Eng - IOI Group

notestothefinancialstatements cont’d30 RESERVES cont’d30.3 Distributable reservesSubject to agreement with the tax authorities:ithe Company has sufficient tax credits under Section 108 of the Income Tax Act, 1967 to frankapproximately RM279,990,000 (2002 - RM208,548,000) of its retained profits if paid out as dividends; andiithe Company has approximately RM228,382,000 (2002 - RM212,382,000) in its tax exempt accountsavailable for distribution of tax exempt dividends.Any dividend paid in excess of the aggregated amount indicated in i and ii above would result in a taxcharge and payable calculated at 28% (2002 - 28%) on the gross amount of the additional dividend paid.31 LONG TERM BORROWINGSIn RM’000GroupCompany2003 2002 2003 2002SecuredTerm loans 1,482,691 456,857 1,034,149 314,830Less: portion due within 12 months includedunder short term borrowings (Note 28) (62,700) (79,889) (17,500) (67,330)Total Secured 1,419,991 376,968 1,016,649 247,500UnsecuredTerm loans 207,000 45,000 207,000 45,000Less: portion due within 12 months includedunder short term borrowings (Note 28) (73,000) (10,000) (73,000) (10,000)Total Unsecured 134,000 35,000 134,000 35,0001,553,991 411,968 1,150,649 282,500IOI Corporation BerhadAnnual Report 2003180