NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000 Note Consolidated Company 2000 1999 2000 1999 $ $ $ $ 15. BORROWINGS CURRENT Hire purchase liability - secured 1,185,305 899,399 – – NON CURRENT Hire purchase liability - secured 6,218,592 4,156,163 – – Bank loan - secured 6,500,000 6,500,000 – – Loan payable - other persons - secured – 93,581 – – 12,718,592 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 – 444,669 – 3,885 Employee entitlements 371,518 654,633 –  – Dividend declared – 537,500 – 537,500 371,518 1,636,802 – 541,385 NON CURRENT Employee entitlements 222,758 187,262 – – Provision for deferred tax 1,586,164 1,130,852 – – 1,808,922 1,318,114 – – 17. ISSUED CAPITAL Issued Capital 43,000,000 ordinary shares fully paid 8,820,000 8,820,000 8,820,000 8,820,000 47 ir