UOBKH/AR09 [web] - ChartNexus

60
Notes To Financial Statements (continued)
31 December 2009
19 BORROWINGS
The Group The Company
2009 2008 2009 2008
$ $ $ $
Current
Bank overdrafts:
– with related parties 11,863,227 – – –
– with non-related banks 1,485,200 769,106 – –
Short-term bank loans:
13,348,427 769,106 – –
– with related parties 305,693,752 296,720,252 – –
– with non-related banks 105,766,397 8,493,419 – –
411,460,149 305,213,671 – –
Total borrowings 424,808,576 305,982,777 – –
The carrying amounts of borrowings approximate their fair values.
The terms of bank overdrafts and short-term bank loans of the Group at the end of the reporting period are as follows:
Year ended 31 December 2009
Bank overdrafts
$
Balances with related parties
Weighted average
effective interest rates Security, if any Maturity
11,863,227 5.00% per annum A fixed charge over
immovable fixed assets
and a floating charge
over all assets of
a subsidiary
Upon demand
Balances with non-related banks
1,139,763 7.75% per annum Unsecured Upon demand
345,437
1,485,200
3.82% per annum Unsecured Upon demand
Short-term bank loans
$
Weighted average
effective interest rates Security, if any Maturity
Balance with related parties
305,693,752 0.99% per annum A fixed charge over Due within
immovable fixed assets 6 months from
and a floating charge over the end of the
all assets of a subsidiary reporting period
Balance with non-related banks
105,766,397 1.03% per annum A fixed charge over Due within
immovable fixed assets 6 months from
and a floating charge over the end of the
all assets of a subsidiary reporting period