board of directors - Petron

12. RECEIVABLES2001 2000RM'000 RM'000Trade receivables 72,059 57,834Less: Allowance for doubtful debts (3,921) (2,906)68,138 54,928Others 181,772 100,048249,910 154,976Other receivables are generally those of a non-trade nature (i.e. did not involve the sale of products tothe Company’s customers). Included in the current year balance is an amount of RM167,366,000 (2000:RM78,517,000) for subsidies receivable from the Government of Malaysia under the AutomaticPricing Mechanism governing the sale of petroleum products.13. PAYABLES2001 2000RM'000 RM'000Trade payables 183,883 152,334Other payables 73,487 69,469257,370 221,803Other payables are generally those of a non-trade nature (i.e. did not involve the purchase of crude andpetroleum products).14. NOTES PAYABLE/BANK BORROWINGS (UNSECURED)2001 2000RM'000 RM'000Short-term notes 150,000 100,000Bank overdrafts 20,797 15,697Revolving credits 162,000 188,000332,797 303,697ANNUAL REPORT & ACCOUNTS 2001The short-term notes were issued under a RM250 Million Commercial Papers Issuance Facility. Thisfacility, which is available until May 2004, allowed the Company to issue notes of various durationsnot exceeding twelve months to the lowest bidder(s) among the Tender Panel Members.Interest rates for overdrafts vary with the base lending rate or the Kuala Lumpur Interbank Offered Rate.The interest rates for revolving credits depend upon competitive market conditions at the time of eachdrawing, and generally vary with the Kuala Lumpur Interbank Offered Rate.The interest rates applicable to short-term notes, bank overdrafts and revolving credits ranged from2.84% to 7.30% per annum during the year (2000: 2.80% to 7.30%).ESSO MALAYSIA BERHAD34