Powering growth - Aztech Group Ltd - Investor Relations
Powering growth - Aztech Group Ltd - Investor Relations Powering growth - Aztech Group Ltd - Investor Relations
88a 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 BORROWINGS (cont’d)4) Vessel loansi) A loan of approximately $16,994,000 (2008 : $13,983,000) denominated as US$11,732,000 (2008 : US$9,723,000) wasextended to a subsidiary of the Company to purchase 2 tug boats and 6 barges. The loan bears interest at 1.85% per annumover USD SIBOR and is repayable over 5 years commencing in May 2009 (2009: US$1,391,000, 2010: US$2,831,000, 2011:US$1,923,000, 2012: US$1,923,000 and 2013: US$3,664,000). The vessel loan is secured by first priority mortgage over thevessels and a corporate guarantee from the Company. As at December 31, 2009, the outstanding balance of the vessel loan was$14,496,000 (2008 : $13,980,000) denominated as US$10,341,000 (2008: US$9,723,000).ii)During the year, an additional vessel loan of approximately $1,920,000 was extended to a subsidiary of the Company to purchasea tug boat. The loan bears a fixed inertest rate of 5.2% per annum and is repayable in 48 equal monthly instalments commencingin December 2009 (2009: $40,000, 2010: $480,000, 2011: $480,000, 2012: $480,000 and 2012: $440,000). The vessel loanis secured by first priority mortgage over the tug boat and a corporate guarantee from the Company. As at December 31, 2009, thevessel loan has an outstanding balance of $1,880,000 (2008 : Nil).19 TRADE PAYABLESGROUPCOMPANY2009 2008 2009 2008$’000 $’000 $’000 $’000Outside parties 23,330 24,512 175 130The average credit period on purchases of goods is 60 days (2008 : 60 days). No interest has been charged by suppliers on the trade payables.The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.Trade payables principally comprise amounts outstanding for trade purchases and ongoing costs.The Group’s and Company’s trade payables that are not denominated in the functional currencies of the respective entities are as follows:GROUPCOMPANY2009 2008 2009 2008$’000 $’000 $’000 $’000Renminbi 121 124 - -United States dollars 15,875 14,622 11 19Euro 1 9 - -
F i n a n c i a l S t a t e m e n t sa z t e c h a n n u a l r e p o r t 2 0 0 98920 OTHER PAYABLES AND PROVISIONSGROUPCOMPANY2009 2008 2009 2008$’000 $’000 $’000 $’000Subsidiaries (Notes 5 and 12) - - 13,975 8,459Accrued expenses 5,428 6,225 1,183 2,293Customer deposits 1,970 951 33 496Provision for warranty 26 54 - -Other payables 1,149 1,460 619 638Total 8,573 8,690 15,810 11,886Provision for warrantyBalance at January 1 54 57 - -(Reversal) Charge from/to profit or loss (25) 31 - -Utilised (3) (34) - -Balance at December 31 26 54 - -The provision for warranty represents management’s best estimate of the Group’s liability under 12 months warranties granted on computerperipherals and multicommunication products based on past experience and industry averages for defective products.The Group’s and Company’s other payables that are not denominated in the functional currencies of the respective entities are as follows:GROUPCOMPANY2009 2008 2009 2008$’000 $’000 $’000 $’000Singapore dollars - 54 - -Renminbi 2,627 2,242 - -Hong Kong dollars - - - 1,124United States dollars 1,982 1,826 3,078 511
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- Page 123: HEAD OFFICEAZTECH GROUP LTD31 Ubi R
88a 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 BORROWINGS (cont’d)4) Vessel loansi) A loan of approximately $16,994,000 (2008 : $13,983,000) denominated as US$11,732,000 (2008 : US$9,723,000) wasextended to a subsidiary of the Company to purchase 2 tug boats and 6 barges. The loan bears interest at 1.85% per annumover USD SIBOR and is repayable over 5 years commencing in May 2009 (2009: US$1,391,000, 2010: US$2,831,000, 2011:US$1,923,000, 2012: US$1,923,000 and 2013: US$3,664,000). The vessel loan is secured by first priority mortgage over thevessels and a corporate guarantee from the Company. As at December 31, 2009, the outstanding balance of the vessel loan was$14,496,000 (2008 : $13,980,000) denominated as US$10,341,000 (2008: US$9,723,000).ii)During the year, an additional vessel loan of approximately $1,920,000 was extended to a subsidiary of the Company to purchasea tug boat. The loan bears a fixed inertest rate of 5.2% per annum and is repayable in 48 equal monthly instalments commencingin December 2009 (2009: $40,000, 2010: $480,000, 2011: $480,000, 2012: $480,000 and 2012: $440,000). The vessel loanis secured by first priority mortgage over the tug boat and a corporate guarantee from the Company. As at December 31, 2009, thevessel loan has an outstanding balance of $1,880,000 (2008 : Nil).19 TRADE PAYABLESGROUPCOMPANY2009 2008 2009 2008$’000 $’000 $’000 $’000Outside parties 23,330 24,512 175 130The average credit period on purchases of goods is 60 days (2008 : 60 days). No interest has been charged by suppliers on the trade payables.The <strong>Group</strong> has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.Trade payables principally comprise amounts outstanding for trade purchases and ongoing costs.The <strong>Group</strong>’s and Company’s trade payables that are not denominated in the functional currencies of the respective entities are as follows:GROUPCOMPANY2009 2008 2009 2008$’000 $’000 $’000 $’000Renminbi 121 124 - -United States dollars 15,875 14,622 11 19Euro 1 9 - -
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