ANNUAL%20REPORT%202015%20eng

Notes to Consolidated Financial Statements
24 TRADE AND OTHER PAYABLES (Continued)
Note: (Continued)
(iv)
On 27 November 2012, the Company issued two promissory notes to QGX Holdings Ltd., each in the amount of
USD52,500,000, and shall bear interest at a rate of 3.0% per annum commencing on the issue date to the maturity
date. The original maturity date was 22 November 2013. On 8 February 2013, an amendment agreement was signed
by the Company and QGX Holdings Ltd. to extend the maturity date of two promissory notes from 22 November
2013 to 31 March 2014 and 31 December 2014, respectively.
During the year ended 31 December 2014, based on the new amendment agreements, the Group offset
USD45,174,000 of promissory notes principal and accrued interest with the trade receivables due from affiliated
company of QGX Holdings Ltd. On 31 December 2014, the maturity date of two promissory notes was extended to
31 March 2015, with a rate of 8.0% per annum to the maturity date.
On 31 March 2015, the maturity date of two promissory notes was further extended to 30 June 2015, with a rate
of 8.0% per annum to the maturity date. On 30 June 2015, the maturity date of two promissory notes was further
extended to 30 September 2015, with a rate of 8.0% per annum to the maturity date. On 30 September 2015, the
maturity date of two promissory notes was further extended to 31 December 2015, with a rate of 8.0% per annum
to the maturity date. On 31 December 2015, the maturity date of two promissory notes was extended to 31 March
2016, with a rate of 8.0% per annum to the maturity date.
(v)
Others represent mainly accrued expenses, payables for staff related costs and other deposits.
All of the other payables and receipts in advance are expected to be settled or recognised in profit or loss
within one year or are repayable on demand.
Annual Report 2015
171