XML 93 R16.htm IDEA: XBRL DOCUMENT
v2.4.1.9

BORROWINGS | 12 Months Ended
--- | ---
Dec. 31, 2014
BORROWINGS [Abstract] |
BORROWINGS | 8. BORROWINGS The Group's bank borrowings consisted of the following:
|  | December 31, |
|  | 2013 |  |  | 2014 |
Short-term bank borrowings |  | $ | 68,821,014 |  |  | $ | 90,443,007 |
Long-term bank borrowings, current portion |  |  | 50,049,843 |  |  |  | 69,360,869 |
Total borrowings, current |  |  | 118,870,857 |  |  |  | 159,803,876 |
Long-term bank borrowings, non-current portion |  |  | 134,870,287 |  |  |  | 77,336,160 |
Total |  | $ | 253,741,144 |  |  | $ | 237,140,036 |
Short-term bank borrowings The Group's short-term bank borrowing consisted of the following:
|  | December 31, |
|  | 2013 |  |  | 2014 |
Short-term bank borrowing guaranteed by Daqo Group and Mr. Guangfu Xu and Mr. Xiang Xu |  | $ | 28,080,770 |  |  | $ | 27,389,890 |
Short-term bank borrowing guaranteed by Daqo Group and a third party |  |  | 11,562,670 |  |  |  | 11,278,190 |
Short-term credit bank borrowings |  |  | 29,177,574 |  |  |  | 51,774,927 |
Total |  | $ | 68,821,014 |  |  | $ | 90,443,007 |
The Group had available credit of $18.2 million and $8.5 million under its short-term bank facilities with various banks as of December 31, 2013 and 2014, respectively. The weight average interest rate on the short-term bank borrowing was 6.4% and 6.8% as of December 31, 2013 and 2014. Long-term bank borrowings The long-term bank borrowings, including current portion, as of December 31, 2013 and 2014 are comprised of:
|  | December 31, |
|  | 2013 |  |  | 2014 |
Borrowing from China Construction Bank |  | $ | 7,102,783 |  |  | $ | 6,444,680 |
Borrowing from Huaxia Bank |  |  | 35,679,096 |  |  |  | 25,778,720 |
Borrowing from Bank of China |  |  | 123,885,750 |  |  |  | 101,503,710 |
Borrowing from Chongqing Rural Commercial Bank |  |  | 18,252,501 |  |  |  | 12,969,919 |
Total |  | $ | 184,920,130 |  |  | $ | 146,697,029 |
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 credit amounted to $64.4 million (RMB400 million), bearing a standard five-year long term interest rate issued by People's Bank of China. The borrowing is guaranteed by Daqo Group and Mr. Guangfu Xu. As of December 31, 2014, Chongqing Daqo had drawn down $64.4 million (RMB400 million) and had no facility available for future draw down. Chongqing Daqo had repaid $58.0 million (RMB360 million) as of December 31, 2014, and the remaining $6.4 million (RMB40 million) had also been repaid in January 2015. 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 $64.4 million (RMB400 million). Chongqing Daqo drew down $61.2 million (RMB380 million), including: $20.9 million (RMB130 million) with fixed interest rate of 6.65%, which is designated for working capital and $40.3 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 $3.2 million (RMB20 million) through use of bank acceptance notes. As of December 31, 2014, Chongqing Daqo had repaid 38.7 million (RMB240 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 amounting to $8.7 million as of December 31, 2014. The facility contains a financial covenant, and Chongqing Daqo was in compliance as of December 31, 2014. 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 $120.8 million (RMB750 million) and bears interest at standard five-year long term interest rate issued by People's Bank of China plus 5%. As of December 31, 2014, Xinjiang Daqo had drawn down $120.8 million (RMB750 million) and repaid $19.3 million (RMB 120 million) and had no facility available for future draw down. The borrowing is guaranteed by Daqo Group, Daqo New Material, two affiliated companies under Daqo Group and Mr. Guangfu Xu. On June 30, 2014, an amendment to this credit facility was signed between Xinjiang Daqo and Bank of China, under which machinery and equipment with a total carrying amount of $103.4 million was pledged as collaterals for this credit facility. The borrowing contains a financial covenant, and Xinjiang Daqo was in compliance as of December 31, 2014. 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 $39.6 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, 2014, Chongqing Daqo had drawn down $39.6 million (RMB 245.5 million) and repaid $26.6 million (RMB 165 million) and had no facility for future draw down. There are no financial covenants associated with the facility. The weighted average interest rate as of December 31, 2013 and 2014 for the Group's long-term bank borrowings was 7.2% and 6.9%, respectively. The principal maturities of these long-term bank borrowings as of December 31, 2014 are as follows:
December 31, 2014 |  | Amount |
2015 |  | $ | 69,360,869 |
2016 |  |  | 40,279,250 |
2017 |  |  | 37,056,910 |
Total |  | $ | 146,697,029 |

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration