Bank Loans and Banking Facilities

12 Months Ended

Dec. 31, 2014

9.	Bank Loans and Banking Facilities

The Company has credit facilities with various banks representing notes payable, trade acceptances, import facilities, revolving loans and overdrafts. At December 31, 2013 and 2014, these facilities totaled $49,505 and $40,645, of which $49,505 and $645 were unused at December 31, 2013 and 2014, respectively. The banking facility at December 31, 2014 will mature, with an option for renewal, in 2015. Bank loan of $40,000 borrowed from the Hongkong and Shanghai Banking Corporation Limited (“HSBC”) with a term of one year will be ending on May 28, 2015 with the annual interest rate of 1.5354%. Interest rates are generally based on the banks’ usual lending rates in Hong Kong or the PRC and the credit lines are normally subject to annual review.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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