8. BORROWINGS

The Group's bank borrowings consisted of the following:

	December 31,
	2012		2013
Short-term bank borrowings	$	49,748,800	$	39,643,440
Long-term bank borrowings, current portion		69,006,400		50,049,843
Other short-term borrowing		1,524,560		29,177,574
Total borrowings, current		120,279,760		118,870,857
Long-term bank borrowings, non-current portion		187,520,880		134,870,287
Total	$	307,800,640	$	253,741,144

Short-term borrowings

The Group's short-term bank borrowing consisted of the following:

	December 31,
	2012		2013
Short-term borrowing guaranteed by Daqo Group	$	1,604,800	$	28,080,770
Short-term borrowing guaranteed by Daqo Group and Mr. Guangfu Xu and Mr. Xiang Xu		48,144,000		-
Short-term borrowing guaranteed by Daqo Group and a third party		-		11,562,670
Total	$	49,748,800	$	39,643,440

The Company has $nil and $18.2 million short-term bank facilities with various banks were available as of December 31, 2012 and 2013, respectively.

The interest rate on the short-term bank borrowing was 7.0% and 6.4% as of December 31, 2012 and 2013. The other short term borrowing was discounted bank notes with recourse to the Company.

Long-term borrowings

The major bank borrows are as follows:

On January 21, 2009, Chongqing Daqo entered into a six-year long term facility agreement with China Construction Bank. Such borrowing is restricted to the purchase of fixed assets and has a maximum borrowing amount $66.1 million (RMB400 million), bearing standard five-year long term interest rate issued by People's Bank of China. The borrowing is guaranteed by Daqo Group. As of December 31, 2013, Chongqing Daqo had drawn down $66.1 million (RMB400 million), repaid $60.0 million (RMB357 million) and had no facility available for future draw down. There are no financial covenants associated with the facility.

On September 28, 2011, Chongqing Daqo entered into a four-year credit facility agreement with Huaxia Bank with maximum amount of $66.1 million (RMB400 million). Chongqing Daqo drew down $62.8 million (RMB380 million), including: $21.5 million (RMB130 million) with fixed interest rate of 6.65%, which is designated for working capital and $41.3 million (RMB250 million) with fixed interest rate of 6.9% which is restricted to the purchase of fixed assets. Chongqing Daqo used the remaining facility of $3.3 million (RMB20 million) through use of bank acceptance notes. As of December 31, 2013, Chongqing Daqo had repaid 27.1 million (RMB164 million) and had no facility available for future draw down. This credit facility is guaranteed by Daqo Group and also collateralized by Chongqing Daqo's land use right and plant, with a book value of $8.5 million (RMB52 million). The facility contains a covenant which requires the Company to maintain a certain debt to asset ratio, which Chongqing Daqo was in compliance with as of December 31, 2013.

On September 30, 2011, Xinjiang Daqo entered into a six-year bank borrowing agreement with Bank of China. Such borrowing is restricted to the purchase of fixed assets and has a maximum borrowing amount of $161.9 million (RMB980 million) and bears interest at standard five-year long term interest rate issued by People's Bank of China plus 5%. The borrowing contains a debt to asset ratio financial covenant, which Xinjiang Daqo was in compliance with as of December 31, 2013. The borrowing is guaranteed by Daqo Group, Daqo New Material, two affiliated companies under Daqo Group and Mr. Guangfu Xu. As of December 31, 2013, Xinjiang Daqo had drawn down $123.9 million (RMB750 million) and had $38.0 million (RMB230 million) facility available for future draw down. The loan was in compliance with the covenants as of December 31, 2013.

On October 26, 2011, Chongqing Daqo entered into a four-year credit facility agreement with Chongqing Rural Commercial Bank. Such borrowing is restricted to the purchase of fixed assets and has a maximum borrowing amount $40.6 million (RMB 245.5 million) and bears interest at three to five-year long term interest rate issued by People's Bank of China plus 10%. The borrowing is guaranteed by Daqo Group, and two directors of the Company. As of December 31, 2013, Chongqing Daqo had drawn down $40.6 million (RMB 245.5 million) and repaid $22.3 million (RMB 135 million). There are no financial covenants associated with the facility.

The weighted average interest rate as of December 31, 2012 and 2013 for the Group's long-term bank borrowings was 7.2% and 7.2%, respectively.

The principal maturities of these long-term bank borrowings as of December 31, 2013 are as follows:

December 31,	Amount
2014	$	50,049,843
2015		77,056,937
2016		57,813,350
Total	$	184,920,130