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JOHN DANIEL HOLDINGS LIMITED AND ITS SUBSIDIARIES
INTEGRATED ANNUAL REPORT 2011
Notes to the Annual Financial Statements
- Continued
Annual Financial Statements for the 15 months ended 30 September 2011
6. Loans to (from) group companies
Figures in Rand
Company
Subsidiaries
2011
2010
Vinguard Limited
The loan is unsecured, interest free and is repayable at the discretion of the directors.
The loan has been subordinated to the benefit of Vinguard’s other creditors to the extent
that Vinguard’s liabilities exceed the company’s assets fairly valued.
10 936 939 11 398 158
Vinguard Limited
The loan is unsecured, bears interest at 18% per annum and is repayable at the discretion of
the directors.
2 734 527
-
Lazaron Biotechnologies (SA) Limited
The loan is unsecured, bears interest at 18% per annum and is repayable at the discretion of
the directors.
3 645 768
-
Lazaron Biotechnologies (SA) Limited
The loan is unsecured, interest free and is repayable at the discretion of the directors.
-
1 119 401
Rexisource (Pty) Limited trading as Cryo-Save SA
The loan is unsecured, interest free and is repayable at the discretion of the directors.
(1 829 050)
-
15 488 184 12 517 559
Impairment of loans to subsidiaries
(9 398 158)
(9 398 158)
6 090 026 3 119 401
The maximum exposure to credit risk at the reporting date is the fair value of the class
of loan mentioned above.
The group does not hold any collateral as security.
Current assets
7 919 076 3 119 401
Current liabilities
(1 829 050)
-
6 090 026 3 119 401
The maximum exposure to credit risk at the reporting date is the fair value of each class
of loan mentioned above.
The company does not hold any collateral as security.
7. Loan from shareholders
Figures in Rand
Group
Company
2011
2010
2011
2010
Louis Harris Family Trust
-
(1 509 445)
-
(1 509 445)
The loan is unsecured, interest free and is repayable at the
discretion of the directors.