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SEE HUP SENG LIMITED
Annual Report 2012
78
Notes to the Financial Statements
31 DECEMBER 2012
24 Other Amounts due to Bankers
Group
2012 2011
S$’000 S$’000
Current:
Trust receipts, secured (Note 20) 62,555 57,812
The trust receipts incur interest at a rate of 1.90% to 3.15% (2011: 1.90% to 3.15%) per annum.
The credit facilities of the Group are 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$119,981,000;
• First deed of debenture duly executed, incorporating a fixed and floating charge over the present and
future undertaking, assets, revenues and rights of a subsidiary; and
• Fresh assignment of credit insurance endorsed by the bank and the monies shall be paid to the bank in
the event of a claim.
25 Finance Leases
The Group and Company acquired certain plant and equipment under leasing facilities. The interest rates implicit
in the leases are between 2.1% – 6.826% (2011: 3.5% – 4.875%) per annum. Future minimum lease payments
under the hire purchase arrangements together with the present value of the net minimum lease payments are
as follows:
Present Present
Minimum value of Minimum value of
payments payments payments payments
2012 2012 2011 2011
S$’000 S$’000 S$’000 S$’000
Group
Within one year 376 349 267 244
After one year but not more than
five years 517 483 351 312
Total minimum lease payments 893 832 618 556
Amount representing finance charges (61) – (61) –
Present value of minimum lease payments 832 832 557 556
All assets acquired under hire purchase are secured. The net book value of assets acquired under hire purchase
is disclosed under Note 8. The hire purchase arrangements do not contain any escalation clauses and do not
provide for contingent rents. The terms of the hire purchase do not contain any restrictions on the Group activities
concerning dividends, additional debts or entering into other hire purchase agreements.