22.
BANK BORROWINGS
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Current
Secured
– Term loans
SGD
4,171
4,089
4,171
4,089
– Trust receipts
USD
–
1,768
–
1,768
4,171
5,857
4,171
5,857
Total current borrowings
4,171
5,857
4,171
5,857
Non-current
Secured
– Term loans
SGD
2,646
6,855
2,646
6,855
Total non-current
borrowings
2,646
6,855
2,646
6,855
Total bank borrowings
6,817
12,712
6,817
12,712
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 $5,384,000 (2014: $6,298,000) and $3,807,000 (2014: $4,281,000)
respectively as at 31 December 2015; and
(ii)
fixed charge over investment in BRC Asia Limited.
Unsecured
As at the balance sheet date, there is no unsecured bank borrowing.
The Group’s bank borrowings have the following maturity dates and interest at floating rates:
Interest rates per annum
Maturity
2015
2014
Term loans
2017
2.84% – 2.90%
2.19%
Trust receipts
–
2.35%
101
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2015
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
