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NOTES TO THE FINANCIAL STATEMENTS (cont’d)<br />
31 DECEMBER 2012<br />
20 TRADE PAYABLES<br />
The currency profile of trade payables is entirely in Ringgit Malaysia. The normal credit terms granted to the Group<br />
is 30 days.<br />
21 OTHER PAYABLES<br />
2012<br />
RM<br />
Group Company<br />
Other payables 94,333 3,907,264 8,605 1,708,560<br />
Accruals 168,623 459,484 63,343 37,000<br />
Contractor performance bond received 8,629,999 8,200,595 - -<br />
Deposits received - 1,227,000 - -<br />
Dividend payables - 1,009,478 - 1,009,478<br />
Shareholder’s advance (Note 18) 1,726,811 - - -<br />
Amount owing to a director 2,306,000 14,747,266 2,306,000 11,956,000<br />
Amount owing to a related company - 2,766,467 - -<br />
Total 12,925,766 32,317,554 2,377,948 14,711,038<br />
The amount owing to a director is unsecured, interest-free and repayable on demand. The balance of RM2,306,000<br />
(2011: RM11,956,000) arises from the acquisition of additional shares in GPB Corporation Sdn. Bhd. from the director,<br />
which remained unpaid as at the end of the reporting period.<br />
The amount owing to a related company, Korakan Corporation Sdn. Bhd., was unsecured, interest-free and repayable<br />
on demand.<br />
22 BANK BORROWINGS<br />
2011<br />
RM<br />
2012<br />
RM<br />
Group<br />
Short term bridging loan - 3,943,546<br />
Short term bridging loan was a temporary loan extended to a subsidiary, GPB Corporation Sdn. Bhd., for the purchase<br />
of property, plant and equipment which was eventually financed by leasing facility in the current financial year. The<br />
bridging loan bears an interest of 8.5% per annum.<br />
2012<br />
RM<br />
2011<br />
RM<br />
2011<br />
RM<br />
Gunung Capital Berhad (330171-P)<br />
79<br />
annual report | 2012