FINANCIAL STATEMENTS - Mewah Group

MEWAH INTERNATIONAL INC.NOTES TOTHE FINANCIAL STATEMENTSFor the financial year ended 31 December 201218. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)(a) The carrying amounts of motor vehicles held under finance leases are US$1,070,000 (2011: US$945,000) at the statement of financialposition date.(b) Bank borrowings are secured on property, plant and equipment of the Group with carrying amounts of US$173,187,000 (2011:US$155,772,000).(c) The revalued property, plant and equipment deemed as cost were as follows:Group2012 2011US$’000 US$’000Leasehold land and building 10,699 10,214Plant and machinery 19,773 19,158Furniture, fixture and office equipment 220 23130,692 29,60319. LEASEHOLD PREPAYMENTSCostGroup2012 2011US$’000US$’000Beginning of financial year 13,572 -Addition 5,195 14,063Currency translation differences - (491)End of financial year 18,767 13,572Accumulated amortisationBeginning of financial year (58) -Amortisation (929) (58)End of financial year (987) (58)Net book valueEnd of financial year 17,780 13,514Leasehold prepayments represented land use rights paid by subsidiaries for industrial lands with leasehold period ranging from 16 to 30years.78