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Borrowings

3 Months Ended

Sep. 30, 2020

Borrowings [Abstract]

Borrowings

8.Borrowings

Refer to Note 13 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2020, for additional information regarding its borrowings.

Movement in short-term credit facilities

Summarized below are the Company’s short-term facilities as of September 30, 2020, and the movement in the Company’s short-term facilities from as of June 30, 2020 to as of September 30, 2020, as well as the respective interest rates applied to the borrowings as of September 30, 2020:

							South Africa						Total
						RMB			Nedbank
	Short-term facilities available as of
	September 30, 2020					$	71,283		$	26,731		$	98,014
		Overdraft					-			2,970			2,970
		Overdraft restricted as to use for ATM funding only					71,283			14,851			86,134
		Indirect and derivative facilities					-			8,910			8,910
	Interest rate, based on South African prime rate (%)						7.00
	Interest rate, based on South African prime rate less 1.15%&"(%)									5.85
	Movement in utilized overdraft facilities:
		Balance as of June 30, 2020					14,756			58			14,814
			Utilized				60,117			9,029			69,146
			Repaid				(68,039)			(8,811)			(76,850)
			Foreign currency adjustment(1)				(153)			(231)			(384)
				Balance as of September 30, 2020			6,681			45			6,726
					Restricted as to use for ATM funding only		6,681			45			6,726
	Movement in utilized indirect and derivative
	facilities:
		Balance as of June 30, 2020(2)					-			5,398			5,398
			Foreign currency adjustment(1)				-			159			159
				Balance as of September 30, 2020(2)		$	-		$	5,557		$	5,557

(1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar.(2) As of September 30, 2020 and June 30, 2020, the Company had utilized approximately ZAR 93.6 million ($5.6 million) and ZAR 93.6 million ($5.4 million), respectively, of its indirect and derivative facilities of ZAR 150 million to enable the bank to issue guarantees, letters of credit and forward exchange contracts, in order for the Company to honor its obligations to third parties requiring such guarantees (refer to Note 19).

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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