Keyuan Petrochemicals, Inc. - 10-Q filing on 2014-07-08

Short-Term Bank Borrowings

3 Months Ended

Mar. 31, 2014

Short-Term Bank Borrowings [Abstract]

6	SHORT-TERM BANK BORROWINGS

As of March 31, 2014, short−term bank borrowings outstanding carried a weighted average interest rate of 6.21% (2013: 6.17%) for bank loans in RMB; and a weighted average interest rate of 2.63% (2013: 3.36%) for bank loans in USD, and had maturity terms ranging from two to twelve months and interest rates ranging from 1.0% to 6.72% (2013: 1.0% to 6.72%).

Short-term bank borrowings consist of the following:

	March 31, 2014				December 31, 2013
	SHORT-TERM BANK BORROWINGS		PLEDGED BANK DEPOSITS		SHORT-TERM BANK BORROWINGS		PLEDGED BANK DEPOSITS
	($’000)		($’000)		($’000)		($’000)
	(Unaudited)		(Unaudited)

China Construction Bank	$	143,501	$	97,794	$	102,995	$	43,000
Shanghai Pudong Development Bank		36,940		23,874		32,529		9,000
Agricultural Bank of China		56,404		10,811		32,770		20,000
Pingan Bank		32,358		33,379		21,635		23,000
Bank of Ningbo		21,967		7,867		30,052		1,000
Bank of Communication		27,741		8,607		24,416		3,000
Bank of China		187,570		98,105		137,309		78,000
China Merchant Bank		36,240		18,153		33,249		23,000
Ningbo Commerce Bank		4,992		-		4,990		5,000
China Guangfa Bank		4,493	$	4,538		4,491	$	5,000
Bank deposits pledged for bills payable	$	-		124,955	$	-		126,363

Total	$	552,206	$	428,084	$	424,436	$	336,363

Among the Group's short-term borrowings, as of March 31, 2014, $236 million was guaranteed by related party and third-party entities and individuals, and $13 million was collateralized by the Group’s land, buildings and equipment with a carrying amount of $102 million.