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SEE HUP SENG LIMITED
Annual Report 2012
77
Notes to the Financial Statements
31 DECEMBER 2012
22 Other Payables
Group Company
2012 2011 2012 2011
S$’000 S$’000 S$’000 S$’000
Deposits from customers 1,732 53 – –
Foreign workers’ tax withheld 116 106 111 101
GST clearing 259 15 194 109
Amount due to vendor on acquisition of
subsidiary (Note 9) 654 – 655 –
Sundry payables 998 898 446 347
3,759 1,072 1,406 557
23 Term Loans
Group Company
2012 2011 2012 2011
S$’000 S$’000 S$’000 S$’000
Current:
Term loans 586 1,652 – –
Non-current:
Term loans – 829 – –
586 2,481 – –
As at the year end, the Group has the following bank loans:
(a) The balance of S$585,687 is repayable as follows:
(i) S$341,007 repayable in consecutive monthly instalments based on agreed terms with the financial
institution and will be repayable fully by June 2013; and
(ii) S$244,680 repayable in consecutive monthly instalments based on agreed terms with the financial
institution and will be repayable fully by August 2013.
This term loan is secured by the following:
• First legal mortgage over No. 9 Jalan Pesawat Singapore 619367;
• Fixed deposits as disclosed in Note 20;
• A corporate guarantee from the Company for S$119,981,000;
• First deed of debenture duly executed, incorporating a fixed and floating charge over the present
and future undertaking, assets, revenues and rights of a subsidiary; and
• Fresh assignment of credit insurance endorsed by the bank and the monies shall be paid to the
bank in the event of a claim.
(b) Interest rate
The average effective interest rates paid during the year were 2.03% to 5.00% (2011: 2.03% to 5.50%)
per annum.