SCI Annual Report 2015

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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 On 22 September 2015, a subsidiary entered in a new loan agreement with a local financial institution and withdrawn such loan to make a prepayment of the existing loan.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. 230
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 maturity periods of long-term loans are as follows: In Baht Consolidated financial statements Separate financial statements 2015 2014 2015 2014 Current portion due within one year 13,960,000 14,510,133 4,480,000 2,280,000 Long-term loan - classified as current liability 103,550,655 116,403,260 - - Total long-term loans as current liability 117,510,655 130,913,393 4,480,000 2,280,000 Due within 1-5 years 43,440,000 63,621,248 5,520,000 11,124,838 Due more than 5 years 5,886,241 - - - 166,836,896 194,534,641 10,000,000 13,404,838 Annual Report 2015 24. Liabilities Under Finance Lease Agreements In Baht Consolidated financial statements Separate financial statements 2015 2014 2015 2014 Liabilities under finance lease agreements 20,009,875 13,714,902 10,169,489 13,184,087 Less Deferred interest charges (2,252,925) (1,366,630) (890,829) (1,338,424) 17,756,950 12,348,272 9,278,660 11,845,663 Less Current portion (6,105,707) (3,708,491) (2,725,901) (3,452,318) Net 11,651,243 8,639,781 6,552,759 8,393,345 The ownership of assets under finance lease agreements will be transferred to the Company when the last installment is paid. 25. Employee Benefit Obligations The Company pays post employment benefit and pension based on the requirement of Thai Labour Protection Act B.E. 2541 (1998) to provide retirement benefits and other long term benefit to employees based on pensionable remuneration and length of service. Movement in the present value of the defined benefit obligations In Baht Consolidated financial statements Separate financial statements 2015 2014 2015 2014 Balance, beginning of the year 23,765,591 20,303,543 9,961,089 8,996,063 Current service cost 4,063,030 1,383,055 1,529,256 528,788 Interest cost 652,656 1,002,996 293,440 436,238 Benefits paid (4,246,032) (2,893,091) (413,820) - 231
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SCI Electric Public Company Limited
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Nature of Transaction Transaction v
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Relationship - An executive directo
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SCI Annual Report 2015

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