Directors' Report and Financial Statements 31 March ... - Precision Air
Directors' Report and Financial Statements 31 March ... - Precision Air
Directors' Report and Financial Statements 31 March ... - Precision Air
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PRECISION AIR SERVICES PLC<br />
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)<br />
FOR THE YEAR ENDED <strong>31</strong> MARCH 2012<br />
At <strong>31</strong> <strong>March</strong> 2011 192,456,920 7,452,729 1,215,459 115,335 238,165 261,124 5,023,118 206,762,850<br />
-<br />
<strong>Air</strong>craft with registration no 5H-PAG <strong>and</strong> 5H-PAA are mortgaged against banking facilities secured from Kenya Commercial Bank (T) Limited <strong>and</strong><br />
Stanbic Tanzania Limited respectively. Refer Note 23 of the these financials statements.<br />
During 2011,the Company engaged Ascend Online Values (V1) Portifolio Services, an accredited independent valuer, to determine the<br />
fair value of aircrafts.<br />
Fair value is determined by reference to market based evidence. This means that valuations performed by the valuer are based on<br />
active market prices,<br />
adjusted for any difference in the nature, location or condition of the specific property. The date of revaluation was <strong>31</strong><br />
<strong>March</strong> 2011.<br />
If the aircrafts were measured using the cost model, the carrying amounts would be as<br />
follows:<br />
2012 2011<br />
AMOUNT AMOUNT<br />
TZS ‘000 TZS ‘000<br />
Cost 125,995,704 125,995,704<br />
Accumulated depreciation <strong>and</strong> impairment (36,699,<strong>31</strong>8) (23,568,377)<br />
Carrying amount 89,296,386 102,427,327<br />
DIRECTORS’ REPORT AND FINANCIAL STATEMENTS <strong>31</strong> MARCH 2012<br />
47
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