101
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
22.
BANK BORROWINGS
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Current
Secured
– Term loans
SGD
4,089
3,892
4,089
3,892
– Trust receipts
SGD
– 30,298
– 30,298
– Trust receipts
USD
1,768 10,670
1,768 10,670
– Bankers acceptance
MYR
–
849
–
–
5,857 45,709
5,857 44,860
Unsecured
– Trust receipts
SGD
–
412
–
–
– Trust receipts
USD
–
4,618
–
–
– Invoice financing
SGD
–
302
–
–
– Invoice financing
USD
–
11
–
–
–
5,343
–
–
Total current borrowings
5,857 51,052
5,857 44,860
Non-current
Secured
– Term loans
SGD
6,855 11,035
6,855 11,035
Total non-current borrowings
6,855 11,035
6,855 11,035
Secured
The secured portions of the bank borrowings of the Group and the Company are secured by way of:
(i)
legal mortgage over leasehold properties (Note 10) of the Group and of the Company with
net carrying amount of $6,298,000 (2013: $7,214,000) and $4,281,000(2013: $4,755,000)
respectively as at 31 December 2014; and
(ii)
fixed and floating charge over inventories, receivables and bank balance of the Company.
