Page 236 - CJ 2019 INTEGRATED REPORT

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NOTES TO THE FINANCIAL
STATEMENTS 31 DECEMBER 2019 (CONTINUED)
LIFE ASSURANCE FUNDS (CONTINUED)
The The Group’s Group’s actuary actuary for for its life insurance business business is is True South Actuaries & Consultants The The Group’s Group’s actuary actuary for for pension business is Aon Hewitt Ltd The Group has provided the breakdown of life assurance fund due within 1 1 year year and more than 1 1 year year based on best estimates available At 31 December 2019 the the the adequacy of the the the life assurance fund has been assessed based on on the the the following assumptions: • Interest rate of 8 8 8 25% 25% (2018: 8 8 8 25%) • Assumed lapse rates of 27% 27% 11% 11% 8% 8% 8% 8% and and and 8% 8% 8% 8% for years 1 1 1 1 1 1 2 2 2 2 3 and and and 4+ (2018: 27% 27% 11% 11% 8% 8% 8% 8% and and and 8%) • Expense inflation rate of 2 2 75% (2018: 1 1 8%) and • Mortality table 27% SA SA 85/90 85/90 (2018: 36% SA SA 85/90) 25 BORROWINGS Non-current
Bank loans
– secured Loans payable to related parties (Note 36(v) (a)) Finance lease obligations
Current
Bank overdrafts
(Note 31)
Bank loans
– secured Import loans
Loans payable to subsidiaries (Note 36(v)(d)) Loans payable to related parties (Note 36(v) (a)) Loans payable to shareholders (Note 36(v) (b)) Loans payable to to directors (Note 36(v) (c)) Other loans
Finance lease obligations
Total borrowings
GROUP
2018 Rs’000
3 181 152 678 10 662 3 192 492
139 922 1 1 260 018 14 257 - 253 342 300 999 53 138 100 6 082 2 2 027 858 5
5
220 350
COMPANY 2018 Rs’000
2 457 435 - 7 7 272 2 464 707
83 109 567 690 - 2 958 248 469 300 000
53 138 100 3 505 1 258 969 3 3 723 676
2019 Rs’000
4
4
122 242
- - 4
4
122 242
304 433
1 576 644
13 958 - 284 559
300 999 58 056
4
392
- 2 543 041
6 6 6 665 283
2019 Rs’000
1 1 813 834
- - 1 1 813 834
90 030
1 1 061 904
- 361 143
280 594
300 000
58 056
- - 2 2 151 727
3 965 561
The The fair value of of current
borrowings
equals their carrying amount as the the impact of of discounting is is is not significant The The borrowing borrowing rate is between 3 3 85% and and 7% 7% (2018 – 3 3 7% 7% and and 7 7 7 1%) Finance lease lease obligations
were were included in in in in in in in borrowings
until 31 December 2018 but were were reclassified to lease lease liabilities on on 1 1 1 January 2019 in in in in in in in the the process of adopting the the new leasing standard CURRIMJEE JEEWANJEE AND COMPANY LIMITED