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Masterskill Education Group Berhad / Annual Report 2012
85
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
10. BORROWINGS
31.12.2012
Group
31.12.2011 1.1.2011
Rm’000 Rm’000 Rm’000
Non-current
Finance lease liabilities 1,581 4,497 7,771
Revolving credit (Islamic) (secured) – 1,152 3,274
Term loan (Islamic) (secured) 45,965 37,663 24,574
47,546 43,312 35,619
Current
Finance lease liabilities 2,463 3,058 2,662
Revolving credit (Islamic) (secured) 11,213 2,150 2,166
Term loan (Islamic) (secured) 7,043 5,656 5,041
Security and rates
20,719 10,864 9,869
68,265 54,176 45,488
The revolving credit and term loan bear interest ranging from 5.1% to 5.6% (31.12.2011: 4.7% to 5.5%; 1.1.2011: 4.1% to 5.0%)
per annum.
The subsidiary is to maintain a minimum tangible net worth (“TNW”) of RM250 million for the revolving credit, term loan and
guarantee facilities (TNW is defined as the sum of the subsidiary’s shareholders fund, subordinated shareholder’s advances and
reserves).
The credit facilities mentioned above are secured by the following:
i) Land and buildings (see Note 3) with a carrying amount of RM127,777,000 (31.12.2011: RM102,677,000;
1.1.2011:RM90,391,000).
ii) Assignment over the insurance policies taken for certain land and buildings secured.
iii) Assignment over the proceeds from Perbadanan Tabung Pendidikan Tinggi Nasional (“PTPTN”) and operating account.