Notes to the Financial Statements
(Cont’d)
For the year ended 30 April 2015
(In Singapore Dollars)
81
STAMFORD TYRES CORPORATION LIMITED
BUILDING ON OUR EXTENSIVE NETWORK
22. Trust receipts (secured)
Trust receipts have maturity dates of up to 6 (2014: 6) months and are secured by corporate guarantees
from the Company, a negative pledge over the assets, excluding its leasehold buildings, of subsidiary
companies.These facilities are subject to compliance with certain financial covenants.
The trust receipts bear interest at rates ranging from 1.29% to 12.75% (2014: 1.28% to 12.75%) per annum.
The weighted average interest rate of the Group’s trust receipts is 3.89% (2014: 3.87%).
Trust receipts are denominated in the following currencies:
Group
2015
2014
$’000
$’000
Ringgit Malaysia
21,630
15,331
Thai Baht
14,856
10,801
United States Dollars
13,679
11,696
Singapore Dollars
11,790
13,221
Indonesian Rupiah
4,465
2,245
Australian Dollars
2,687
2,641
South African Rand
1,534
5,560
Hong Kong Dollars
–
311
70,641
61,806
23. Other payables
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Financial liabilities
Amounts due to associated company
89
89
89
89
Payroll and staff related expenses
4,009
4,405
–
–
Sundry payables
8,489
6,026
107
11
Accrued operating expenses
5,662
10,232
416
419
18,249
20,752
612
519
The non-trade amounts due to the associated company are unsecured, interest-free and repayable on
demand.
