Financial Report Template Page 52
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80NOTES TO THE FINANCIAL STATEMENTS
(CONT)
FOR THE YEAR ENDED 30 JUNE 2015
NOTE 22 BORROWINGS CONT.
(b) Collateral provided
The bank debt is secured by a fixed and floating charge over the assets of the Group. Covenants imposed by the bank require total
bank debt not to exceed 40% of total work in progress plus 50% of paid disbursements, and for net cash provided by operating
activities plus interest costs divided by interest costs to remain above 3 times on a rolling 12 month basis.
Lease and hire purchase liabilities are secured by the underlying assets.
Financial assets that have been pledged as part of the total collateral for the benefit of debenture holders and bank debt are as
follows:
Consolidated Group
Note
2015
2014
$
$
Cash and cash equivalents
12
9,393,350
11,004,417
Trade receivables
13
14,511,667
5,373,333
Total financial assets pledged
23,905,017
16,377,750
(c) Unused facilities
The Group had the following unused banking facilities at the end of the reporting period:
Used at
Unused
Limit
30 June 2015
Amount
Facility
$
$
$
Equipment finance
2,509,067
2,509,067
–
Corporate credit card facility
630,000
76,042
553,958
Line of credit
8,960,026
1,983,457
6,976,589
Bill facilities
19,369,425
17,167,925
2,201,500
Bank guarantees
5,000,000
2,667,666
2,332,334
SHINE CORPORATE LTD | FINANCIAL REPORT | 2015
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