v2.4.0.6
Borrowings
 6 Months Ended
Dec. 28, 2012
Borrowings
9. Borrowings

Bank borrowings and long-term debt was comprised of the following:

 

     December 28,
2012		      June 29,
2012		  

Long-term loans from banks

    $ 33,745       $ 38,579   
  

 

 

     

 

 

  

Total borrowings

    $ 33,745       $ 38,579   
  

 

 

     

 

 

  

Long-term loans from banks consisted of:

      

Current portion

    $ 9,668       $ 9,668   

Non-current portion

      24,077         28,911   

At December 28, 2012 and June 29, 2012, the Group had outstanding borrowings under long-term loan agreements with banks totaling $33,745 and $38,579, respectively, which consisted of:

 

Contract
No.		    Amount     

Interest Rate Per Annum (%)

   

Conditions

    Repayment
Term
   December 28,
2012		      June 29,
2012		           
         LIBOR + 2.8% per    Repayable in quarterly    June 2012 to
1    $ 25,500       $ 28,500       annum    installments within 6 years    March 2017
         SIBOR + 1.5% per    Repayable in quarterly    May 2009 to
2      8,245         10,079       annum    installments within 8 years    February 2015
  

 

 

     

 

 

           
Total    $ 33,745       $ 38,579            
  

 

 

     

 

 

           

Certain of the long-term loans are secured by certain property, plant and equipment. The carrying amount of assets secured and pledged as collateral was $22,291 and $22,766 as of December 28, 2012 and June 29, 2012, respectively. The carrying amounts of borrowings approximate their fair value.

The long-term loans prescribe maximum ratios of debt to equity and minimum levels of debt service coverage ratios. As of December 28, 2012 and June 29, 2012, the Group was in compliance with its long-term loan agreements. In addition to financial ratios, certain of the Group’s packing credits and long-term loans include customary events of default.

 

The movements of long-term loans were as follows for the six months ended December 28, 2012 and December 30, 2011:

 

     Six Months Ended  
     December 28,
2012		     December 30,
2011		  

Opening net book amount

    $ 38,579      $ 16,377   

Additional loans during the period

      —          16,000   

Repayment during the period

      (4,834 )      (2,464 ) 
  

 

 

    

 

 

  

Closing net book amount

    $ 33,745      $ 29,913   
  

 

 

    

 

 

  

As of December 28, 2012, future maturities of long-term debt were as follows at the end of each fiscal year below:

 

2013

    $ 4,834   

2014

      9,668   

2015

      8,743   

2016

      6,000   

2017

      4,500   
  

 

 

  

Total

    $ 33,745   
  

 

 

  

Credit facilities:

Undrawn available credit facilities at December 28, 2012 and June 29, 2012 totaled:

 

     December 28,
2012		      June 29,
2012		  

Bank borrowings:

      

Short-term loans

    $ 5,550       $ 8,241