Annual Report 2012 - ecoWise Holdings Limited

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124ecoWise Holdings Limitedannual report 201231 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS27. LOANS AND BORROWINGS (CONTINUED)27A. Securities on Loans and BorrowingsThe details of the securities for loans and borrowings amounting to $24,333,000 (2011: $15,590,000) areas follows:(a)Loans and borrowings of the Group comprising bank loans of $2,462,000 (2011: $424,000), bankoverdrafts of $80,000 (2011: 616,000) and bankers’ acceptances of $6,922,000 (2011: $8,205,000)are secured by a charge over the leasehold land of $1,600,000 (2011: $511,000), leasehold propertiesand improvements of $3,330,000 (2011: $1,573,000) and plant and equipment of $7,685,000(2011: $8,449,000) of the Group as disclosed in Note 14C. As at 31 October 2011, these loansand borrowings were also secured by a charge over leasehold land and leasehold properties andimprovements of non-controlling interests of a subsidiary.(b)Loans and borrowings of the Group comprising bank loans of $634,000 (2011: Nil) and trust receiptsof $2,360,000 (2011: $224,000) are secured by pledges of fixed deposits amounting to $500,000(2011: $500,000) of the Group as disclosed in Note 24. These bank loans and trust receipts areguaranteed by the Company.(c)Loans and borrowings of the Group comprising bankers’ acceptances of $1,353,000 (2011: Nil) aresecured by pledges of fixed deposits amounting to $206,000 (2011: Nil) of the Group as disclosedin Note 24.(d)A bank loan of the Group amounting to $8,652,000 (2011: $4,604,000) is secured by a legalassignment of the DBO Agreement with a customer (Note 22) and a fixed and floating charge overpresent and future undertakings, property assets, revenue and rights in relation to the biomass cogenerationplant of a subsidiary (Note 22). This bank loan is guaranteed by the Company.(e)Loans and borrowings of the Group comprising bankers’ acceptances of $151,000 (2011: Nil) andbank overdrafts of $114,000 (2011: $133,000) are secured by a pledge of inventories of the Groupamounting to $621,000 (2011: $1,174,000) as disclosed in Note 20.(f) Loans and borrowings of the Group comprising bankers’ acceptances of $134,000 (2011: $279,000)are secured by a charge over leasehold properties and improvements of $125,000 (2011: Nil), plantand equipment of $1,516,000 (2011: $1,847,000) of the Group as disclosed in Note 14C.(g) Financial lease liabilities of the Group and the Company amounting to $1,471,000 (2011: $1,105,000)and $173,000 (2011: $219,000) respectively are secured by the lessors’ charge over the leased plantand equipment as disclosed in Note 14B and Note 14C.
ecoWise Holdings Limitedannual report 201212531 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS27. LOANS AND BORROWINGS (CONTINUED)27B. Finance Lease LiabilitiesThe finance lease liabilities are payable as follows:MinimumGroupleasepaymentsFinancecosts Principal2012 $’000 $’000 $’000Due within one year 596 (71) 525Due within 2 to 5 years 1,032 (90) 942Due after 5 years 5 (1) 4Total 1,633 (162) 1,4712011Due within one year 609 (59) 550Due within 2 to 5 years 592 (60) 532Due after 5 years 32 (9) 23Total 1,233 (128) 1,105Company2012Due within one year 56 (10) 46Due within 2 to 5 years 156 (33) 123Due after 5 years 5 (1) 4Total 217 (44) 1732011Due within one year 56 (10) 46Due within 2 to 5 years 185 (36) 149Due after 5 years 32 (8) 24Total 273 (54) 219The Group leases certain of its plant and equipment under finance leases. The lease term is between 3 to10 years. The fixed rate of interest for finance leases is approximately 2.5% to 10.9% (2011: 2.2% to 9.0%)per annum. All leases are on a fixed repayment basis and no arrangements have been entered into forcontingent rental payments. The obligations under finance leases are secured by the lessor’s charge overthe leased assets (Note 14B and Note 14C).
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Annual Report 2012 - ecoWise Holdings Limited

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