Responsibilities, Independent Auditors' Report... - Hemas Holdings ...

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MANAGEMENT REPORTS SUSTAINABILITY GOVERNANCE FINANCIAL REPORTS 2012 2012 2012 2011 2011 2011 Amount Amount Total Amount Amount Total Repayable Repayable Repayable Repayable Within 1 Year After 1 Year Within 1 Year After 1 Year Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 18.2 Company Loans from Related Parties (18.2.1) 290,590 965,472 1,256,062 321,640 686,502 1,008,142 290,590 965,472 1,256,062 321,640 686,502 1,008,142 Loans Repayment/ As at Obtained Transfer As at 01.04.2011 During During 31.03.2012 the Year the year Relationship Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 18.2.1 Loans from Related Parties Hemas Air Services (Pvt) Ltd. Subsidiary 77,169 - - 77,169 Hemas Developments (Pvt) Ltd. Subsidiary 132,168 21,400 (57,595) 95,973 Hemas Manufacturing (Pvt) Ltd. Subsidiary 145,274 1,096,253 (914,182) 327,345 Hemas Pharmaceuticals (Pvt) Ltd. Subsidiary - 150,000 - 150,000 Hemas Power PLC Subsidiary - 80,000 - 80,000 Peace Haven Resorts Ltd. Subsidiary 214,194 7,850 (24,756) 197,288 Vishwa BPO (Pvt) Ltd. Subsidiary 8,000 - - 8,000 Forbes Air Services (Pvt) Ltd. Subsidiary 300,717 135,000 (246,050) 189,667 Hemtours (Pvt) Ltd. Subsidiary 130,620 - - 130,620 1,008,142 1,490,503 (996,533) 1,256,062 Terms and Conditions (1) Treasury Loans (Current) Security - Unsecured Repayment - Within 3 months Interest - Based on market rates (2) Other Loans (Non Current) Security - Unsecured Repayments - Grace Period of 4 Years (29/04/2008 - 30/04/2012) and thereafter repayable over 3 years Interest - Grace Period of 4 Years (29/04/2008 - 30/04/2012) and thereafter interest chargeable based on Market Rates Annual Report 2011/12 101
NOTES TO THE FINANCIAL STATEMENTS 19 DEFERRED INCOME TAX Group Company 2012 2011 2012 2011 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 19.1 Deferred Tax Assets Balance as at Beginning of the Year 25,489 22,805 - - Income/(Expense) arising during the Year (458) 2,684 - - Balance at the End of the Year 25,031 25,489 - - 19.2 Deferred Tax Liabilities Balance as at Beginning of the Year 123,609 145,147 42,022 60,198 Provision/(Release) made during the Year - Directly to Income Statement (3,382) (11,236) (1,966) (18,176) - Directly to Equity 41,414 (10,302) - - Disposed (332) - - - Balance at the End of the Year 161,309 123,609 40,056 42,022 20 RETIREMENT BENEFIT LIABILITY Group Company 2012 2011 2012 2011 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Balance as at Beginning of the Year 230,298 184,963 18,676 17,026 Interest cost 22,922 18,684 1,867 1,873 Current service cost 31,603 31,210 1,983 1,586 Benefits paid (14,793) (20,219) (131) (1,873) Transfer - - 6,281 - Acturial (gain) or loss (21,688) 15,660 1,875 64 Balance as at the End of the Year 248,342 230,298 30,551 18,676 20.1 Messrs. K.A. Pandit Consultants and Actuaries, carried out an actuarial valuation of the defined benefit plan gratuity on 31/03/2012. Appropriate and compatible assumptions were used in determining the cost of retirement benefits. The principal assumptions used are as follows: 2012 2011 Discount rate assumed (%) 11% 10% Further salary increase (%) 9% 9% Retirement age 55 Years 50 - 60 Years 21 TRADE AND OTHER PAYABLES Group Company 2012 2011 2012 2011 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Trade Payables Related Parties - - - - Others 3,656,741 2,815,496 - 585 Other Payables Related Parties (21.1) - - 39,420 5,464 Others 434,270 558,596 19,638 10,507 Sundry Creditors including Accrued Expenses 1,080,592 719,000 23,183 23,583 5,171,603 4,093,092 82,241 40,139 102 The Hemas Group. Enriching Lives
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Page 4 and 5: MANAGEMENT REPORTS SUSTAINABILITY G
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