2003 - KNM Steel Sdn Bhd

KNM GROUP BERHAD (521348-H)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20037. TRADE AND OTHER RECEIVABLESGroupCompany2003 2003 2002RM’000 RM’000 RM’000Trade receivables 20,818 – –Amount due from contract customers 56,683 – –Subsidiary – 3,000 –Other receivables, deposits and prepayments 1,896 1 –79,397 3,001 –7.1 Trade receivablesIncluded in trade receivables are contract advances to related companies of RM2,962,000.7.2 Other receivables, deposits and prepaymentsIncluded in other receivables, deposits and prepayments of the Group is a deposit of RM165,000 (2002– RM165,000) paid for the acquisition of landAmount due from contract customersGroup2003RM’000Aggregate costs incurred to date 255,041Add: Attributable profits 87,671342,712Less: Progress billings (286,029)Amount due from contract customers 56,683The above amounts include amounts incurred prior to acquisition by the Company.Additions to aggregate costs incurred during the year include:Group2003RM’000Depreciation (Note 2) 2,490Hire of plant and machinery 374Interest expenses - bills payable 1,663Rental of premises 278Rental of machinery 24Staff costs 347Interest was capitalised at an average rate of 7.0% per annum.442003 ANNUAL REPORT