HYFLUX LTD AND SUBSIDIARIES
HYFLUX LTD AND SUBSIDIARIES
HYFLUX LTD AND SUBSIDIARIES
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)<br />
FOR THE YEAR ENDED 31 DECEMBER 2002<br />
08. DUE FROM <strong>SUBSIDIARIES</strong> (NON-TRADE)<br />
These non-trade balances are unsecured, interest-free and expected to be repaid within 12 months.<br />
09. BANK OVERDRAFTS/SHORT-TERM LOANS/LONG-TERM LOANS<br />
(a)<br />
For the previous financial year ended 31 December 2001, the bank overdrafts were unsecured and guaranteed by joint<br />
and several personal guarantees from certain directors. Interest was charged at the prevailing prime lending rate of<br />
the banks.<br />
(b) The short-term bank loans are unsecured and interest rates range from 4.8675% to 6.4170% (2001: 5.35% to 5.85%)<br />
per annum.<br />
(c)<br />
GROUP<br />
COMPANY<br />
2002 2001 2002 2001<br />
$’000 $’000 $’000 $’000<br />
Long-term bank loans<br />
Not later than 1 year 1,623 445 1,154 –<br />
1 year to 5 years 4,267 891 3,846 –<br />
5,890 1,336 5,000 –<br />
The long-term bank loans are unsecured. One of the long-term bank loans has interest charged at Swap Offer Rate plus 1.5%<br />
per annum, which is hedged using an interest rate swap. The remaining loans have interest charged at 5.49% to 5.94%<br />
(2001: 5.94%) per annum.<br />
10. OTHER CREDITORS <strong>AND</strong> ACCRUALS<br />
GROUP<br />
COMPANY<br />
2002 2001 2002 2001<br />
$’000 $’000 $’000 $’000<br />
Other creditors 917 535 226 19<br />
Accrued operating expenses 574 379 211 163<br />
Advance payments from customers 107 223 – –<br />
Deferred revenue 334 334 – –<br />
1,932 1,471 437 182
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