Page 204 - CJ 2019 INTEGRATED REPORT

202
NOTES TO THE FINANCIAL
STATEMENTS 31 DECEMBER 2019 (CONTINUED)
GROUP
8 FINANCE COSTS – NET
Finance costs:
Interest expense on:
Bank overdrafts
Bank borrowings
Debentures - - - - - - Shareholders - Finance income:
Interest income on:
Short term bank deposits
Hire purchase income Loans to shareholders
Loans to subsidiaries
Unwinding of asset retirement obligations
Others (268) - - Related parties
Third parties
Bank charges
Unwinding of asset retirement obligations
Foreign exchange loss arising on financing activities
Others 2 886
- - Foreign exchange gain arising on financing activities
Finance costs – net
9 INCOME TAX EXPENSE (18 705) (43 079) 254 372
(4 519) (25 528)
190 512
The Group Group is liable to to income income tax tax tax on on its
fits profits as adjusted for income income tax tax tax purposes at at at at the the average tax tax tax rate rate o of of 17% 17% (2018 (2018 (2018 – 17%) o of of of which 2% relates to to Corporate Social Responsibility Fund At 31 December 2019 the the Group Group and and Company had accumulated tax losses of of Rs Rs Rs Rs 722 435 000 000 000 (2018 (2018 (2018 – – Rs Rs Rs Rs 588 370 000) and and Rs Rs Rs Rs 420 171 000 000 000 (2018 (2018 (2018 – – Rs Rs Rs Rs 296 717 480) respectively Solidarity levy is is calculated at at at the the the rate of of o of of 5 5 per per cent cent of of o of of the the the “book profit” of of o of of Emtel Ltd and and 1 5 5 per per cent cent of of o of of its
turnover and is is payable in in the the following year GROUP
COMPANY 2018 2018 2018 2018 COMPANY 2018 2018 2018 2018 2019 Rs’000
14 371
239 100
24 600
- 14 629
19 394
3
964
4 815
- - 78 356
60 556
7 662
- 263
1 450
391 238
(46)
(262)
(20 105)
- (7 945)
(1 915)
(26 633)
(56 906)
334 332
2019 Rs’000
9 436
178 834
- 11 196
13 415
19 329
3
964
- - 782
- - 3
3
493
1 259
- - 282
241 990
- - (20 105)
(11 406)
- - (383)
(31 894)
210 096
Rs’000
Rs’000
Rs’000
Rs’000
Rs’000
Rs’000
Loans from subsidiaries
Loans from related parties
Shareholder’s loan
Loan from directors Import loans
Finance lease charges
Interest on lease liabilities from:
Subsidiaries - - - - - - 10 862 5 289 227 702 174 466
- 178 12
676 11 674
19 672
3
3
3
296 296 3
3
3
296 296 4 4 584 - - 1 395 824
- - - - - 6 024 408 8 175 - - 179 - - 298 297 451 216 040
(105) - - (3 944) - - (20 057)
- (952) - - - - - - 19 607
(20 057)
2019 Rs’000
167 401
(469)
33 634
(1 964)
198 602
2019 Rs’000
- - - - - Charge for for the the year Based on the the the profit for for for the the the year year as as adjusted for for for tax purposes (Over)/Under provision in previous year Solidarity levy Deferred income tax charge (Note 20)
Rs’000
Rs’000
Rs’000
Rs’000
Rs’000
Rs’000
189 699 - - 7 985 - - 29 812 - - (19 724) - - 207 772
- - CURRIMJEE JEEWANJEE AND COMPANY LIMITED