v2.4.0.6
SHORT-TERM BANK BORROWINGS
 6 Months Ended
Sep. 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
September 30,		     As of
 March 31,		  
    Note     2012     2012  
          US$’000     US$’000  
                   
Short-term bank loans   (i)       80,554       52,090  
Bills financing   (ii)       100,612       116,747  
                         
              181,166       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
 September 30,		     As of
 March 31,		  
    Note     2012     2012  
          US$’000     US$’000  
                   
Restricted bank balances   5       6,973       -  
Long-term land lease prepayments and buildings             4,741       4,142  
Trade receivables             14,263       11,090  
                         
              25,977       15,232  

 

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

 

    As of
 September 30,		     As of
 March 31,		  
    2012     2012  
    US$’000     US$’000  
             
Corporate and personal guarantees issued by related parties (Note 16(d))     35,182       24,524  
Corporate guarantees issued by third parties     -       1,426  
Corporate and personal guarantees issued jointly by realized parties and a third party (Note 16((d))     23,423       11,881  

 

The weighted average annual interest rates of the short-term bank loans were 6.51% and 6.01% as of September 30, 2012 and March 31, 2012 respectively.

 

(ii) Bills financing

 

Bills 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
 September 30,		     As of
 March 31,		  
    Note     2012     2012  
          US$’000     US$’000  
                   
Restricted bank balances   5       39,128       69,066  
Long-term land lease prepayments             4,742       -  
Available-for-sale financial assets             2,980       -  
                         
              46,850       69,066  

 

Also, certain related parties and third parties have issued guarantees against these bills financing to the extent of US$55,106,000 and US$59,414,000 as of September 30, 2012 and March 31, 2012, respectively.

 

The weighted average annual interest rates of the bills financing were 3.70% and 4.29% as of September 30, 2012 and March 31, 2012, respectively.