Financial Statements - Mewah Group
Financial Statements - Mewah Group
Financial Statements - Mewah Group
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Building Capabilities<br />
Notes to the <strong>Financial</strong> <strong>Statements</strong><br />
For the financial year ended 31 December 2011<br />
24. Borrowings<br />
<strong>Group</strong><br />
2011 2010<br />
US$’000 US$’000<br />
Current<br />
Bank overdrafts 164 -<br />
Bank borrowings<br />
- Export credit financing 23,968 31,658<br />
- Bankers’ acceptance 153,122 136,730<br />
- Revolving credit 11,823 12,275<br />
- Trust receipts and bills payable 142,088 116,226<br />
- Term loans 7,893 6,819<br />
- Istina/Ijarah financing - 3,708<br />
Finance lease liabilities (Note 24(c)) 301 381<br />
339,359 307,797<br />
Non-current<br />
Bank borrowings<br />
- Term loans 46,513 15,898<br />
- Istina/Ijarah financing - 1,936<br />
Finance lease liabilities (Note 24(c)) 258 525<br />
46,771 18,359<br />
Total borrowings 386,130 326,156<br />
(a)<br />
Securities granted<br />
The borrowings of the <strong>Group</strong> are secured by:<br />
- Letter of subordination of substantial shareholders and group entities<br />
- Joint and several guarantees by certain director and related parties<br />
- Specific fixed charge and legal charges against the assets of certain subsidiaries<br />
- Fixed and floating debentures against existing and future assets of certain subsidiaries<br />
- Corporate guarantees by the Company and certain subsidiaries<br />
Finance lease liabilities are secured over the leased motor vehicles as at 31 December 2011 with carrying value of<br />
US$945,000 (2010: US$987,000) as the legal title is retained by the lessor and will be transferred to the <strong>Group</strong> upon full<br />
settlement of the finance lease liabilities.<br />
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