Powering growth - Aztech Group Ltd - Investor Relations

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86a z t e c h a n n u a l r e p o r t 2 0 0 9F i n a n c i a l S t a t e m e n t s18 BORROWINGSCurrent:GROUPCOMPANY2009 2008 2009 2008$’000 $’000 $’000 $’000UnsecuredBills discounted with recourse 575 1,712 - -Bills payable 6,471 15,359 - -Export trade loans 3,898 5,995 - 1,997Revolving loans 4,205 9,892 4,205 5,578Term loans 6,378 2,297 - -Bank loan for Shenzhen office property 2,877 2,214 - -SecuredVessel loans 4,449 1,887 - -28,853 39,356 4,205 7,575Non-current:UnsecuredTerm loans 7,439 12,083 - -Bank loan for Shenzhen office property - 2,952 - -SecuredVessel loans 11,927 12,093 - -19,366 27,128 - -Total borrowings 48,219 66,484 4,205 7,575The borrowings are repayableas follows:On demand or within one year 28,853 39,356 4,205 7,575In the second year 8,733 11,461 - -In the third year 4,242 7,608 - -In the fourth year 6,017 3,514 - -In the fifth year 374 4,545 - -After five years - - - -48,219 66,484 4,205 7,575Less: Amount due for settlement within 12 months(shown under current liabilities) (28,853) (39,356) (4,205) (7,575)Amount due for settlement after 12 months 19,366 27,128 - -
F i n a n c i a l S t a t e m e n t sa z t e c h a n n u a l r e p o r t 2 0 0 98718 BORROWINGS (cont’d)The Group’s and the Company’s borrowings that are not denominated in the functional currencies of the respective entities are as follows:GROUPCOMPANY2009 2008 2009 2008$’000 $’000 $’000 $’000United States dollars 37,436 56,579 4,205 7,5751) Trade financeThe Group has banking facilities relating to bills discounted with recourse, trade bills payable, revolving credits export trade loan and bankoverdrafts of $77,238,000 (2008 : $81,526,000), of which $15,149,000 (2008 : $32,958,000) have been utilised as at December 31,2009. These banking facilities are secured by a corporate guarantee from the Company. These banking facilities bear interest rates from1.5% to 5.5% (2008 : 2.2% to 7.5%) per annum.2) Term loansi) amount of $7,190,000 (2008 : $7,190,000) denominated as US$5,000,000 extended to a subsidiary of the Company in 2008. Theloan bears interest at 1.5% per annum over LIBOR or the Lender’s cost of funds, whichever is higher and is repayable in 36 equalmonthly principal instalments commencing June 2009 (2009 : US$1,006,000, 2010 : US$1,754,000, 2011 : US$1,787,000, 2012: US$453,000). As at December 31, 2009, the loan has an outstanding balance of $5,597,000 (2008 : $7,190,000) denominatedas US$3,994,000 (2008 : US$5,000,000).ii)iii)amount of $7,190,000 denominated as US$5,000,000 extended to a subsidiary of the Company in 2008. The loan bears interestat 1.75% per annum over LIBOR or the Lender’s cost of funds, whichever is higher and is repayable in 8 equal quarterly instalmentscommencing November 2009 (2009 : US$625,000, 2010 : US$2,500,000, 2011 : US$1,875,000). As at December 31, 2009, theloan has an outstanding balance of $6,131,000 (2008 : $7,190,000) denominated as US$4,375,000 (2008 : US$5,000,000).amount of $2,186,000 denominated in HK$12,000,000 extended to a subsidiary of the Company on October 30, 2009. The loanbears interest at 1.75% per annum over HIBOR and is repayable in 60 monthly instalments commencing in November 2009 (2009:HK$383,000, 2010: HK$2,320,000, 2011: HK$2,363,000 2012: HK$2,406,000, 2013: HK$2,451,000, 2014: HK$2,077,000).As at December, 31 2009, the loan has an outstanding balance of $2,089,000 (2008 : Nil) denominated as HK$11,617,000 (2008: Nil).3) Bank loan for Shenzhen Office Property:The bank loan of approximately $7,369,000 denominated in HK$40,000,000 was extended to the Group in June 2007 to acquire officeproperty in Shenzhen, PRC is repayable over 3 years (2008 : HK$12,000,000, 2009 : HK$12,000,000 and 2010 : HK$16,000,000). Asat December 31, 2009, the loan which has an outstanding balance of $2,877,000 (2008 : $5,166,000) denominated as HK$16,000,000(2008 : HK$28,000,000) bears interest at HIBOR plus 1.5% per annum calculated on a 365 days basis and the actual number of dayselapsed. The bank loan is secured by a corporate guarantee from the Company.
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