FINANCIAL REPORT NOTES TO THE ACCOUNTS 11. STOCKS AND WORK IN PROGRESS           2001 HK$000 2000 HK$000       Stocks Work in progress 108,007 30,276 102,098 32,928       138,283   135,026     12. SHORT-TERM BORROWING     2001 HK$000 2000 HK$000       Government loan repayable within one year at 31 March 2001 (see also note 16) 30,280 30,280     13. CUSTOMERS' DEPOSITS     2001 HK$000   2000 HK$000       Deposits received from related parties Deposits received from other customers 748,686 17,297   461,133 13,853         765,983   474,986     14. DEFERRED REVENUE   This represents contract fees received in advance for which services have not yet been rendered.     2001 HK$000   2000 HK$000       Contract fees received in advance from related parties 115,423   45,955     15. DEFERRED TAX     2001 HK$000   2000 HK$000       Balance at 1 April 2000 Transfer (to)/from current taxation 5,221 (61 ) 2,099 3,122       Balance at 31 March 2001 5,160   5,221     16. GOVERNMENT LOAN     2001 HK$000   2000 HK$000       Government loan repayable after one year at 31 March 2001 151,400   181,680       A set-up loan of $302.8 million from the Capital Investment Fund was made in accordance with the resolution passed by the Legislative Council on 26 June 1996 to finance part of initial assets valued at $1,009.4 million appropriated to the Electrical and Mechanical Services Trading Fund effective from 1 August 1996. The loan is repayable in ten equal annual instalments of $30.28 million starting from 1 July 1997. The fifth instalment due to be payable on 1 July 2001 is shown under short-term borrowing. The balance of $151.4 million shown under this item represents the balance of loan after repayment of the fifth instalment. A further loan facility of $150 million from the Capital Investment Fund was approved by the Finance Committee on 12 July 1996 to finance the initial years' working capital of the Electrical and Mechanical Services Trading Fund. The working capital loan was to operate as an overdraft facility to the Electrical and Mechanical Services Trading Fund with a credit limit of $150 million, drawn as and when necessary and repayable in full by 31 July 2006. Two drawdowns of $70 million and $35 million were made on 1 August 1996 and 2 September 1996 respectively and were subsequently fully paid off. During the year ended 31 March 2001, no drawdown from the loan was made. Interest for the set-up loan is payable on the amount outstanding at the average of the best lending rates quoted by the continuing members of the Committee of the Hong Kong Association of Banks.                   Top