v2.4.0.6
SHORT TERM BANK BORROWINGS
 9 Months Ended
Dec. 31, 2011
Debt Disclosure [Abstract]  
Short Term Bank Borrowings [Text Block]
12.SHORT-TERM BANK BORROWINGS

 

Short-term bank borrowings comprise of the followings:

 

     As of
 December 31,		  As of
 March 31,		 
  Note  2011  2011 
     US$’000  US$’000 
          
Short-term bank loans  (i)   47,825   35,770 
Bills financing  (ii)   91,687   29,389 
             
       139,512   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
 December 31,		  As of
 March 31,		 
  2011  2011 
  US$’000  US$’000 
       
Long-term land lease prepayments and building  17,049   - 
Trade receivables  13,411   5,038 
Pledged deposits  4,723   - 
         
   35,183   5,038 

 

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

 

  As of
 December 31,		  As of
 March 31,		 
  2011  2011 
  US$’000  US$’000 
       
Corporate and personal guarantees issued by related parties (Note 14(d))  17,033   25,389 
Corporate guarantees issued by third parties  4,565   5,343 
Corporate guarantees jointly issued by related parties and third parties (Note 14(d))  1,417   - 

 

The weighted average annual interest rates of the short-term bank loans were 6.39% and 5.05% as of December 31, 2011 and March 31, 2011, respectively.

 

(ii)Bills financing

 

Bill financing represents amounts due to various banks which are repayable within nine months from the date of issue. As of December 31, 2011 and March 31, 2011, the bills are collateralized by certain restricted bank balances of the Company with carrying value of US$38,797,000 and US$14,122,000, respectively and guaranteed by certain related parties, and related parties and third parties jointly to the extent of US$28,106,000 and US$14,171,000, respectively.

 

The weighted average annual interest rates of the bills financing were 8.15% and 3.31% as of December 31, 2011 and March 31, 2011, respectively.