78
GDS Global Limited Annual Report 2015
NOTES TO
FINANCIAL STATEMENTS
As at 30 September 2015
11 SUBSIDIARIES (cont’d)
Details of the Group’s subsidiaries are as follows:
Name of subsidiary
Country of
incorporation
and operations
Proportion of
ownership
interest and
voting power
held
Principal activities
2015
2014
%
%
Held by the Company
Gliderol Doors (S) Pte. Ltd.
(1)
Singapore
100
100 Manufacture of metal
doors, window and
door frames, grilles
and gratings
Gliderol Doors Asia Limited
Republic of
China
55
55 Distribution of
industrial doors and
door components
Held by Gliderol Doors (S) Pte. Ltd.
Gliderol International (ME) FZE
United Arab
Emirates
100
100 Manufacture of doors
and general trading
(1)
Audited by Deloitte & Touche LLP, Singapore
12 BANK BORROWINGS
Group
2015
2014
$
$
Bank loans
648,187
–
Less: Amount due for settlement within 12 months
(shown under current liabilities)
(130,800)
–
Amount due for settlement after 12 months
517,387
–
The bank loans were advanced to a subsidiary during the financial year ended 30 September 2015.
Monthly repayments commenced in February 2015 and will continue until January 2020. The bank
loans are secured by a pledge of the Group’s bank deposits of $130,805 (2014: Nil) (Note 6). The
bank loans carry interest at 1.2% above the bank’s deposit rate and the effective interest rate is
approximately 2.5% (2014: Nil) per annum.
