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annual report | 2012 Gunung Capital Berhad (330171-P)
76
NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 DECEMBER 2012
17 FINANCE LEASE AND HIRE PURCHASE PAYABLES
2012
RM
Group
Minimum lease payments
- Not later than 1 year 19,553,106 20,387,564
- Later than 1 year and not later than 5 years 25,618,344 39,419,336
2011
RM
45,171,450 59,806,900
Less: Future finance charges on finance lease and hire purchase payables (3,613,367) (6,385,575)
Present value of finance lease and hire purchase payables 41,558,083 53,421,325
Present value of finance lease and hire purchase payables is analysed as follow:-
- Not later than 1 year 19,521,755 16,915,464
- Later than 1 year and not later than 5 years 22,036,328 36,505,861
41,558,083 53,421,325
The finance leases facilities, which bear effective interest rates ranging from 6.76% to 15.00% per annum (2011: 6.98%
to 15.17% per annum), are secured by the followings:-
(a) Joint and several guarantee by directors of the subsidiary;
(b) Leasing facility agreements;
(c) Deed of assignment on the project account;
(d) Pledge of fixed deposits; and
(e) Corporate guarantee by the Company.
The hire purchase payables bear an effective interest rate of 6.18% per annum (2011: 6.18% per annum).
18 SHAREHOLDER’S ADVANCE
2012
RM
Group
As at 1 January 6,231,949 6,047,500
Repayment of advances (4,557,872) -
Interest charged to profit and loss (Note 24) 52,734 184,449
Transferred to other payables (Note 21) (1,726,811) -
As at 31 December - 6,231,949
The shareholder advance of the subsidiary, GPB Corporation Sdn. Bhd. (“GPB”), has been subordinated to OCBC
Al-Amin facilities by OCBC Al-Amin Bank Berhad as a condition for leasing facility granted to GPB. The advance, which
belongs to a director of the Company, who is the previous shareholder of GPB, bears annual interest on the balance
of the outstanding as at December 28th equivalent to the average 12 month fixed deposit rate at CIMB Bank Berhad
to be calculated at the end of each reporting period.
During the current financial year, this subordination clause has been waived by the bank. As such, the shareholder
advance is deemed to be repayable on demand, and has been transferred to current liabilities in other payables as at
the end of the reporting period.
2011
RM