FY 2011 Annual Report - Sheng Siong

64 Sheng Siong Annual Report 2011
Notes to the Financial Statements
14 Trade and other payables
Group Company
Note 2011 2010 2011
$’000 $’000 $’000
Trade payables
Amounts due to affiliated companies:
52,738 48,354 –
– trade 14 – –
– non-trade – 136 –
Amount due to directors
Amounts payable to shareholders of
5,495 8,700 200
entities under common control 2 – 20,000 –
Other payables 5,526 2,672 –
Deposits received 116 152 –
Accrued expenses 19,473 21,448 30
83,362 101,462 230
Non-trade amounts due to affiliated companies, directors and shareholders of entities under common control
are unsecured, interest-free and repayable on demand.
Other payables include $914,000 (2010: $543,000) payable in connection with the property under construction
at Mandai Link Singapore.
15 Financial liabilities
Group Company
2011 2010 2011
$’000 $’000 $’000
Non-current liabilities
Secured bank loan – 19,091 –
Current liabilities
Secured bank loan – 3,201 –
– 22,292 –
The secured bank loan outstanding as at 31 December 2010 bore interest rates ranging from 1.12% to 1.15%
per annum.
This loan was secured by:
a) a first legal mortgage of the property at Mandai Link Singapore with a carrying value at $39,391,000 in
2010 (see Note 5);
b) the assignment of the rights, title and interest with respect to the property; and
c) a corporate guarantee from SS Supermarket.
The loan was repaid in full in November 2011 and the security had been released.