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Short-Term Credit Facilities
3 Months Ended
Sep. 30, 2016
Short-Term Credit Facilities [Abstract]  
Short-Term Credit Facilities

8. Short-term credit facilities

     The Company's short-term credit facilities are described in Note 12 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2016.

South Africa

     The aggregate amount of the Company's short-term South African credit facility with Nedbank Limited is up to ZAR 400 million ($28.8 million) and consists of (i) a primary amount of up to ZAR 200 million ($14.4 million), which is immediately available, and (ii) a secondary amount of up to ZAR 200 million ($14.4 million), which is not immediately available (all amounts denominated in ZAR and translated at exchange rates applicable as of September 30, 2016). The primary amount comprises an overdraft facility of up to ZAR 50 million ($3.6 million) and indirect and derivative facilities of up to ZAR 150 million ($10.8 million), which include letters of guarantee, letters of credit and forward exchange contracts (all amounts denominated in ZAR and translated at exchange rates applicable as of September 30, 2016). As of September 30, 2016, the interest rate on the overdraft facility was 9.35%. The Company has ceded its investment in Cash Paymaster Services Proprietary Limited 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 primary amount. 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 September 30, 2016 and June 30, 2016, respectively, the Company had not utilized any of its overdraft facility. As of September 30, 2016, the Company had utilized approximately ZAR 131.1 million ($9.5 million, translated at exchange rates applicable as of September 30, 2016) of its ZAR 150 million indirect and derivative facilities 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 17). As of June 30, 2016, the Company had utilized approximately ZAR 131.1 million ($8.9 million, translated at exchange rates applicable as of June 30, 2016) of its ZAR 150 million indirect and derivative facilities.

     Korea

     The Company had not utilized any of its KRW 10 billion ($9.1 million, translated at exchange rates applicable as of September 30, 2016) overdraft facility as of September 30, 2016 or June 30, 2016. As of September 30, 2016, the interest rate on the overdraft facility was 3.31%. The facility expires in January 2017.