Asia Media Annual Report 2018

123 | P a g e trade and other payables and amount due to Director. Capital includes equity attributable to the owners of the parent. The gearing ratio of the Group and of the Company are as follows:- A listed issuer triggers any of the Prescribed Criteria in Paragraph 2.1(a) to (e) of Practice Note 17 is required to comply with the provision of Paragraph 8.04 of Chapter 8. As at date of this report, the Group, where it triggers the Prescribed Criteria in Paragraph 2.1(a) of Practice Note 17. The current Board of Directors are aware of this and will make necessary announcement and steps to comply with the Regularisation Plan as required by the relevant authorities. 28. MATERIAL LITIGATION (a) Legal suit with Rapid Rail Sdn. Bhd. Shah Alam High Court Civil Suit No. 22NCVC-186-03/2015: Rapid Rail Sdn. Bhd. (“Plaintiff”) v Asia Media Sdn. Bhd. (“Defendant”). On 27 March 2015, the Plaintiff filed in the High Court the Writ and Statement of Claim against the Defendant seeking, inter alia:- (i) Payment of Minimum Guaranteed Sum (“MGS”) amounting to RM1,215,000/- for Year 5 of the Licence Agreement; (ii) Payment of cumulative MGS for the extended period amounting to RM607,500/-; (iii) Payment of costs incurred to dismantle and store the AVAM Equipment amounting to RM48,540/-: and (iv) Costs and interests. By the Defence and Counterclaim dated 14 May 2015, the Defendant counter claimed against the Plaintiff for breach of the License Agreement and pleaded the defence of set- off, seeking, inter alia:- 2018 2017 2018 2017 RM RM RM RM Trade payables 469,549 658,188 - - Other payables 2,431,699 1,034,691 125,204 475,579 Amount due to Directors - 1,094,577 - 2 Total debts 2,901,248 2,787,456 125,204 475,581 Equity attributable to owners of the parent (1,554,700) 24,999,866 (117,907) 17,447,921 Capital and total debts 1,346,548 27,787,322 7,297 17,923,502 Gearing ratio 215.5% 10.0% 1715.8% 2.7% Group Company