Pg 147 - Berjaya Corporation Berhad

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Berjaya Land Berhad (201765-A) 66 Annual Report 2005 Notes To The Financial Statements 30 April 2005 13 RECEIVABLES Group Company 2005 2004 2005 2004 RM’000 RM’000 RM’000 RM’000 Trade receivables 183,914 191,740 - - Other receivables 143,892 110,203 4,128 5,454 Accrued billings in respect of property development costs 13,710 24 - - Deposits 25,846 12,971 175 168 Prepayments 31,396 29,326 - - Dividend receivable 4,118 59,016 1,395 23,471 Amount owing by: - related companies 135,994 127,662 42,735 43,180 - subsidiary companies - - 2,592,551 2,847,132 - associated companies 91,653 128,206 555 555 630,523 659,148 2,641,539 2,919,960 Provision for doubtful debts: - trade receivables (20,841) (31,338) - - - other receivables (2,059) (3,121) (175) (175) - associated company (90,858) (50,000) - - - subsidiary companies - - (114,423) (114,423) (113,758) (84,459) (114,598) (114,598) 516,765 574,689 2,526,941 2,805,362 The Group’s normal trade credit term ranges from 30 to 60 (2004 : 30 to 60) days. Other credit terms are assessed and approved on a case-by-case basis. Included in other receivables of the Group are: (i) (ii) RM298,000 (2004 : RM328,000) which represents housing loans granted to certain Directors of subsidiary companies; RM9,019,000 (2004 : RM9,019,000) made to the Inland Revenue Board (“IRB”) relating to the additional tax assessment of a subsidiary company for Years of Assessment 1990 to 1995. The additional assessment arose as a result of the different treatment of income from golf club activities by IRB. The Directors of the subsidiary company are of the opinion that the company concerned is not liable to the additional tax liability and the amount paid would therefore be refundable pending a successful appeal made to the IRB; and (iii) RM107,226,000 (2004 : RM54,841,000) which represents the excess of put option price over the nominal value of ICULS 1999/ 2009 which was exercised by several financial institutions up to 30 April 2005 that were purchased by a subsidiary company. BGB has undertaken to indemnify the Company as disclosed in Notes 22 and 39(10) to the financial statements.
Berjaya Land Berhad (201765-A) Annual Report 2005 67 14 DEPOSITS Group Company 2005 2004 2005 2004 RM’000 RM’000 RM’000 RM’000 Deposits with: - Licensed banks 41,885 36,354 13,370 11,476 - Licensed finance companies 6,018 1,963 - - 47,903 38,317 13,370 11,476 Included in the Group’s and Company’s deposits with financial institutions are amounts of RM13,939,000 (2004 : RM11,095,000) and RM13,370,000 (2004 : RM11,026,000) respectively pledged for banking facilities granted to the Company and subsidiary companies. The weighted average effective interest rates as at balance sheet date were as follows: Group Company 2005 2004 2005 2004 % % % % Licensed banks 2.4 2.8 2.8 2.8 Licensed finance companies 2.3 3.1 - - The maturities of deposits as at the end of financial year were as follows: Group Company 2005 2004 2005 2004 Days Days Days Days Licensed banks 28 27 16 16 Licensed finance companies 9 19 - - 15 CASH AND BANK BALANCES Included in cash and bank balances of the Group are amounts of RM34,363,000 (2004 : RM35,552,000) held pursuant to Section 7A of the Housing Development (Control and Licensing) Act, 1966 and therefore restricted from use in other operations. Included in the cash and bank balances of the Group is a bank balance of RM1,000,000 (2004 : RM1,000,000) which is pledged with a financial institution for credit facilities granted to a subsidiary company. 16 PAYABLES Group Company 2005 2004 2005 2004 RM’000 RM’000 RM’000 RM’000 Trade payables 34,537 38,970 - - Progress billings in respect of property development costs - 3,028 - - Other payables 228,725 170,051 9,683 7,265 Accruals 93,467 75,137 19,223 22,103 Hire purchase and lease creditors (Note 23c) 24,207 26,983 154 154 Balance carried forward 380,936 314,169 29,060 29,522
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Pg 147 - Berjaya Corporation Berhad

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