Borrowings

12 Months Ended

Jun. 29, 2012

Borrowings

12. Borrowings

Bank borrowings and long-term debt was comprised of the following:

	June 29, 2012		June 24, 2011
Short-term bank borrowings	$	—	$	—
Long-term loans from banks		38,579		16,377
Total borrowings	$	38,579	$	16,377
Long-term loan from banks consisted of:
Current portion	$	9,668	$	4,398
Non-current portion		28,911		11,979

As of June 29, 2012 and June 24, 2011, the Group had outstanding borrowings under long-term loan agreements with banks totaling $38,579 and $16,377, respectively, which consisted of:

Contract No.	Amount				Interest rate per annum (%)	Conditions	Repayment term
	June 29, 2012		June 24, 2011
1	$	28,500	$	2,000	LIBOR + 2.8% per annum	Repayable in quarterly installments within 6 years	June 2012 – March 2017
2		10,079		13,747	SIBOR + 1.5% per annum	Repayable in quarterly installments within 8 years	May 2009 – February 2015
3		—		630	SIBOR + 1.5% per annum	Repayable in semi-annual installments within 7 years	June 2005 – November 2011
Total	$	38,579	$	16,377

Certain of the long-term loans are secured by certain property, plant and equipment. The carrying amount of assets secured and pledged as collateral was $22,766 and $34,946 as of June 29, 2012 and June 24, 2011, respectively. The carrying amounts of borrowings approximate their fair value.

The long-term loans prescribe maximum ratios of debt to equity and minimum levels of debt service coverage ratios. As of June 29, 2012 and June 24, 2011, the Group was in compliance with its long-term loan agreements. In addition to financial ratios, certain of the Group’s packing credits and long-term loans include customary events of default. There is no requirement for the Group to maintain a lock-box arrangement under these agreements. As such, the non-current portions of the long-term loans are classified as non-current liabilities in the consolidated balance sheet.

The movements of long-term loans for the years ended June 29, 2012 and June 24, 2011 were as follows:

	June 29, 2012			June 24, 2011
Opening net book amount	$	16,377		$	20,385
Additional loans during the year		28,000			2,000
Repayment during the year		(5,798	)		(6,008	)
Closing net book amount	$	38,579		$	16,377

As of June 29, 2012, future maturities of long-term debt were as follows at the end of each fiscal year below:

2013	$	9,668
2014		9,668
2015		8,743
2016		6,000
2017		4,500
Total	$	38,579

Credit facilities:

Undrawn available credit facilities as of June 29, 2012 and June 24, 2011 totaled:

	June 29, 2012		June 24, 2011
Bank borrowings:
Short-term loans	$	8,241	$	50,450
Long-term loans		—		28,000