Hatching For The Future - teo seng capital berhad

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Teo Seng Capital Berhad Notes To The Financial Statements For The Financial Year Ended 31 March 2012 16. HIRE PURCHASE PAYABLES (cont’d) (a) The hire purchase payables of the Group of RM 9,835,593 and RM 480,350 (2011 : RM 4,642,714 and RM 1,312,376) are guaranteed by the Company and intermediate holding company respectively. (b) The effective interest rates of hire purchase payables are ranging from 3.8% to 7.5% (2011 : 3.2% to 7.5%) per annum. 17. DEFERRED TAX LIABILITIES (a) Recognised deferred tax liabilities (i) Group 2012 2011 RM RM Movements of deferred tax liabilities At 1 April 8,729,508 8,130,508 Acquisition of subsidiaries 3,442 48,000 Recognised in profit or loss 583,896 558,740 Foreign exchange differences - (740) Under/(Over)provision in prior years 63,258 (7,000) At 31 March 9,380,104 8,729,508 (ii) Components of deferred tax liabilities Revaluation surplus of properties 1,016,000 1,126,000 Excess of capital allowances over corresponding book depreciation 9,433,104 8,447,508 Unused tax losses (236,000) (173,000) Unabsorbed capital allowances (730,000) (593,000) Other temporary differences (103,000) (78,000) 9,380,104 8,729,508 (b) Unrecognised deferred tax assets Deferred tax assets not recognised in the financial statements for the following items under the liability method : Group 2012 2011 RM RM Unused tax losses 1,054,000 464,000 Unabsorbed capital allowances 615,000 192,000 1,669,000 656,000 Annual Report 2012 The deductible temporary differences do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items as it is not probable that future taxable profits of the subsidiaries will be available against which the deductible temporary differences can be utilised. 74
Teo Seng Capital Berhad Notes To The Financial Statements For The Financial Year Ended 31 March 2012 18. TRADE AND OTHER PAYABLES Group Company 2012 2011 2012 2011 RM RM RM RM Trade payables Amount due to related companies 1,737,264 1,409,046 - - Amount due to related parties 1,370,913 575,478 - - Other trade payables 11,869,163 9,854,165 - - 14,977,340 11,838,689 - - Other payables Amount due to a director of a subsidiary 149,012 - - - Amount due to intermediate holding company 73,008 6,559 67,213 13 Amount due to immediate holding company 199,997 199,997 199,997 199,997 Amount due to a subsidiary - - 10,557,474 9,050,104 Amount due to related company 414 1,467,891 - - Amount due to related parties 382,487 179,499 - - Accruals 2,349,046 1,805,957 145,335 89,230 Sundry payables 4,919,022 3,306,372 2,763 11,589 8,072,986 6,966,275 10,972,782 9,350,933 23,050,326 18,804,964 10,972,782 9,350,933 (a) The normal trade terms granted to the Group range from cash term to 90 days (2011 : cash term to 90 days) from the date of invoices. (b) The non-trade amounts due to a director of a subsidiary, intermediate holding company, immediate holding company, related company and related parties are unsecured, interest free and repayable on demand. (c) The amount due to a subsidiary is unsecured, interest free and repayable on demand except for the advances of RM 9,646,172 (2011 : RM Nil) which bears interest at 3.4% (2011 : Nil) per annum at the end of the reporting period. (d) Included in sundry payables of the Group is an amount of RM 1,729,064 (2011 : RM 1,298,582) payable for the purchase of property, plant and equipment (Note 5(f)). 19. DERIVATIVE LIABILITIES Group Contract/ Contract/ notional Derivative notional Derivative amount liabilities amount liabilities 2012 2011 RM RM RM RM Forward foreign exchange contract - - 309,326 948 (a) (b) Forward foreign exchange contracts are used to hedge the Group’s purchases denominated in United States Dollar (“USD”) for which firm commitments existed at the end of the reporting period. For financial year 2011, the settlement dates on forward foreign exchange contracts is 4 days after the end of the reporting period. The Group does not apply hedge accounting. The Group has recognised a gain of RM 948 (2011 : RM 26,006) arising from fair value changes of derivative liabilities. The fair value changes are attributable to changes in foreign exchange spot and forward rate. The method and assumptions applied in determining the fair value of derivative are disclosed in Note 36.4(v). Annual Report 2012 75
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