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FINANCIAL STATEMENTS AND NOTES 2007NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2007GROUPMINTEK2007 2006 2007 2006R R R R15. LONG-TERM LOANS AND ADVANCESLONG-TERM DEBTORPGR 17 investments (Proprietary) Limited 33,000,000 – – –Less:Short-term portion (Note 17) (16,500 000) – – –16,500,000 – – –LONG-TERM DEBTORMogale Alloys (Proprietary) Limited 10,569,558 – – –Less:Short-term portion (Note 17) (3,803,558) – – –6,766,000 – – –STAFF LOANSAdvances to staff 3,070,751 1,979,876 3,070,751 1,979,876Less:Short-term portion of staff loans (Note 17) (1,193 560) (828,265) (1,193,560) (828,265)Staff loans are granted to qualifying staff in terms of schemes approved by the Board of Mintek.1,877,191 1,151,611 1,877,191 1,151,61125,143,191 1,151,611 1,877,191 1,151,611GROUPMINTEK2007 2006 2007 2006R R R R16. INVENTORYConsumables 1,626,776 1,625,333 1,626,776 1,625,333Finished goods – 32,052 – 32,052Contracts in progress 1,949,902 1,086,988 1,949,902 1,086,988Inventories written off during the year (297,642) – (297,642) –3,279,036 2,744,373 3,279,036 2,744,37317. TRADE AND OTHER RECEIVABLESTrade debtors 61,872,651 51,073,604 61,872,651 52,766,312Short-term portion of long-term debtors (Note 15) 20,303,558 – – –Short-term portion of staff loans (Note 15) 1,193,560 828,265 1,193,560 828,265Other receivables 2,810,839 2,346,499 2,810,839 2,346,499Less:Provision for doubtful debts (1,956,127) (8,020,376) (1,956 127) (8,020,376)84,224,481 46,227,992 63,920,923 47,920,70018. SHORT-TERM INVESTMENTSShort-term investments 89,491,480 102,830,270 89,491,480 102,830,270 GROUPMINTEK2007 2006 2007 2006R R R R19. TRADE AND OTHER PAYABLESTrade creditors 32,283,410 10,782,867 32,283,410 10,782,867Other payables 2,963,834 2,528,345 2,883,334 2,495,345Current portion of lease creditor 283,126 221,785 283,126 221,785Current portion of guaranteed liability 432,172 412,812 – –SARS (VAT) 745,574 6,578,183 745,574 6,578,183Other creditors and accruals 4,397,129 6,800,100 4,397,129 6,800,10041,105,245 27,324,092 40,592,573 26,878,28020. DEFERRED INCOMEDeferred income 20,463,394 18,917,629 20,463,394 18,917,629Advanced client billing 4,202,724 2,756,424 4,202,724 2,756,42424,666,118 21,674,053 24,666,118 21,674,053Deferred income arises as a result of contracts undertaken in terms of the National Research Fund and Innovation Fund administered by the Department ofScience and Technology in respects of amounts received in cash not yet accounted for as revenue.Advance client billing income arises as a result of contracts undertaken in terms of commercial work where invoices are raised based on work that has been done.The quantum of cost incurred provides the basis for the level of revenue recognised in the period.77annual report 2007