v2.4.0.6
SHORT-TERM BANK BORROWINGS
 3 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
Short Term Bank Borrowings [Text Block]
14. SHORT-TERM BANK BORROWINGS

 

Short-term bank borrowings comprise of the followings:

 

          As of
 June 30,		     As of
 March 31,		  
    Note     2012     2012  
          US$’000     US$’000  
                   
Short-term bank loans   (i)       71,839       52,090  
Bills financing   (ii)       116,940       116,747  
                         
              188,779       168,837  

 

(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
 June 30,		     As of
 March 31,		  
    Note     2012     2012  
          US$’000     US$’000  
                   
Restricted bank balances   5       6,340       -  
Long-term land lease prepayments and buildings             4,766       4,142  
Trade receivables             11,093       11,090  
                         
              22,199       15,232  

 

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

 

    As of
 June 30,		     As of
 March 31,		  
    2012     2012  
    US$’000     US$’000  
             
Corporate and personal guarantees issued by related parties (Note 16(d))     28,842       24,524  
Corporate guarantees issued by third parties     4,596       1,426  
Corporate and personal guarantees issued jointly by realized parties and a third party (Note 16((d))     20,253       11,881  

 

The weighted average annual interest rates of the short-term bank loans were 6.63% and 6.01% as of June 30, 2012 and March 31, 2012 respectively.

 

(ii) Bills financing

 

Bill financing represents amounts due to various banks which are repayable within nine months from the date of issue.

 

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

 

          As of
 June 30,		     As of
 March 31,		  
    Note     2012     2012  
          US$’000     US$’000  
                   
Restricted bank balances   5       50,775       69,066  
Long-term land lease prepayments             4,766       -  
Available-for-sale financial assets             2,980       -  
                         
              58,521       69,066  

 

Also, certain related parties and third parties have issued guarantee against these bills financing to the extent of US$55,625,000 and US$59,414,000 as of June 30, 2012 and March 31, 2012.

 

The weighted average annual interest rates of the bills financing were 4.29% and 4.29% as of June 30, 2012 and March 31, 2012, respectively.