Notes to the Financial Statements
(Cont’d)
For the financial year ended 30 April 2016
(In Singapore Dollar)
STAMFORD TYRES CORPORATION LIMITED
88 |
DRIVING IT UP
23.
Other payables
Group
Company
2016
2015
2016
2015
$’000
$’000
$’000
$’000
Financial liabilities
Amounts due to associated company
288
288
89
89
Payroll and staff related expenses
3,630
4,009
–
–
Sundry payables
5,014
8,290
30
107
Accrued operating expenses
7,464
5,662
592
416
16,396
18,249
711
612
The non-trade amounts due to the associated company are unsecured, interest-free and repayable on
demand.
24.
Loans (secured)
Group
Note
2016
2015
$’000
$’000
Short-term loans (revolving credit facilities)
4,417
16,957
Long-term loans - current portion
27
6,153
5,239
10,570
22,196
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 2.63% to 8.00% (2015: 2.03% to 7.00%) per annum. The weighted
average interest rate of the Group’s short-term loans is 5.16% (2015: 3.72%).
Short-term loans are denominated in the following currencies:
Group
Effective interest rate
2016
2015
2016
2015
%
%
$’000
$’000
Ringgit Malaysia loans
4.61
3.21
2,419
4,237
Vietnamese Dong loans
7.33
5.64
1,026
1,043
Thai Baht loans
4.34
4.21
769
3,677
Hong Kong Dollar loans
6.06
–
203
–
Singapore Dollar loans
–
2.62
–
8,000
4,417
16,957
