Banking facilities

12 Months Ended

Mar. 31, 2012

Banking and Thrift [Abstract]

Banking facilities

7 Banking facilities

As of March 31, 2012, the Group had general banking facilities for bank overdrafts, letters of credit, notes payable, factoring, short-term loans and long-term loans. The facilities are interchangeable with total amounts available of $8,660,000 (2011: $8,554,000). The general banking facilities utilized by the Group are denominated in United States dollars and Hong Kong dollars.

The Group’s general banking facilities, expressed in United States dollars, are further detailed as follows:

Amount available		Amount utilized		Amount unutilized		Terms of banking facilities as of
March 31,		March 31,		March 31,		March 31, 2012
2011	2012	2011	2012	2011	2012	Interest	Repayment
$ in thousands		$ in thousands		$ in thousands		rate	terms

Import and export  facilities
Combined limit	6,154	6,154	1,333	1,870	4,821	4,284
Including sub-limit
of:
Notes payable	4,487	4,487	1,333	1,870	3,154	2,617	HIBOR* +2.5%	Repayable in full within 120 days

Bank overdrafts 641 641 - - 641 641 Prime rate + 1% Repayable on demand

Other facilities
Factoring	2,400	2,400	-	-	2,400	2,400	HIBOR* +1.5%
Term Loan	-	106	-	-	-	106	LIBOR* +2%
	8,554	8,660	1,333	1,870	7,221	6,790

* HIBOR is the Hong Kong Interbank Offer Rate

* LIBOR is the London Interbank Offer Rate

The United States Dollar equivalent amounts of banking facilities utilized by the Group are denominated in the following currencies:

	Amount utilized
	March 31,
	2011		2012
	$ in thousands		$ in thousands
Hong Kong dollars		1,333		1,870

The Prime Rate and HIBOR were 5.00% and 0.55% per annum, respectively, as of March 31, 2012. The Prime Rate is determined by the Hong Kong Bankers Association and is subject to revision from time to time. Interest rates are subject to change if the Company defaults on the amount due under the facility or draws in excess of the facility amounts, or at the discretion of the banks.

Average amount of bank borrowings were $1,653,000 and $1,386,000 for the fiscal years ended 2011 and 2012, respectively.

The weighted average interest rates of short-term borrowings of the Group are as follows:

	As of March 31,
	2011			2012
Bank overdrafts		6.00	%		6.00	%
Notes payable		2.80	%		2.80	%