Short-Term Facilities

12 Months Ended

Jun. 30, 2014

Short-Term Facilities [Abstract]

Short-Term Facilities

12. SHORT-TERM FACILITIES

South Africa

     The Company's short-term South African credit facility with Nedbank Limited comprises an overdraft facility of up to ZAR 250 million and indirect and derivative facilities of up to ZAR 150 million, which include letters of guarantee, letters of credit and forward exchange contracts. As of June 30, 2014, the interest rate on the overdraft facility was 7.85%. On July 18, 2014, the interest rate on the overdraft facility was increased to 8.10% due to an increase in the South Africa repurchase rate by 0.25%. The Company has ceded its investment in Cash Paymaster Services Proprietary Limited ("CPS"), a wholly owned South African subsidiary, as security for its repayment obligations under the facility. A commitment fee of 0.35% per annum is payable on the monthly unutilized amount of the overdraft portion of the short-term facility. The Company is required to comply with customary non-financial covenants, including, without limitation, covenants that restrict its ability to dispose of or encumber its assets, incur additional indebtedness or engage in certain business combinations. As of June 30, 2014, the Company had not utilized any of its ZAR 250.0 million ($23.6 million, translated at exchange rates applicable as of June 30, 2014) overdraft facility. The Company had utilized approximately ZAR 139.0 million ($13.1 million, translated at exchange rates applicable as of June 30, 2014) of its facility to obtain foreign exchange contracts from the bank and to enable the bank to issue guarantees, including stand-by letters of credit, in order for the Company to honor its obligations to third parties requiring such guarantees (refer to Note 24). As of June 30, 2013, the Company had utilized none of these facilities.

South Korea

     The Company obtained a KRW 10 billion short-term overdraft facility from Hana Bank, a South Korean bank, in January 2014. As of June 30, 2014, the interest rate on the overdraft facility was 4.98%. The Company has ceded the warehouse it owns in South Korea as security for its repayment obligations under the facility. As of June 30, 2014, the Company had not utilized any of its KRW 10.0 billion ($9.9 million, translated at exchange rates applicable as of June 30, 2014) overdraft facility. The facility expires in January 2015.