NOTES TO
THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2015
109
GKE CORPORATION LIMITED
ANNUAL REPORT 2015
18.
TRADE AND OTHER RECEIVABLES (cont’d)
Trade receivables
Trade receivables are non-interest bearing and are generally on 30 to 90 days’ terms. They are recognised
at their original invoice amounts which represent their fair values on initial recognition.
Trade receivables denominated in foreign currencies as at 31 May are as follows:
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
United States Dollar
861
704
–
–
Related party balances and staff advances
The trade amounts due from associate are non-interest bearing and are generally on 30 to 90 days’ terms.
They are recognised at their original invoice amounts which represent their fair values on initial recognition.
The amounts due from subsidiaries are non-trade in nature, unsecured, interest-free, repayable on demand
and to be settled in cash.
The current and non-current SGD loans to subsidiaries comprise the following:
(a) Unsecured 18-years term loan of $6,400,000, bears interest at 1.50% per annum over the applicable
3-month SWAP Offer Rate and repayable in June 2031. The loan shall be repaid over 216 monthly
instalments and is to be settled in cash.
(b) Unsecured 5-years term loan of $2,560,000, bears interest at 1.75% per annum over the applicable
3-month SWAP Offer Rate and repayable in September 2018. The loan shall be repaid over 59 fixed
monthly instalments and a final lump sum payment on the fifth year from its first drawdown. The loan
is to be settled in cash.
(c) Unsecured 5-years term loan of $586,000, bears interest at 6% per annum and repayable on
27 January 2018. The loan is repayable in one lump sum on the fifth year from its first drawdown.
Staff advances and other receivables are unsecured, non-interest bearing, repayable on demand and are
to be settled in cash.
