text: **15. BORROWINGS**
  
  **CURRENT**
  Hire purchase liability - secured  1,185,305 
  
  **NON CURRENT**
  Hire purchase liability - secured 
  Bank loan - secured 
  Loan payable - other persons - secured 
  
  6,218,592 
  6,500,000 
  – 
  12,718,592  4,156,163 
  6,500,000 
  93,581 
  10,749,744 
  
  The hire purchase liability is secured 
  by a charge over the respective assets. 
  
  The bank loan is secured by mortgage 
  debentures over the assets and undertakings 
  of certain controlled entities, registered ships 
  mortgages over the vessels of certain controlled 
  entities and a registered mortgage by way 
  of sub-demise of the King Bay Base Lease. 
  
  **16. PROVISIONS**
  
  **CURRENT**
  Income tax payable 
  Employee entitlements 
  Dividend declared 
  
  – 
  371,518 
  – 
  371,518  444,669 
  654,633 
  537,500 
  1,636,802 
  
  **NON CURRENT**
  Employee entitlements 
  Provision for deferred tax 
  
  222,758 
  1,586,164 
  1,808,922  187,262 
  1,130,852 
  1,318,114 
  
  **17.** **ISSUED CAPITAL**
  
  **Issued Capital**
  43,000,000 ordinary shares fully paid 
  
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              [html]<thead><tr><td>8.820.000</td><td>8.820.000</td><td>8.820.000</td><td>8.820.000</td></tr></thead><tbody><tr></tr></tbody>
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