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