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YIKON

Notes to the Financial Statements (cont’d)

CORPORATION BHD

(527272-V)

33.

CONTIGENT LIABILITIES, UNSECURED

(a)

Corporate guarantees

The Company has issued corporate guarantees to certain financial institutions for banking facilities granted to one of its subsidiaries for a limit of RM22,579,000/- (2008: RM51,479,000/-). As at balance sheet date, RM16,229,012/- (2008: RM29,196,004/-) was utilised.

(b) Continuing financial support

The Company has undertaken to provide continuing financial support to certain subsidiaries to enable them to meet their financial obligations as and when they fall due.

  • 34.

    FINANCIAL INSTRUMENTS

    • (a)

      Financial Risk Management

The Group seeks to manage effectively various risks namely credit, foreign currency, liquidity and interest rate risks, to which the Group is exposed to in its daily operations.

(i)

Credit risk

The Group and the Company have a formal credit policy and the exposure to credit risk is monitored on an ongoing basis.

At balance sheet date, there was no significant concentration of credit risk other than the following:-

2009

2008

2009

2008

RM

RM

RM

RM

Amount due from subsidiaries Trade receivables (net of allowance)

  • -

    The Royal Mint of Malaysia Sdn. Bhd.

  • -

    Abdurrzag Atoumi Muhamed Mgadow

6,439,435

6,439,435

-

-

-

1,981,606

-

-

6,439,435

8,421,041

28,080,162

28,080,162

-

Group

Company

  • -

    28,080,162

28,080,162

The maximum exposure to credit risk is represented by the carrying amount of each financial asset on the balance sheet.

Annual Report 2009

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