SAFETY AND SECURITY - Caribbean Cement Company Limited

c a r i b b e a n c e m e n t co m pa ny a n d i t s s u b s i d i a r i e s
CARIBBEAN CEMENT COMPANY LIMITED AND ITS SUBSIDIARIES
Notes to the Consolidated Financial Statements
Year ended 31 December 2006
(Expressed in Jamaican Dollars)
24. Short-term loans
Group
Company
2006 2005 2006 2005
$’000 $’000 $’000 $’000
Citibank 67,032 323,231 67,032 323,231
RBTT Bank Jamaica Limited 522,410 - 247,380 -
589,442 323,231 314,412 323,231
The Citibank loan balance is denominated in US dollars with an outstanding balance of
US$1,000,000 (2005 – US$5,000,000) for the Group and the Company. It is unsecured,
repayable in January 2007 and bears interest at the rate of 9.5% per annum.
The RBTT loan is also denominated in US dollars with outstanding balances of
US$7,792,000 for the Group and US$3,690,000 for the Company, respectively. The loan of
US$3,690,000 is repayable by the Company in August 2007, bears interest at the rate of
8.5% per annum and is secured by a letter of comfort issued by the Ultimate Parent
Company; the amount of US$4,102,000 is repayable by Jamaica Gypsum & Quarries
Limited, Subsidiary, over twelve DRAFT
months, bears interest at the rate of 8.5% per annum and
is secured by letters of guarantee issued by the Company and the Subsidiary.
25. Long-term loans
Long-term loans are repayable as follows:
Group
Company
2006 2005 2006 2005
$’000 $’000 $’000 $’000
Amounts repayable within:
One year 9,310 12,210 9,310 12,210
Two years 7,157 6,189 7,157 6,189
Three years 4,148 3,273 4,148 3,273
Four years 983 786 983 786
---------------- ---------------- ---------------- ----------------
21,598 22,458 21,598 22,458
Current portion (9,310) (12,210) (9,310) (12,210)
---------------- ---------------- ---------------- ----------------
12,288 10,248 12,288 10,248
These loans are:
Interest rate Group Company
percentage Repayable 2006 2005 2006 2005
$’000 $’000 $’000 $’000
RBTT Bank Jamaica Limited 21.75% 2009 7,595 22,458 7,595 22,458
Bank of Nova Scotia Jamaica
Limited 19.50% 2010 14,003 - 14,003 -
------------ ------------ ------------ ------------
21,598 22,458 21,598 22,458
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