75
Straco Corporation Limited • Annual Report 2014
NOTES TO THE FINANCIAL STATEMENTS
15
Borrowings (cont’d)
Terms and debt repayment schedule
2014
2013
Currency
Nominal
interest rate
Year of
maturity
Face
value
Carrying
amount
Face
value
Carrying
amount
$
$
$
$
Group
Secured bank loan
SGD SOR+1.25% 2021 83,000,000 83,000,000
–
–
Short-term money market loan from a bank
RMB
3.7% 2015
7,458,711 7,458,711
–
–
Loan from shareholder of a subsidiary
SGD
–
–
2,900,000 2,900,000
–
–
93,358,711 93,358,711
–
–
The secured bank loans of the Group are secured over the property, plant and equipment with carrying amounts of $94,628,093, investment
properties with carrying amounts of $49,882,904 and corporate guarantee from the Company.
The short-term money market loan from a bank is secured over fixed deposits pledged of $17,048,480.
The loan from shareholder of a subsidiary is unsecured, interest free and has no fixed terms of repayment and will not be repaid until the secured bank
loan is repaid.
16
Deferred income
This represents asset-related government grants and is recognised in profit or loss over the useful lives of the related assets.
