Notes to the Financial Statements
(Cont’d)
For the year ended 30 April 2015
(In Singapore Dollars)
83
STAMFORD TYRES CORPORATION LIMITED
BUILDING ON OUR EXTENSIVE NETWORK
26. Provisions
Group
2015
2014
$’000
$’000
Current liabilities:
Provision for product warranties
Balance at beginning
520
506
Provision for the year
448
187
Provision utilised during the year
(418)
(173)
Balance at 30 April
550
520
A provision is recognised for expected warranty claims on proprietary products sold during the financial
year based on past experience of the level of returns.
Group
2015
2014
$’000
$’000
Non-current liabilities:
Provision for reinstatement cost
Balance at beginning
640
381
Provision for the year
42
259
Balance at 30 April
682
640
Provision for reinstatement cost refers to the estimated cost of dismantling, removing and restoring the
leasehold properties at the end of the lease term.
27. Long-term loans (secured)
Group
Effective interest rate
2015
2014
2015
2014
%
%
$’000
$’000
Current (Note 24)
Singapore Dollar loans
3.18
2.88
4,208
4,589
Thai Baht loans
6.92
7.15
502
1,143
Ringgit Malaysia loan
5.00
4.63
329
333
Indonesian Rupiah loan
6.86
12.93
133
91
British Pound loan
1.49
1.51
67
68
United States Dollar loan
–
1.78
–
535
Total
5,239
6,759
Non-current
Singapore Dollar loans
3.18
2.88
31,291
35,109
Ringgit Malaysia loan
5.00
4.63
2,628
3,048
Indonesian Rupiah loan
6.86
12.93
350
393
Thai Baht loans
6.92
7.15
347
397
British Pound loan
1.49
1.51
92
164
Total
34,708
39,111
