 US Dollar 20,951 174 - - EURO 10,284 - - - 764,191 470,721 234,719 179,578 18 DEFERRED INCOME TAX (a) Deferred income tax is calculated on all temporary differences under the liability method at 15% (2010: 15%). Deferred tax assets are recognised for tax losses carried forward only to the extent that realisation of the related tax benefit is probable. The recoverability of tax losses is limited to a period of five years from the relevant year of assessment. At the end of the reporting period, the group had unused tax losses of Rs. 53m (2010: Rs.108m) available for offset against future profits. No deferred tax asset has been recognised in respect of such losses due to the unpredictability of future profit streams. There is a legally enforceable right to offset deferred tax asset against deferred tax liabilities when the deferred income taxes relate to the same fiscal authority on the same entity. The following amounts are shown on the statement of financial position: THE GROUP 2011 2010 Rs’000 Rs’000 Deferred tax liabilities 33,462 4,784 Deferred tax assets (5,827) (1,477) 27,635 3,307 (b) The movement in the deferred income tax account is as follows: THE GROUP 2011 2010 Rs’000 Rs’000 At July 1, 3,307 3,721 Acquisition through business combination 2,593 - Credited to statement of comprehensive income (685) (414) Charged to revaluation surplus 22,420 - At June 30, 27,635 3,307 ENL Commercial Limited Annual Report 2011 95
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ENL COMMERCIAL LIMITED ANNUAL REPOR
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Dear Shareholder, The Board of Dire
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ENL Commercial Limited Annual Repor
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Portfolio of operating companies of
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Dividend per Share (Rs) 0.80 0.80 0
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ENL Commercial Limited Annual Repor
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Directors’ Report (continued) Ass
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AXESS LIMITED ENL Commercial Limite
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CHARABIA LTD ENL Commercial Limited
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COGIR LIMITÉE ENL Commercial Limit
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GREWALS (MAURITIUS) LIMITED ENL Com
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PACK PLASTICS LIMITED ENL Commercia
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Statement of Directors’ Responsib
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PLASTINAX AUSTRAL LIMITÉE ENL Comm
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ACTIVITIES FRCI specialises in info
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Corporate Information June 30, 2011
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Corporate Governance Report (contin
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