Asus 2010 Annual Report Download - page 165
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161
Usage and redemption
Bank duration 2010/12/31 2009/12/31
The Shanghai
Commercial &
Savings Bank, Ltd.
2009.07.23~2014.07.23, interest
is payable monthly and principal
is payable in quarterly
installments from the thirteenth
month, commencing the date of
borrowing.
- (Note 1 ) 23,985
The Shanghai
Commercial &
Savings Bank, Ltd.
2009.11.23~2014.10.15, interest
is payable monthly and principal
is payable in quarterly
installments from the thirteenth
month, commencing the date of
borrowing.
- (Note 1 ) 231,855
1,747,800 10,324,114
Less: Current portion ( 291,300) ( 837,772)
$1,456,500 $ 9,486,372
Range of interest rates 0.902%~1.2% 0.85%~5.18%
Note 1: Effective June 1, 2010, these borrowers were not the Company’s subsidiaries.
Note 2: ASKEY (JIANGSU) repaid the debts before maturity by capital injection of USD
20,000,000 in 2010 and cash flow from its operating activities.
(1) ASKEY which was the guarantor for ASKEY (JIANGSU), had committed that total
percentage of the direct and indirect ownership of ASKEY held by the Company should
exceed 67% and the direct and indirect ownership in ASKEY (JIANGSU) by ASKEY
should be 100%. Each year ASKEY’s accounts receivable should be collected through
the banks no less than USD 30,000,000. ASKEY committed to maintain certain debt ratio,
interest coverage ratio, and tangible net assets. These financial covenants are subject to be
reviewed every six months based on the consolidated semi-annual and annual financial
statements, and anytime the bank considers necessary. ASKEY met the aforementioned
commitments for the years ended December 31, 2010 and 2009, respectively.
(2) ASKEY was the guarantor for the loan payable of LEADING PROFIT CO., LTD.
Therefore, ASKEY has committed that the total percentage of the direct and indirect
ownership of ASKEY held by the Company and its related companies should exceed
67% of ASKEY’s ownership.
(3) According to the loan agreements signed in 2009, PEGATRON must comply with the
following financial covenants until its entire loan is fully paid. The calculations of the
following financial ratios should be based on audited annual consolidated financial
statements and reviewed semi-annual consolidated financial statements of PEGATRON
that are approved by management of the bank.
A. Current ratio (current assets/current liabilities): should be no less than 100%.
B. Debt ratio ((total liabilities + contingent liabilities)/tangible net assets): should be
higher than 50%.
C. Interest coverage ratio (EBITDA/interest expenses): should be no less than 400%.