Notice of Annual General Meeting - Announcements - Bursa Malaysia

54
ANNUAL REPORT 2012 GROMUTUAL BERHAD (Company No. 625034-X)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2012 (continue)
Freehold land of the Group with carrying amount of RM20,372,283 (RM6,628,514 in 2011) are charged to
licensed banks for bank facilities granted to the Group as disclosed in Note 22.
Included in development expenditure of the Group is interest capitalised during the financial year
amounting to RM756,124 (RM325,708 in 2011).
18. RECEIVABLES
Trade receivables
Other receivables
Rental receivables
Accrued billings
Rental deposits
Other deposits
Prepaid expenses
The Group The Company
2012 2011 2012 2011
RM RM RM RM
Trade receivables comprise mainly amounts receivable for sales of development projects and rental
receivables. The average credit periods granted on sales of development projects is 21 days (also 21
days in 2011) whilst rental receivable is ranging from 7 to 30 days (also 7 to 30 days in 2011). These
receivables are not secured to any collateral. No interest is charged on outstanding balances from
trade receivables which are past due.
Other receivables represent mainly advances to landowners on certain development projects which
are interest-free, unsecured and repayable on demand.
Other deposits represent mainly downpayment for purchases of land and deposits for certain
development projects.
The ageing of trade receivables at the end of reporting date is as follows:
Not past due or impaired
Past due but not impaired
23,909,918
1,732,789
52,828
3,372,339
29,067,874
39,929
10,162,620
598,055
39,868,478
13,935,711
1,997,062
215,587
8,661,262
24,809,622
38,799
5,959,706
282,845
31,090,972
The Group
2012 2011
RM RM
The trade receivables that are past due at the reporting date but not impaired are supported by the
credit facility from licensed banks or government authorities.
-
-
-
-
-
-
4,400,000
3,900
4,403,900
9,067,409
14,842,509
23,909,918
-
-
-
-
-
-
-
1,949
1,949
2,045,521
11,890,190
13,935,711