Download File - TCL Group
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 31ST DECEMBER, 2010<br />
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)<br />
(Continued)<br />
2010 2009<br />
$ $<br />
14. Borrowings<br />
Amounts payable within:<br />
One year 3,095 3,846<br />
Two years 1,990 3,184<br />
Three years 1,940 1,835<br />
Four years 1,020 1,958<br />
Five and more years – 1,027<br />
8,045 11,850<br />
Current portion (3,095) (3,846)<br />
4,950 8,004<br />
Borrowings comprise:<br />
• A ten (10) year loan with an outstanding balance of $6.5 million (2009: $8.1 million), taken by the parent<br />
company carrying rates of interest of 6%, fixed for the first five years and variable over the remaining five<br />
years. At the end of 2010 the rate of interest was 5.5% (2009: 7.85%). The security for this loan is a first charge<br />
on the fixed and floating assets of Readymix (West Indies) Limited.<br />
• Medium term loans, with aggregate outstanding balance of $0.057 million (2009: $1.0 million), taken by<br />
Premix & Precast Concrete Incorporated, which bears a rate of interest of 9.7% (2009: 9.7%), and is secured<br />
by a charge over the fixed and floating assets of the company and a guarantee from Readymix (West Indies)<br />
Limited.<br />
• Finance leases which are included in borrowings at their net present values amounting to $1.5 million<br />
(2009:$2.8 million) bear interest at approximately 7% (2009:7%).<br />
As discussed further in Note 26, the ultimate parent company, Trinidad Cement Limited (<strong>TCL</strong>), has commenced<br />
negotiations with the majority of the <strong>TCL</strong> <strong>Group</strong> lenders for a re-profiling of the <strong>Group</strong>’s debt portfolio. This<br />
process when completed may alter the terms of the debt as described above.<br />
Finance leases<br />
Future minimum lease payments under these finance leases are as follows:<br />
2010 2009<br />
$ $<br />
Amounts payable within:<br />
One year 1,378 1,502<br />
After one year but not more than five years 169 1,548<br />
Total minimum lease payments 1,547 3,050<br />
Less amounts representing interest charges (84) (258)<br />
Present value of minimum lease payments 1,463 2,792<br />
31<br />
BUILD TO LAST FOR GENERATIONS