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STAMFORD LAND CORPORATION LTD
Notes to the Financial Statements
30 Long-Term Bank Borrowings (Cont’d)
(c) Previous year’s term loan of $140,844,000 (A$108,200,000)] secured by legal mortgages on
certain properties of the subsidiaries was fully repaid during the year. Interest is pegged to
market rates ranging from 6.25% to 6.50% (2011: 5.48% to 6.29%) per annum. Interest rate
is repriceable at intervals of 1 to 3 months.
(d) $78,444,000 (A$60,000,000) [2011: $78,102,000 (A$60,000,000)] term loan secured by
legal mortgages on certain properties of the subsidiaries. Interest is pegged to market rates
ranging from 5.82% to 7.10% (2011: 6.18% to 7.06%) per annum. Interest rate is repriceable
at intervals of 1 to 3 months.
(e) $36,673,000 (A$28,050,000) [2011: $40,808,000 (A$31,350,000)] term loan secured by
legal mortgages on certain properties of the subsidiaries. $4,136,000 (A$3,300,000) [2011:
$2,148,000 (A$1,650,000)] was repaid during the year. Interest is pegged to market rates
ranging from 6.36% to 6.90% (2011: 6.59% to 6.85%) per annum. Interest rate is repriceable
at intervals of 1 to 3 months.
31 Amounts Due to Subsidiaries
THE COMPANY
2012
$’000
2011
$’000
Amounts due to subsidiaries 128,500 113,786
Loans payable to subsidiaries
Balance at beginning of year 113,786 112,182
Net amounts advanced during the year 14,522 (4,934)
FRS 39 adjustments (5,597) 1,210
Interest expense recognised in income statement 5,789 5,328
Balance at end of year 128,500 113,786
Current portion 6,927 6,902
Non-current portion 121,573 106,884
Total payables – Non-trade 128,500 113,786
The amounts due to subsidiaries are net off with amounts due from the same subsidiaries as
there is a right and intention to settle on a net basis.