19.
OTHER PAYABLES, ACCRUALS AND PROVISION
GROUP
COMPANY
2014
2013
2014
2013
RM
RM
RM
RM
Other payables
693,441
491,615
14,356
25,340
Deposits received
4,756,282
1,858,973
-
-
Accruals
6,031,309
4,996,310
921,591
856,636
Provision for warranty
127,000
-
-
-
11,608,032
7,346,898
935,947
881,976
20.
DERIVATIVE FINANCIAL LIABILITIES
GROUP
2014
2013
RM
RM
Derivatives at fair value through profit or loss
- Foreign currency forward contracts
Notional value of contracts
23,496,854
7,502,649
Liabilities
1,305,875
164,462
The Group enters into forward exchange contracts to manage its exposure to sales and purchases
transactions that are denominated in foreign currencies. Forward exchange contracts are recognised as
derivatives, categorised as fair value through profit or loss and are measured at their fair values with gains
or losses recognised in the profit or loss. The forward exchange contracts are not designated as cash flow
or fair value hedges and are entered into for periods consistent with currency transaction exposure. Such
derivatives do not qualify for hedge accounting.
21.
SHORT TERM BANK BORROWINGS
GROUP
2014
2013
RM
RM
Secured:
Bankers’ acceptances
-
3,100,000
Revolving credit
-
3,000,000
-
6,100,000
Unsecured:
Receivables’ factoring
-
280,984
-
6,380,984
The secured portion of the short term bank borrowings are secured by way of a legal charge over the
leasehold land and building of a subsidiary. All borrowings are guaranteed by the Company and certain
subsidiaries.
The effective interest rates charged on the short term bank borrowings range from 4.75% to 6.05% per
annum.
NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2014 (CONT’D)
•
Pentamaster Corporation Berhad
(572307-U)
Annual Report 2014
71
