Notes to the Financial Statements - Swissco Holdings Limited

Notes
to the Financial Statements
For the financial year ended 31 December 2009
20. Borrowings
Group
2009 2008
$ $
Current
Revolving credit facilities 15,550,000 14,300,000
Bank term loans 4,122,390 4,247,581
Finance lease liabilities (Note 21) 49,855 65,824
19,722,245 18,613,405
Non-current
Bank term loans 6,678,364 7,080,594
Finance lease liabilities (Note 21) 104,967 154,804
6,783,331 7,235,398
Total borrowings 26,505,576 25,848,803
Revolving credit facilities and bank term loans are variable rate borrowings with repricing within 3 months
(2008: 6 months) of the balance sheet date.
(a)
Security granted
Total borrowings include secured liabilities of S$21,955,576 (2008: S$15,798,797). Bank term loans
and certain revolving credit facilities of S$21,800,754 (2008: S$15,578,169) are secured over certain
vessels and leasehold buildings (Note 18). Finance lease liabilities are effectively secured over the
leased plant and equipment and motor vehicles (Note 18), as the legal title is retained by the lessor
and will be transferred to the Group upon full settlement of the finance lease liabilities.
(b)
Fair value of non-current borrowings
Group
2009 2008
$ $
Bank term loans 6,678,364 7,080,594
Finance lease liabilities (Note 21) 104,967 154,804
The carrying amounts of non-current borrowings approximate their fair values as these are variable
rate borrowings.
Swissco International Limited Annual Report 2009
64