Annual report for 2004/05 - Hemas Holdings, Ltd

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Notes to the Financial StatementsYear ended 31 March 200531. COMMITMENTS AND CONTINGENCIES (Contd.)31.3 Contingencies(a)Hemas Holdings LimitedThe contingent liability as at 31st March 2005 on guarantees given by Hemas Holdings Ltd ., to banks on behalf of subsidiaries andAssociates relating to facilities obtained, are as follows:Rs.USDHemas Pharmaceuticals (Pte) Limited 325,000,000 -Hemas Travels (Pte) Limited 29,000,000 -Hemas Air Services (Pte) Limited 4,000,000 -Hemas International Freight (Pte) Limited 18,000,000 -Hemas Corporate Services (Pte) Limited 5,000,000 -Hemas Healthcare (Pte) Limited 15,000,000 -Exchange & Finance Investments (Pte) Limited 2,500,000 -Hemas Garments (Pte) Limited - 374,400398,500,000 374,400(b)Hemas Manufacturing (Pte) LimitedA civil case has been filed against the Company by Colgate Palmolive Company, seeking a declaration that the Company's RegisteredTrade Mark No. 74941 is null and void and of no force or effect in law from the date of registration of the said Mark.Based on the representations made by the Company Lawyers, the Supreme Court has delivered judgment in favour of the Company.(c ) Hemas Marketing (Pte) LmitedContingent liability as at balance sheet date in respect of guarantees, granted to Spectrum Marketing (Pte) Ltd., amounting toRs.65,000,000/-.(d)Hemas Travels (Pte) Limited(a) The Guarantees given by the Company to third parties in relation to facilities obtained amounting to Rs. 45,000,000/-(b) The Guarantees given by the Company to third parties in relation to facilities obtained by "Discover The World Marketing (Pte) Ltd"amounts to US$ 50,000 and "Gullivers Travels" amounts to GBP 10,000.31.4 Commitments and Contingencies of the Jointly Controlled EntityHeladhanavi Limited - The Group has a 50% share of the following:Operations and Maintenance Agreement with Lakdhanavi LimitedAccording to this agreement, the fixed fee payable after the final completion date is US$ 625,000 per annum paid in equal monthlyinstallments for the period of 10 years.66H E M A S H O L D I N G S L I M I T E D
Notes to the Financial StatementsYear ended 31 March 200532. ASSETS PLEDGEDThe following assets have been pledged as security for liabilities as at the balance sheet date.Name of The Company Nature of Assets Nature of Liability Carrying Amount Includedof the AssetsUnderPledged2005 2004Rs.Rs.Forbes Air Services (Pte) Ltd Trade Receivables Pledged as a security to 248,000,000 271,714,046 Trade Debtorsthe extent of bank facilityobtained from StandardChartered Bank.Hemas Manufacturing (Pte) Ltd. Inventories Concurrent Mortgage to 172,100,000 195,800,000 Inventories andTrade Receivables the extent of bank facility Trade Debtorsobtained from HNB & HSBCHeladhanavi Ltd Immovable Assets. US$ 4,000,000 10,190,270 9,540,270 Property ,Plant(The Group has 50% share (Syndicated Loan Facility) & Equipmentof the Assets Pledged)Mortgage of all movable}assets and assignment of 7,091,052,089 4,476,828,570book debts of the company.Share certificates of theUS$ 35,000,0001,200,000,070 1,200,000,070 Share Capital.Company.(Syndicated loan Facility)Assignment of projectdocuments.Immovable Assets. Rs. 30,769,230 10,190,270 9,540,270 Property ,Plant(Rupee Loan Facility)& Equipment.Mortgage of all movableassets and assignment ofbook debts of the company. Rs.269,230,769 7,093,419,330 4,476,828,570 Property ,Plant(Rupee Loan Facility)& Equipment.Share certificates of thecompany. Rs.400,000,000 1,200,000,070 1,200,000,070 Share Capital.(Working Capital Loan)Assignment of projectdocuments.Serendib Hotels Ltd. Land and Buildings Primary Mortgage upto 207,202,952 155,715,594 Property, Plantthe value of Rs 48 million to& EquipmentSeylan BankStafford Hotels Ltd Freehold Land Primary Mortgage upto 50,840,000 214,402,725 Property, Plantthe value of Rs. 55 million to& EquipmentDFCC bank.Primary mortgage overexisting movable items upto the value of Rs. 5 million to DFCCMiami Beach Hotels Ltd. Freehold Land & Buildings Primary Mortgage 136,825,500 140,742,022 Property, Plant& EquipmentA N N U A L R E P O R T 2 0 0 4 - 2 0 0 5 67
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Group ProfileIt was a far thinking
Page 7 and 8:
Financial HighlightsYear Ended 31st
Page 9 and 10:
CEO’s Reviewfinancial year. We pe
Page 11 and 12:
Members of the BoardDebu BhatnagarD
Page 13 and 14:
Group Management CommitteeFrom left
Page 15 and 16:
Review of OperationsFinancial Revie
Page 17 and 18: Financial ReviewTaxationGroup provi
Page 19 and 20: FMCG Sectorin the market. In the Ha
Page 21 and 22: Leisure SectorThe primary business
Page 23: Strategic InvestmentsPowerAs report
Page 26 and 27: Hemas Tsunami Response Plan26 Decem
Page 28 and 29: Piyawara ProgrammeEarly Childhood C
Page 30 and 31: The Hemas TeamOur team has always b
Page 32 and 33: Corporate GovernanceCommitment to t
Page 34 and 35: Report of the DirectorsDIRECTORS’
Page 36 and 37: Statement of Directors’ Responsib
Page 38 and 39: Income StatementYear ended 31 March
Page 40 and 41: Statement of Changes in EquityYear
Page 42 and 43: Notes to the Financial StatementsYe
Page 72 and 73: Five Year SummaryYear Ended 31st Ma
Page 74 and 75: GlossaryCAPITAL EMPLOYEDTotal share
Page 76 and 77: Notes74H E M A S H O L D I N G S L
Page 78: Form of ProxyNote:1. *Please delete
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Annual report for 2004/05 - Hemas Holdings, Ltd

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