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annual report | 2012 Gunung Capital Berhad (330171-P) 86 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 31 DECEMBER 2012 33 COMMITMENTS a) Capital commitments At the end of the reporting period, the Group has the following commitment for the acquisition of property, plant and equipment:- Group Approved and contracted for - 9,550,000 b) Operating lease commitments – as lessor The Group has entered into an agreement to lease its motor vehicles to a related party. This non-cancellable lease has remaining terms of one year provided that all the leased motor vehicles are properly licensed and insured during the lease period. There is no clause to enable revision of the rental charge. Future minimum rentals receivable under non-cancellable operating leases as at the end of the reporting period are as follows: Group Not later than 1 year 5,040,000 5,040,000 Later than 1 year but not later than 5 years - 5,040,000 34 FINANCIAL GUARANTEES 2012 RM 2012 RM 2011 RM 2011 RM 5,040,000 10,080,000 Group and Company The notional amount of corporate guarantees given to banks in respect of banking and leasing facilities granted to subsidiaries 79,800,000 79,800,000 2012 RM The fair value of the financial guarantees at the date of inception and subsequent amortised costs is nil. 2011 RM
NOTES TO THE FINANCIAL STATEMENTS (cont’d) 31 DECEMBER 2012 35 RELATED PARTY TRANSACTIONS a) Significant related party transactions during the financial year are as follows:- 2012 RM Group Company Acquisition of additional shares in a subsidiary from a director - 11,956,000 - 11,956,000 Professional fees paid to a former director - 55,000 - 55,000 Professional fees paid to a related party, AAsia-East Capital Sdn. Bhd. 260,000 - 260,000 - Management fees charged to a subsidiary, GPB Corporation Sdn. Bhd. - - 354,600 354,600 Dividends received and receivable from subsidiaries - GPB Corporation Sdn. Bhd. - - 4,000,000 2,976,000 - Gunung Resources Sdn. Bhd. - - 1,000,000 2,000,000 Leasing of motor vehicles to a related party, Korakan Corporation Sdn. Bhd. 5,040,000 5,040,000 - - Office rental charged by a related party, Produktif Kualiti Sdn. Bhd. - 36,000 - - The recurring related party transactions (“RRPT”) with Korakan Corporation Sdn. Bhd. (“KCSB”) arise from a lease agreement entered between Gunung Resources Sdn. Bhd. (“GRSB”), a wholly-owned subsidiary of the Company and KCSB, a related party, for the lease of 252 units of motor vehicles by GRSB to KCSB for period of 36 months from 1 January 2011 to 31 December 2013 at an annual sum of RM5,040,000, payable in instalments of RM420,000 per month. The monthly lease sum was derived on the prevailing market lease rentals. b) Government related entities On 3 November 2010, Bas Rakyat Sdn. Bhd., a 75% subsidiary of GPB Corporation Sdn. Bhd., which is a wholly owned subsidiary of the Company, has entered into an agreement with Perak State Government (State Government) for the provision of public transportation services in Manjung district in the state of Perak Darul Ridzuan. Bas Rakyat Sdn. Bhd. is a government related entity as its remaining 25% shareholder is related to the State Government. The duration of the agreement is 84 months. Under the agreement, the State Government will reimburse Bas Rakyat Sdn. Bhd. for a period of 60 months and no subsequent payment will be made for the remaining period of 24 months. 2011 RM 2012 RM Group Income from public transportation services 864,000 360,000 2012 RM 2011 RM 2011 RM Gunung Capital Berhad (330171-P) 87 annual report | 2012
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Page 110 and 111: Notes:- 1. A member of the Company,
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