Megachem Limited Annual Report 2015 109 Notes to the Financial Statements 31 December 2015 22. Borrowings Group Company 2015 2014 2015 2014 $ $ $ $ Current: Bill payables (unsecured) 5,810,537 10,836,927 5,275,374 9,482,243 Bill payables (secured) 564,623 – – – Short term bank loans (unsecured) 6,554,439 7,631,920 4,554,439 5,631,920 Short term bank loans (secured) 912,357 – – – Long term bank loan (secured) 716,512 600,000 – – Current, total 14,558,468 19,068,847 9,829,813 15,114,163 Non-current: Long term bank loan (secured) 3,710,594 2,850,000 – – Non-current, total 3,710,594 2,850,000 – – Total borrowings 18,269,062 21,918,847 9,829,813 15,114,163 The secured long term bank loan as at 31 December 2015 is secured by way of mortgage over property located at 11 Tuas Link 1 Singapore 638588 and industrial land at Seri Alam Industrial Park, Sungai Kapar, Indah, Klang, Selangor. The secured long term bank loan as at 31 December 2014 was secured by way of mortgage over property located at 11 Tuas Link 1 Singapore 638588. The secured bill payables and short term bank loans as at 31 December 2015 are collateralized on fixed and floating charges over all the assets and undertaking of a subsidiary, including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future. (a) Maturity of borrowings The bill payables and short term bank loans have an average maturity of two months (2014: three months) from the end of the reporting year. The long term bank loans have an average maturity of 4 years from the end of the reporting year (2014: 2 years). (b) Currency of borrowings Borrowings are denominated in the following currencies: Group Company 2015 2014 2015 2014 $ $ $ $ Singapore Dollar 10,330,356 9,982,159 5,480,356 4,532,159 United States Dollar 4,303,977 9,610,148 3,943,882 9,610,148 Malaysia Ringgit 1,577,106 – – – China Renminbi 649,657 1,190,890 – – Sterling Pound 699,506 – – – Others 708,460 1,135,650 405,575 971,856 Total borrowings 18,269,062 21,918,847 9,829,813 15,114,163
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