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AL MAZAY A HOLDING COMPANY K.S.C. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
MI\li\YA
AlMl{) If AI)
13.
ACCOUNTS PAYABLE AND OTHER CREDIT BALANCES
2011
2010
2009
KD
KD
KD
Trade payables
17,863,481
24,101,675
20,449,459
Amounts received in advance for capital subscription
14,810,686
Amounts due to related parties
6,365,991
8,296,943
10,482,183
Retentions payable
7,577,199
5,349,684
6,320,453
Accrued development costs
2,255,185
1,497,835
136,800
Dividends payable
656,214
726,121
747,868
Other payables and accrued expenses
1,533,172
1,059,156
5,056,051
36,251,242
55,842,100
43,192,814
Trade payables are non-interest bearing. There is no material difference between the fair value and the book value of
accounts payable and other credit balances.
14.
TERM LOAN
2011
2010
2009
KD
KD
KD
Current portion
4,500,000
42,000,000
44,970,000
Non-current portion
38,000,000
42,500,000
42,000,000
44,970,000
During the year, the Group rescheduled its long term loan through renegotiation with a local bank. The rescheduling
terms require the Group to repay the loan in sixteen equal quarterly installments between 2012 and 2016 at an
approximately similar interest rate. The average effective interest rate on the term loans is 5.63% (2010: 5.67% and
20095.50%) per annum.
15. WAKALA AND MURABAHA PAYABLES
2011
2010
2009
KD
KD
KD
Wakala payables maturing on 19 October 2012
5,000,000
5,000,000
5,000,000
Murabaha payable maturing on 13 April2012
3,500,000
3,500,000
3,500,000
8,500,000
8,500,000
8,500,000
Average cost rate attributable to Wakala payables during the year ended 31 December 2011 was 6.25% (2010:
7.23%,2009: 7%) per annum.
Average cost rate attributable to Murabaha payable during the year ended 31 December 2011 was 6.5% (2010: 6.5%,
2009:8%) per annum.
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