12.	SHORT-TERM BANK BORROWINGS

Short-term bank borrowings comprise of the followings:

		As of September 30,		As of March 31,
	Note	2011		2011
		US$’000		US$’000

Short-term bank loans	(i)		40,667		35,770
Bills financing	(ii)		41,363		29,389

			82,030		65,159

(i)

Short-term bank loans

Short-term bank loans represent amounts due to various banks which are due within 12 months, and these loans can normally be renewed with the banks upon expiry/maturity.

The loans are collateralized by assets of the Company with carrying values as follows:

	As of September 30,		As of March 31,
	2011		2011
	US$’000		US$’000

Long-term land lease prepayments		4,135		-
Trade receivables		12,522		5,038

		16,657		5,038

Various parties have also issued guarantee against these short-term bank loans as follows:

	As of September 30,		As of March 31,
	2011		2011
	US$’000		US$’000

Corporate and personal guarantees issued by related parties (Note 14(d))		16,937		25,389
Corporate guarantees issued by third parties		5,479		5,343

The weighted average annual interest rates of the short-term bank loans were 5.89% and 5.05% as of September 30, 2011 and March 31, 2011 respectively.

(ii)

Bills financing

Bill financing represents amounts due to various banks which are repayable within six months from the date of issue. As of September 30, 2011 and March 31, 2011, the bills are collateralized by certain restricted bank balances of the Company with carrying value of US$14,696,000 and US$14,122,000 respectively and guaranteed by certain related parties and third parties to the extent of US$12,913,000 and US$15,267,000 respectively.

The weighted average annual interest rates of the bills financing were 4.02% and 3.31% as of September 30, 2011 and March 31, 2011, respectively.