Page 77 - StamfordTyresAR13-Review12pp -30JUly2013.indd

SEO Version

Stamford Tyres Corporation Limited
Annual Report 2013
75
Notes to the Financial Statements
30 April 2013
(In Singapore dollars)
P
ERFORMANCE
S
TEERING
FOR
19.
Derivatives (cont’d)
(a)
Foreign exchange forward contracts (cont’d)
Group
contractual/notional
amounts
2013
2012
$’000
$’000
To buy Singapore Dollars for:
- United States Dollars
6,527
7,104
- Australian Dollars
3,196
3,865
- Euro
734
747
10,457
11,716
To buy Thai Baht for:
- United States Dollars
1,830
2,176
- Singapore Dollars
32
1,830
2,208
Company
contractual/notional
amounts
2013
2012
$’000
$’000
To buy Singapore Dollars for Australian Dollars
2,615
2,684
(b)
Interest rate swap
A subsidiary company entered into an interest rate swap of $12 million in 2012 to manage its exposure to
interest rate fluctuation. The interest rate swap pays floating rate interest equal to 3-month Swaps Offer
Rate (“SOR”) and receives a fixed rate of interest of 0.9%. The interest rate swap matures on 15 May
2015.
20.
Other receivables
Group
Company
2013
2012
2013
2012
$’000
$’000
$’000
$’000
Financial assets
Amounts due from:
- Joint venture company
53
53
- Shareholders of subsidiary companies
243
243
Sundry receivables
5,827
4,859
5
5
Deposits to suppliers
1,355
1,067
Staff loans
229
251
7,411
6,177
301
301
Less: Allowance for doubtful receivables
(211)
(211)
(209)
(209)
7,200
5,966
92
92