78
TEHO INTERNATIONAL INC LTD.
Annual Report 2016
NOTES
TO THE FINANCIAL STATEMENTS
Year ended 30 June 2016
16 LOANSAND BORROWINGS (CONT’D)
Finance lease liabilities (cont’d)
Present value
Future minimum
of minimum
lease payments Interest lease payments
$
$
$
2015
Within 1 year
144,897
(4,483)
140,414
Between 1 and 5 years
61,179
(4,138)
57,041
206,076
(8,621)
197,455
The net book value of plant and equipment under finance leases is $57,398 as at 30
June 2016 (2015: $397,053).
There are leased assets under finance leases. All leases are on a fixed repayment
basis and no arrangements have been entered into for contingent rental payments.
The obligations under finance leases are secured by the lessor’s charge over the
leased assets.
Other details are as follows:
Group
2016
2015
$
$
Average lease term, in years
5.0
4.5
Average effective interest rate per year
4.50% 3.78%
16 LOANSAND BORROWINGS (CONT’D)
Trust receipts
Group
The trust receipts are covered by corporate guarantees by the Company and secured
by legal charges over the leasehold buildings of a subsidiary. The trust receipts bear
interest at rates ranging from 2.11% - 3.04% (2015: 1.48% - 2.44%) per annum.
17 TRADEAND OTHER PAYABLES
Group
Company
Note
2016
2015
2016
2015
$
$
$
$
Trade payables
3,643,021 3,227,921
–
–
Derivative financial
liabilities
18 40,764 360,241
–
–
Deferred consideration (a)
– 2,000,000
–
–
Accrued expenses
1,357,465 1,149,939 114,326 208,668
Advance receipts from
customers
2,540,116 329,683
–
–
Contingent consideration
payable
(b)
– 78,924
–
78,924
Retention payable
233,760 153,434
–
–
Other payables
737,123 855,858
52,737
126,918
Loans due to a subsidiary (c)
–
– 1,586,120 1,942,841
Amounts due to:
- a shareholder
(d)
–
2,346
–
–
- subsidiaries
(d)
–
– 37,183,785 28,441,126
Total
8,552,249 8,158,346 38,936,968 30,798,477
Non-current
–
– 1,205,792 1,586,120
Current
8,552,249 8,158,346 37,731,176 29,212,357
Total
8,552,249 8,158,346 38,936,968 30,798,477
