ANNUAL REPORT
2016
.91
NOTES TO THE
FINANCIAL STATEMENTS
21.
OTHER FINANCIAL LIABILITIES (CONT＊D)
The range of floating rate interest rates paid was as follows:
GROUP
2016
%
2015
%
Bank loans
2.68 每 3.25
1.58 每 2.68
Trust receipts and bill payables
1.38 每 5.00
2.00 每 5.00
21A. Bank overdrafts and bank loans
The bank agreements for certain of the bank overdrafts and bank loans provide among other matters for the
following:
(a)
A legal mortgage over the leasehold properties under construction in progress; and
(b)
Corporate guarantee by the company.
A bank loan is repayable monthly from March 2013 by 180 instalments of approximately $76,000 per month.
During the year, a subsidiary obtained a new money market loan of $3,000,000. The money market loan is repayable
on demand and the interest rate range from 2.76% to 3.17% per year.
21B. Trust receipts and bills payables
The credit facilities for trust receipts and bills payables provide among other matters for the following:
(a)
A fixed and floating charge over inventories and accounts receivables; and
(b)
Corporate guarantee by the company.
The period of financing under trust receipts is 120 days inclusive of suppliers＊ credit. The interest is payable up to
2.25% per annum over Singapore Inter Bank Offer Rate (SIBOR) prevailing from time to time.
