14. Trade and other payables (cont’d)
Amounts due to subsidiaries, joint ventures, associates and companies/firms related
to directors
The trade and non-trade balances with subsidiaries, joint ventures, associates and
companies/firms related to directors are unsecured, interest-free, repayable on demand
and to be settled in cash.
Amounts due to non-controlling interests of subsidiaries
The non-trade balance with non-controlling interests of subsidiaries is unsecured, interest-
free, repayable on demand and to be settled in cash.
15. Provision for warranty
Group
2015 2014
$’000 $’000
At 1 July
1,224
3,854
Charge for the year
1,173
767
Amounts reversed
(1,326)
(3,534)
Net exchange differences
(142)
137
At 30 June
929
1,224
The provision for warranty is based on a certain fixed percentage of engineering products
sold or completed during the last 12 months. Specific provision will also be made when
claims are probable.
16. Trust receipts
Group
2015 2014
$’000 $’000
Secured
47,530 84,770
Unsecured
21,317 15,434
68,847 100,204
Trust receipts of the Group were secured by certain vessels under construction.
The average effective interest rate is 2.11% (2014: 1.80%) per annum.
NOTES TO THE FINANCIAL
STATEMENTS
For the financial year ended 30 June 2015
ASL Marine Holdings Ltd. /Annual Report 2015
131
