Notes to the Financial Statements
(Cont’d)
For the year ended 30 April 2015
(In Singapore Dollars)
ANNUAL REPORT 2015
82
BUILDING ON OUR EXTENSIVE NETWORK
24. Loans (secured)
Group
Note 2015
2014
$’000
$’000
Short-term loans (revolving credit facilities)
16,957
7,037
Long-term loans - current portion
27
5,239
6,759
22,196
13,796
The short-term loans are secured by negative pledge over the assets of certain subsidiary companies,
excluding their hire-purchase assets, and corporate guarantees from the Company. The short-term loans
bear interest at rates ranging from 2.03% to 7.00% (2014: 1.00% to 12.75%) per annum. The weighted
average interest rate of the Group’s short-term loans is 3.72% (2014: 4.49%).
Short-term loans are denominated in the following currencies:
Group
Effective interest rate
2015
2014
2015
2014
%
%
$’000
$’000
Thai Baht loans
4.21
4.64
3,677
3,841
Ringgit Malaysia loans
3.21
4.14
4,237
3,196
Singapore Dollar loans
2.62
–
8,000
–
Vietnamese Dong loans
0.77
–
1,043
–
Total
16,957
7,037
25. Hire-purchase liabilities
The future minimum payments under hire-purchase agreements to acquire motor vehicles and plant and
equipment are as follows:
Group
Minimum
payments
Present value
of payments
Minimum
payments
Present value
of payments
2015
2015
2014
2014
$’000
$’000
$’000
$’000
Within one year
1,227
1,169
859
775
After one year but not more than five years
2,164
2,111
886
805
Total minimum hire-purchase payments
3,391
3,280
1,745
1,580
Less: Amounts representing finance charges
(111)
–
(165)
–
Present value of minimum hire-purchase
payments
3,280
3,280
1,580
1,580
Effective interest rates on the hire-purchase arrangements range from 1.72% to 9.84% (2014: 2.52% to
9.66%) per annum.
