TANJUNG OFFSHORE BERHAD

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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2009 12. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS 89 TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 GROUP COMPANY 2009 2008 2009 2008 RM RM RM RM Deposits 1,620,546 1,279,827 - - Prepayments 23,191,575 15,720,141 - - Others 12,857,991 9,656,761 3,778,271 3,792,036 End of the year 37,670,112 26,656,729 3,778,271 3,792,036 13. CASH AND CASH EQUIVALENTS GROUP COMPANY 2009 2008 2009 2008 RM RM RM RM Cash and cash balances 31,293,432 19,819,930 23,077,860 5,522,323 Fixed deposits with licensed banks 6,975,931 56,872,988 3,443,350 54,421,434 38,269,363 76,692,918 26,521,210 59,943,757 Included in the Group and the Company’s fi xed deposits with licensed banks amounting to RM6,975,931 (2008: RM49,096,329), the use of which is restricted for the purpose of fi nancing the capital expenditure. Included also in the Group and the Company’s fi xed deposits with licensed banks amounting to RM2,433,953 (2008: RM7,714,874) and RM2,433,953 (2008: RM5,325,105) respectively are pledged as security for the other banking facilities. 14. TRADE PAYABLES The currency exposure profi le of trade payables are as follows:- GROUP 2009 2008 RM RM Ringgit Malaysia 120,590,543 125,434,700 Other foreign currency 6,238,739 23,396,172 End of the year 126,829,282 148,830,872 The credit term of trade payables are ranging from 30 to 45 days.
TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2009 15. OTHER PAYABLES AND ACCRUALS 90 GROUP COMPANY 2009 2008 2009 2008 RM RM RM RM Other payables 13,914,204 12,377,109 6,714,965 6,913,722 Provision 2,975,634 819,476 311,223 66,250 Accruals 15,178,839 15,439,265 3,403,928 743,534 End of the year 32,068,677 28,635,850 10,430,116 7,723,506 16. SHORT TERM BORROWINGS GROUP COMPANY 2009 2008 2009 2008 RM RM RM RM Short term loan (Note 20) 20,019,585 10,585,000 - - Revolving credit 17,024,106 19,553,044 - - Bank overdraft 45,228,540 35,993,062 - - Hire and fi nance lease payables (Note 29) 2,124,034 869,524 - - Serial fi xed rate bond (Note 21) 20,000,000 20,000,000 20,000,000 20,000,000 Revolving Credit 104,396,265 87,000,630 20,000,000 20,000,000 Revolving credit known as Murabahah Tawarruq is payable to Kuwait Finance House (Malaysia) Berhad (“KFHMB”) and was obtained for Group’s working capital requirement in purchasing of equipment, payment for salary and general working capital. The Murabahah Tawarruq profi t margin is at 0.85% + KFHMB’s Cost of Fund at the date of each drawdown and is repayable within three (3), six (6) and twelve (12) months from drawdown. Interest incurred during the current fi nancial year was RM1,280,559 (2008 : RM1,089,215). The said facility is secured by corporate guarantee from the Company for RM25,000,000. Bank Overdraft The bank overdraft of the Group is secured by the freehold and leasehold land and building of the subsidiary companies (Note 5), pledged of fi xed deposits (Note 13) and corporate guarantee by the Company for RM13,650,000. The effective interest rate is at 8.75% (2008: 8.75%) per annum and the Islamic overdraft profi t rate is at 3.00% - 7.75% (2008: 3.00% - 7.75%) per annum.
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