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annual report | 2012 Gunung Capital Berhad (330171-P) 70 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 31 DECEMBER 2012 7 OTHER FINANCIAL ASSETS 2012 RM Group Non-current: Available for sale financial assets Unquoted shares, at cost 357,678 357,678 Less: Impairment losses (341,754) (80,000) Net balance 15,924 277,678 8 GOODWILL ON CONSOLIDATION 2012 RM Group As at 1 January / 31 December 12,449,762 12,449,762 9 INVENTORIES 2012 RM Group At cost: Spare parts for motor vehicles 542,259 385,561 At net realisable value: Raw materials - 423,859 During the financial year, the Group’s inventories were written down by RM73,859 (2011: RM200,000). 10 TRADE RECEIVABLES 2011 RM 2011 RM 2011 RM 542,259 809,420 2012 RM Group Related parties - 409,323 Third parties 2,411,839 355,944 The currency profile of trade receivables is entirely in Ringgit Malaysia. 2011 RM 2,411,839 765,267 The Group’s normal trade credit terms granted ranges from 45 to 60 days. They are recognised at their original invoice amounts which represent their fair values on initial recognition.
NOTES TO THE FINANCIAL STATEMENTS (cont’d) 31 DECEMBER 2012 10 TRADE RECEIVABLES (cont’d) As at the end of the previous reporting period, included in trade receivables were debts owing by a related party, Korakan Corporation Sdn. Bhd. amounting to RM409,323. Included in trade receivables of a subsidiary are debts arising from government agency customer. The ageing analysis of trade receivables of the Group are as follows: 2012 RM Group Neither past due nor impaired Past due, not impaired 2,372,787 695,207 1 - 30 days past due - 22,220 More than 31 days past due 39,052 47,840 39,052 70,060 Receivables that are neither past due nor impaired 2011 RM 2,411,839 765,267 Trade receivables that are neither past due nor impaired are creditworthy trade receivables with good payment records with the Group. None of the trade receivables of the Group that are neither past due nor impaired have been renegotiated during the financial year. Receivables that are past due but not impaired The Group has trade receivables amounting to RM39,052 (2011: RM70,060) that are past due at the end of the reporting period but not impaired. Trade receivables of the Group that are past due but not impaired are generally unsecured in nature. The Group closely monitors the financial standing of these counter parties on an ongoing basis to ensure that the Group is exposed to minimal credit risk. 11 OTHER RECEIVABLES 2012 RM Group Company Other receivables 4,950,756 5,019,822 - 150 Deposits and prepayments 432,427 7,255,899 1,000 1,000 Dividend receivables - - 1,250,000 1,750,000 Prepayment of finance lease 3,280,589 1,858,476 - - Less: Impairment loss on other receivables (3,285) - - - 2011 RM 2012 RM 2011 RM 8,660,487 14,134,197 1,251,000 1,751,150 Gunung Capital Berhad (330171-P) 71 annual report | 2012
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Page 110 and 111: Notes:- 1. A member of the Company,
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