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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.
Masterskill Education Group Berhad / Annual Report 2012 86 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 10. BORROWINGS (Cont’d) Terms and debt repayment schedule less than more than Total 1 year 2 - 5 years 5 years Group 31 December 2012 Rm’000 Rm’000 Rm’000 Rm’000 Term loan (Islamic) (secured) 53,008 7,043 23,744 22,221 Revolving credit (Islamic) (secured) 11,213 11,213 – – 64,221 18,256 23,744 22,221 31 December 2011 Term loan (Islamic) (secured) 43,319 5,656 19,376 18,287 Revolving credit (Islamic) (secured) 3,302 2,150 1,152 – 46,621 7,806 20,528 18,287 1 January 2011 Term loan (Islamic) (secured) 29,615 5,041 17,243 7,331 Revolving credit (Islamic) (secured) 5,440 2,166 3,274 – Finance lease liabilities 35,055 7,207 20,517 7,331 Finance lease liabilities are subject to interest rates ranging from 2.18% to 4.45% (31.12.2011: 2.18% to 4.45%; 1.1.2011: 2.18% to 4.45%) per annum and are payable as follows: Future minimum lease payments Interest present value of minimum lease payments Future minimum lease payments Interest present value of minimum lease payments Future minimum lease payments Interest present value of minimum lease payments 31.12.2012 31.12.2011 1.1.2011 31.12.2012 31.12.2011 1.1.2011 31.12.2012 31.12.2011 1.1.2011 Group Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Rm’000 Less than one year 2,640 177 2,463 3,448 390 3,058 3,228 566 2,662 Between one and five years 1,624 43 1,581 4,743 246 4,497 8,446 675 7,771 4,264 220 4,044 8,191 636 7,555 11,674 1,241 10,433
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