Notes to the Financial Statements
(Cont’d)
For the year ended 30 April 2015
(In Singapore Dollars)
ANNUAL REPORT 2015
84
BUILDING ON OUR EXTENSIVE NETWORK
27. Long-term loans (secured) (cont’d)
All loans are subject to compliance with financial covenants and are secured by corporate guarantees
from the Company, property, plant and equipment of certain subsidiary companies and negative pledge
over the assets of certain subsidiaries, excluding their hire-purchase assets.
Included in the Singapore dollar loans as at 30 April 2015 is one loan (2014: one loan) with current and
non-current portions amounting to $2,400,000 (2014: $2,400,000) and $15,000,000 (2014: $17,400,000),
respectively, where the subsidiary company shall not repay the loan from the Company amounting to
$13,767,000 (2014: $13,767,000) (Note 13) until these loans are repaid.
28. Deferred taxation
Group
Company
Note 2015
2014
2015
2014
$’000
$’000
$’000
$’000
At beginning of financial year
(1,888)
(94)
108
108
Foreign currency translation
adjustment
27
160
–
–
(Provision)/write-back for the
financial year
10
(34)
220
–
–
Write-back of deferred tax liabilities
relating to plant and equipment
10
–
(2,174)
–
–
Under-provision of deferred tax in
respect of prior years
10
–
–
–
–
At 30 April
(1,895)
(1,888)
108
108
Represented by:
- Deferred tax assets
(2,647)
(2,559)
–
–
- Deferred tax liabilities
752
671
108
108
The deferred tax assets and liabilities arise from the following temporary differences:
Group
2015
Property,
plant and
equipment Receivables Inventories
Unremitted
foreign
sourced
income
Provision,
accruals
and others Total
$’000
$’000
$’000
$’000
$’000
$’000
At beginning of the
financial year
754
(686)
(1,937)
108
(127)
(1,888)
Movement for the year
64
(314)
245
–
(29)
(34)
Foreign currency
translation adjustment
(5)
10
28
–
(6)
27
At the end of the
financial year
813
(990)
(1,664)
108
(162)
(1,895)
