Ngai Lik Industrial Holdings has no plans to refinance its debts this year and would repay existing bank debts on schedule, executive director Sammy Tam Yuk-sang said. Recent market rumours suggested the company might face difficulty rolling over existing debts due to liquidity problems. After the company's annual shareholders meeting yesterday, Mr Tam said the consumer-electronics manufacturer was financially sound. According to the company's annual report, bank borrowings were $395.71 million in March, of which $337.57 million will be due within one year. Short-term trust receipt loans comprised $201.33 million of bank borrowings while commercial bank loans made up another $194.13 million. Mr Tam said as of March, the company had $170 million cash in hand, which he considered sufficient to fulfil short-term debt-repayment commitments. He added Ngai Lik had more than $100 million in unused stand-by credit facilities in March. It had an outstanding syndicated loan facility of $120 million, which needed to be repaid by the end of next year, he said.