Annual Report 2011 - Colombo Stock Exchange

32 Annual Report 2011Notes to the Financial StatementsYear ended 31 st December 20112011Rs.2010Rs.17. TRADE AND OTHER PAYABLESAccrued Expenses 507,318 421,82618. EVENTS AFTER THE BALANCE SHEET DATEThere have been no material events after the Balance Sheet date that require adjustments or disclosure in theFinancial Statements.19. CONTINGENCIES19.1. Contingent LiabilitiesThere were no significant contingent liabilities as at the Balance Sheet date that require disclosure in theFinancial Statements.20. GOING CONCERNThe Company’s current liabilities have exceeded current assets by Rs. 152,689,765. The net assets stands at a deficitof Rs. 82,234,761 as at Balance Sheet date and as a result, the continuity of the business as a going concern is largelydependent on the borrowings or introduction of the capital by the shareholders.21. RELATED PARTY DISCLOSURESTransactions with the Related Parties in the ordinary course of business carried out on an arm’s length basis.21.1 Transactions with Key Management Personnel (“KMP”)KMP are persons who have authority and responsibility directly or indirectly for planning, directing andcontrolling the activities of the Company.The KMP comprise of the Board of Directors of the reporting entity.21.1.1 No compensation / (remuneration) were payable to or received by KMP during the year.21.1.2 No long-term post-employment, terminal benefits and share-based payments were made to the KMPduring the year.21.1.3 No loans were given to KMP during the year.