143 ANNUAL REPORT 2024 Notes to The Financial Statements 31 December 2024 25. Borrowings (cont’d) (a) Maturity of borrowings The bill payables and short term bank loans have an average maturity of 2 months and 1 month respectively (2023: 2 months and 1 month) from the end of the reporting year. The long term bank loans have an average maturity of 1 year from the end of the reporting year (2023: 2 years). (b) Interest rate All borrowings for the Group and Company are at floating interest rates except for a long term bank loan (unsecured) of $416,667 (2023: $916,667) at fixed rate of 1.75% (2023: 1.75%) per annum. The weighted average effective interest rates of borrowings at the reporting date are as follows: 2024 2023 Singapore Dollar United States Dollar Others Singapore Dollar United States Dollar Others Group Bank overdraft – 9.5% – – 10.4% – Bill payables 4.1% 5.9% 5.2% 4.9% 6.9% 3.2% Short term bank loans 4.5% 5.9% 6.2% 5.3% 6.7% 6.5% Long term bank loans 1.8% – – 1.8% – – Company Bill payables 4.1% 5.8% 2.5% 4.9% 6.7% 2.9% Short term bank loans 4.4% 5.9% 6.2% 5.3% 6.7% 6.5% Long term bank loans 1.8% – – 1.8% – – (c) Carrying amounts and fair values The fair value (Level 2) of bank borrowings carried with floating interest rates is a reasonable approximation of the carrying amount as they are frequently re-priced to market interest rates. The fair value of bank borrowings carried with fixed interest rates is a reasonable approximation of the carrying amount based on the measurement using the current market interest rate.
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