ASIAN HOTELS AND PROPERTIES PLC AnnuAl RepoRt 2012/13

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notes to the financial statementsPASSIONASIAN HOTELS AND PROPERTIES PLCAnnual Report 2012 /1315030. INTEREST BEARING BORROWINGSGroupCompanyAs atAs at1st April1st AprilAs at 31st March 2013 2012 2011 2013 2012 2011Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000Commercial BankAt the beginning of the year - - 247,886 - - 247,886Obtained during the year - - - - - -Repayments during the year - - (247,886) - (247,886)At the end of the year - - - - - -Hatton National BankAt the beginning of the year - - 362,980 - - 362,980Obtained during the year - - - - - -Repayments during the year - - (362,980) - (362,980)At the end of the year - - - - - -Operating Lease ObligationsAt the beginning of the year 4,289 5,725 7,161 - - -Repayments during the year (1,436) (1,436) (1,436) - - -2,853 4,289 5,725 - - -Transferred to Current Liabilities (Refer 30.1) (1,437) (1,437) (1,437) - - -At the end of the year (Refer 30.3) 1,416 2,852 4,288 - - -Total Non Current Interest BearingBorrowings (Refer 30.2) 1,416 2,852 4,288 - - -30.1 Current Portion of Borrowings includedin Current LiabilitiesLong Term Loans - - - - - -Operating Lease Obligations 1,437 1,437 1,437 - - -1,437 1,437 1,437 - - -30.2 Non Current portion of Borrowingsincluded under Non Current LiabilitiesLong Term Loans - - - - - -Operating Lease Obligations 1,416 2,852 4,288 - - -1,416 2,852 4,288 - - -30.3 Lease Installments PayablePayable after one year and before 5 years 1,416 2,852 4,288 - - -Payable after 5 years - - - - - -1,416 2,852 4,288 - - -
PASSION151 ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2012 /13notes to the financial statements31. EMPLOYEE BENEFITSGroupCompanyAs atAs at1st April1st AprilAs at 31st March 2013 2012 2011 2013 2012 2011Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000Provision for Retiring GratuityAt the beginning of the year 208,696 175,448 152,384 109,551 86,149 78,012Provision made during the year 16,814 19,185 23,483 9,724 11,508 8,901Interest Cost 20,869 17,545 15,239 10,955 8,615 7,801(Gain)/Loss arising from changes in theassumptions or due to (Over) / UnderProvision in the previous years (8,220) 8,484 1,119 (1,235) 7,515 579Payments during the year (23,828) (12,294) (16,777) (12,690) (4,564) (9,144)Transfers (20,234) 328 - (20,234) 328 -At the end of the year 194,097 208,696 175,448 96,071 109,551 86,149The Employee Benefit Liability of the Company and the Group is based on the actuarial valuation carried out as at 31st March 2013 byMr. M. Poopalanathan, AIA, Messrs. Actuarial & Management Consultants (Pvt) Ltd, a firm of professional actuaries.The principal assumptions used in determining the cost of employee benefits were:Discount Rate 11% (2012 - 10%)Future Salary Increases 10% (2012 - 10%)32. DEFERRED TAXATIONGroupCompanyAs atAs at1st April1st AprilAs at 31st March 2013 2012 2011 2013 2012 2011Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000At the beginning of the year 255,793 248,354 302,848 - - -Charge / (Reversal) for the year 25,560 7,439 (45,655) - - -Adjustment on Revaluation - - (8,839) - - -Differed Tax effect on revaluation of Buildings 47,960 - - - -At the end of the year 329,313 255,793 248,354 - - -The closing Deferred Tax liability relates to the following,GroupCompanyAs atAs at1st April1st AprilAs at 31st March 2013 2012 2011 2013 2012 2011Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000Revaluation of buildings 47,960 - - - - -Accelerated Depreciation for tax purposes 293,116 267,691 259,070 - - -Employee Benefit Liability (11,763) (11,898) (10,716) - - -329,313 255,793 248,354 - - -
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ASIAN HOTELS AND PROPERTIES PLC AnnuAl RepoRt 2012/13

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