SCI Annual Report 2015

SCI Electric Public Company Limited
SCI ELECTRIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES
(FORMERLY KNOW AS “SCI ELECTRIC MANUFACTURER COMPANY LIMITED”)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE TEAR ENDED 31 DECEMBER 2015
The movements in loans are as follows
In Baht
Consolidated financial statements Separate financial statements
For the year ended 31 December 2015 2014 2015 2014
Net book value, beginning of year 429,280,209 320,214,092 72,465,128 69,173,878
Overdrafts (1,461,755) (31,188,120) 2,829,574 (30,683,588)
Proceeds from short-term loans 1,069,903,650 677,234,714 100,530,461 170,000,000
Proceeds from long-term loans 58,026,241 13,784,838 - 13,784,838
Payments on short-term loan (1,202,331,687) (503,868,985) (140,000,000) (144,000,000)
Payments on long-term loan (96,406,448) (47,847,288) (3,404,838) (5,810,000)
Amortization - deferred expense 960,943 677,672 - -
Foreign currency translation 9,721,519 273,286 - -
Net book value, end of year 267,692,672 429,280,209 32,420,325 72,465,128
Short-term loans from financial institution
As at 31 December 2015, the Group and the Company have short-term loans and other credit facilities from various local
financial institutions of Baht 670 million and Baht 270 million, respectively (2014: Baht 525 million and Baht 270 million, respectively)
are mortgaged by fixed deposits (Note 14), long-term investment (Note 15), land building and machinery (Note 18) and
guaranteed by certain directors.
On 8 October 2014, the Group refinanced the credit facilities from the existing financial institution with the new financial
institution. Resulting from refinancing, the credit facilities increased. The Group unpledged the mortgaged assets with the
existing financial institution and pledged such assets with the new financial institution.
Secured loan
The Company and a subsidiary received long-term credit facilities of Baht 42.0 million and Baht 66.4 million, respectively
(2014: Baht 10.0 million and Baht 80.0 million, respectively). The loans bear interest at the rate of MLR and repay the principle
and interest on a monthly basis as stipulated in the loan agreements. Long-term loans are mortgaged by land, building and
machinery (Note 18) and guaranteed by certain directors.
On 22 September 2015, a subsidiary entered in a new loan agreement with a local financial institution and withdrawn
such loan to make a prepayment of the existing loan. The subsidiary paid the prepayment fee amounting to Baht 1.2 million.
As at 31 December 2015, the Company has unutilized the forward contracts amounting US Dollar 4.42 million (2014: US
Dollar 3.92 million).
Long-term loan in US Dollar
Tad Salen Power Limited (“TSL”) entered into a loan agreement of US Dollar 5.40 million for 5 years. The loan bears interest
rate of LIBOR 1 Month+4.5% per annum. The loan is guaranteed by SCI Holding Company Limited (“SCIH”) and pledged all
TSL’s shares. According to the conditions stipulated in the loan agreements, the subsidiary is required to comply with certain
terms and conditions; for examples, maintaining of a debt to equity ratio not less than 1.1:1 and maintaining a ratio of debt
coverage not over 2:1. As As at 31 December 2015, the subsidiary made a reclassification of long-term loan of approximately
Baht 103.55 million (2014: Baht 116.40 million) to “Current portion of long-term loans from financial institutetion” due to
potential non-compliance of some financial ratios such as the debt-service coverage ratio.
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