Notes to the Financial Statements
(Cont’d)
For the financial year ended 30 April 2016
(In Singapore Dollar)
ANNUAL REPORT 2016
DRIVING IT UP
| 85
18.
Derivatives (cont’d)
(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 paid floating rate interest equal to
3-month Swaps Offer Rate (“SOR”) and received a fixed rate of interest of 0.90%. This interest rate
swap matured on 15 May 2015.
The subsidiary company entered into another interest rate swap of $10 million in 2014 to manage
its exposure to interest rate fluctuation. The interest rate swap pays floating rate interest equal to
1-month Swap Offer Rate (“SOR”) and receives a fixed rate of interest of 0.99%. This interest rate
swap matures on 6 June 2017.
19.
Other receivables
Group
Company
2016
2015
2016
2015
$’000
$’000
$’000
$’000
Financial assets
Amounts due from:
- Joint venture company
58
55
58
55
- Shareholders of subsidiary companies
–
–
244
244
Sundry receivables
3,654
2,432
1
1
Deposits to suppliers
696
794
–
–
Staff loans
117
90
–
–
4,525
3,371
303
300
Less: Allowance for doubtful receivables
(293)
(211)
(209)
(209)
4,232
3,160
94
91
Non-financial assets
Prepayments and advances
Prepaid operating expenses
1,045
837
21
19
Advance payment for purchases
1,930
3,526
–
–
2,975
4,363
21
19
Movement in allowance accounts:
At 1 May
211
211
209
209
Charge for the year
82
–
–
–
At 30 April
293
211
209
209
