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BANK BORROWINGS | 12 Months Ended
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Dec. 31, 2011
BANK BORROWINGS |
| 16. | BANK BORROWINGS
|  | As at December 31, |
|  | 2010 |  |  | 2011 |  |  | 2011 |
|  | RMB |  |  | RMB |  |  | US$ |
Total bank borrowings |  |  | 188,995 |  |  |  | 201,179 |  |  |  | 31,964 |
Comprised of: |  |  |  |  |  |  |  |  |  |  |  |
Short-term |  |  | 83,000 |  |  |  | 15,000 |  |  |  | 2,383 |
Long-term, current portion |  |  | 60,906 |  |  |  | 77,479 |  |  |  | 12,310 |
|  |  | 143,906 |  |  |  | 92,479 |  |  |  | 14,693 |
Long-term, non-current portion |  |  | 45,089 |  |  |  | 108,700 |  |  |  | 17,271 |
|  |  | 188,995 |  |  |  | 201,179 |  |  |  | 31,964 |
All bank borrowings at December 31, 2010 and 2011 are obtained from financial institutions in the PRC and are secured by equipment with a net carrying value of RMB173,517 and RMB171,333 (US$27,222), accounts receivable with carrying value of RMB7,883 and RMB21,677 (US$3,444) and restricted cash with carrying value of RMB117,665 and RMB24,524 (US$3,896), respectively. Restricted cash, as of December 31, 2011, is classified as current and non-current in the amount of RMB2,512 (US$399) (2010: RMB102,873) and RMB22,012 (US$3,497) (2010: RMB14,792), respectively, based on the classification of the underlying financing. As at December 31, 2010 and 2011, the short-term bank borrowing bore a weighted average interest of 4.60% and 6.10% per annum, and the long-term bank borrowings bore a weighted average interest of 5.30% and 6.45% per annum, respectively. All borrowings are denominated in RMB. As of December 31, 2011, the maturity of these long-term bank borrowings was as follows:
|  | Repayment |
|  | RMB |  |  | US$ |
Within one year |  |  | 77,479 |  |  |  | 12,310 |
Between one and two years |  |  | 38,040 |  |  |  | 6,044 |
Between two and three years |  |  | 70,660 |  |  |  | 11,227 |
|  |  | 186,179 |  |  |  | 29,581 |
As of December 31, 2011, the Company had short-term bank credit lines totaling RMB15,000 (US$2,383), which were fully utilized; and long-term bank credit lines totaling RMB550,000 (US$87,386), of which RMB170,580 (US$27,102) were utilized. One of the bank credit line arrangements, with total amount and utilized amount at RMB65,000 and RMB50,000 respectively at December 31, 2011, was entered into by a subsidiary of the Group, MSC, which requires AML and AMS, other subsidiaries of the Group, in accordance with PRC GAAP, to maintain a financial reporting covenant of tangible net worth of at least RMB100,000 and RMB180,000, respectively. It also requires the borrower MSC and the guarantor AMS with the total gearing ratio of less than 0.5 and 0.36 respectively, and the other guarantor AML with the external gearing ratio of less than 1.0. Tangible net worth is calculated as the sum of issued share capital and reserves, less goodwill and intangible assets and any amount due from shareholders. The total gearing ratio is calculated as the ratio of total liabilities to tangible net worth. The external gearing ratio is calculated as the ratio of interest-bearing debt to the sum of total net intangible assets, irredeemable preferred stock and minority interests. The Group was in compliance with these financial covenants as at December 31, 2011. The remaining bank credit lines and borrowings do not have any financial reporting or administrative covenants restricting the Group’s operating, investing and financing activities.

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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://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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: 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 4: 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 + Details
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