United Energy Group Limited - HKExnews

UNITED ENERGY GROUP LIMITED
Notes to the Financial Statements
For the nine months ended 31 December 2009
20. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued)
(b)
(Continued)
The issuer of the senior note had underwent voluntary petitions for reorganisation under Chapter 11 of
the U.S. Bankruptcy Code in the U.S. Bankruptcy Court during the year ended 31 March 2009. During
the period, the Group received the bankruptcy distribution of approximately HK$62,275,000 (equivalent
to approximately US$7,984,000) to recover the carrying amount of investment in debt securities of
approximately HK$21,742,000 and accordingly net gain on the disposal of approximately HK$40,533,000
was recognised in the consolidated income statement.
21. PLEDGED BANK DEPOSITS AND BANK AND CASH BALANCES
At 31 December 2009, the bank and cash balances of the Group denominated in RMB amounted to approximately
HK$509,993,000 (31 March 2009: HK$368,569,000). Conversion of RMB into foreign currencies is subject to the
PRC’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign
Exchange Regulations.
At 31 December 2009, the Group’s cash at bank of approximately HK$4,680,000 (31 March 2009: Nil) was pledged
to a bank for the issue of a performance bond relating to the production of crude oil sharing contract. The pledged
bank deposits were in US$ and at fixed interest rate of 1.1% per annum. At 31 December 2009, the pledged bank
deposits in US$ of approximately HK$4,680,000 was therefore subject to foreign currency risk and fair value
interest rate risk.
22. TRADE AND OTHER PAYABLES
At 31 At 31
December 2009 March 2009
HK$’000
HK$’000
Accrual for operating expenses 15,643 18,580
Salary and welfare payables 2,544 1,576
Deposits received 947 1,706
Other tax payables 1,194 177
Others 6,372 21
Total trade and other payables 26,700 22,060
23. DUE TO DIRECTORS
The amounts due to directors are unsecured, interest-free and repayable on demand.
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