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Bank Borrowings (Tables)
 12 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Components of Bank Borrowings

Components of bank borrowings are as follows as of March 31:

      %   USD   USD 
      Interest   As of March 31, 
      rate   2024   2023 
      %   USD   USD 
                
The Bank of East Asia, Limited – Loan 1  (1)   

5.97

/ 4.26

%

%

   110,769    110,769 
The Bank of East Asia, Limited – Loan 2  (2)   5.625%   -    256,410 
The Bank of East Asia, Limited – Loan 3  (2)   5.84%   -    192,308 
The Bank of East Asia, Limited – Loan 4  (2)   5.78%   -    192,308 
The Bank of East Asia, Limited – Loan 5  (2)   5.625%   -    128,205 
The Bank of East Asia, Limited – Loan 6  (2)   5.625%   -    256,410 
The Bank of East Asia, Limited – Loan 7  (2)   5.625%   -    384,615 
The Bank of East Asia, Limited – Loan 8  (2)   5.625%   -    192,308 
The Bank of East Asia, Limited – Loan 9  (2)   5.74%   -    128,205 
The Bank of East Asia, Limited – Loan 10  (2)   5.625%   -    64,103 
The Bank of East Asia, Limited – Loan 11  (2)   5.625%   -    192,308 
The Bank of East Asia, Limited – Loan 12  (2)   5.625%   -    141,026 
The Bank of East Asia, Limited – Loan 13  (2)   5.625%   -    179,487 
The Bank of East Asia, Limited – Loan 14  (2)   6.64%   256,410    - 
The Bank of East Asia, Limited – Loan 15  (2)   7.03%   461,538    - 
The Bank of East Asia, Limited – Loan 16  (2)   6.64%   628,205    - 
The Bank of East Asia, Limited – Loan 17  (2)   6.68%   141,026    - 
The Bank of East Asia, Limited – Loan 18  (2)   6.72%   320,513    - 
The Bank of East Asia, Limited – Loan 19  (2)   6.6%   384,615    - 
The Bank of East Asia, Limited – Loan 20  (2)   6.64%   115,385    - 
The Bank of East Asia, Limited – Loan 21  (3)   4.775%   327,298    - 
The Bank of East Asia, Limited – Loan 22  (3)   4.775%   327,298    - 
The Bank of East Asia, Limited – Loan 23  (4)   4.775%   562,694    - 
The Bank of East Asia, Limited – Loan 24  (5)   

3.625

/3.375

%

%

   123,371    128,205 
The Bank of East Asia, Limited – Loan 25  (6)   

3.625

/3.375

%

%

   120,011    124,116 
The Bank of East Asia, Limited – Loan 26  (7)   

3.625

/3.375

%

%

   453,240    472,205 
The Bank of East Asia, Limited – Loan 27  (8)   3.625%   384,615    - 
Standard Chartered Bank (Hong Kong) Limited – Loan 1  (9)   4.56%   -    51,905 
The Hongkong and Shanghai Banking Corporation Limited – Loan 1  (10)   

3.625

/3.375

%

%

   100,049    104,306 
The Hongkong and Shanghai Banking Corporation Limited – Loan 2  (11)   

3.625

/3.375

%

%

   371,018    388,271 
The Hongkong and Shanghai Banking Corporation Limited – Loan 3  (12)   

3.625

/3.375

%

%

   111,576    117,126 
The Hongkong and Shanghai Banking Corporation Limited – Loan 4  (13)   

3.625

/ 3.375

%

%

   381,598    384,615 
DBS Bank (Hong Kong) Limited – Loan 1  (14)   4.65%   -    205,129 
DBS Bank (Hong Kong) Limited – Loan 2  (14)   4.43%   -    80,770 
DBS Bank (Hong Kong) Limited – Loan 3  (14)   5.01%   -    410,256 
DBS Bank (Hong Kong) Limited – Loan 4  (14)   5.29%   238,462    - 
DBS Bank (Hong Kong) Limited – Loan 5  (14)   5.45%   166,667    - 
DBS Bank (Hong Kong) Limited – Loan 6  (14)   5.48%   205,128    - 
DBS Bank (Hong Kong) Limited – Loan 7  (14)   6.8%   85,898    - 
DBS Bank (Hong Kong) Limited – Loan 8  (15)   1.2% + LIBOR      474,849    436,752 
  Total long-term bank borrowings            6,852,233    5,322,118 
                    
Less: current portion of long-term bank borrowings            (3,818,453)   (3,823,633)
                    
Non-current portion of long-term bank borrowings            3,033,780    1,498,485 

 

(1) On January 18, 2024 and 2023, the Company borrowed USD110,769 (HK$864,000) as working capital for 12 months at an annual interest rate of 5.97% and 4.26% with The Bank of East Asia, Limited, respectively. The loan was secured by the insured value of life insurance policy (amounted to USD1,000,000) of the Company, accounts receivable, net of the Company and a property located in Hong Kong which held by a director of the Company.

 

 

(2) As of March 31, 2024, the Company borrowed USD2,307,692 (HK$18,000,000) (2023: USD2,307,693 (HK$18,000,000)) as working capital for one to three months at an annual interest rate ranged from 6.64% to 7.03% (2023: 5.625% to 5.84%) as revolving loans with The Bank of East Asia, Limited. The loan was secured by personal guarantees from the directors of the Company, accounts receivable, net of the Company and a property located in Hong Kong which held by a director of the Company.
   
(3) On August 28, 2023, the Company borrowed USD666,667 (HK$5,200,000) as working capital for twenty years at an annual interest rate of 4.775% with The Bank of East Asia, Limited. The loan was secured by two properties located in Hong Kong which held by a related company of the Company.
   
(4) On February 28, 2024, the Company borrowed USD564,103 (HK$4,400,000) as purchase of a property for twenty years at an annual interest rate of 4.775% with The Bank of East Asia, Limited. The loan was secured by, accounts receivable, net of the Company and a property located in Hong Kong which held by the Company.
   
(5) On March 25, 2021, the Company borrowed USD128,205 (HK$1,000,000) as working capital for eleven years at an annual interest rate of 3.625% (2023: 3.375%) with The Bank of East Asia, Limited. The loan was secured by personal guarantee from a director of the Company.
   
(6) On December 16, 2021, the Company borrowed USD128,205 (HK$1,000,000) as working capital for eleven years at an annual interest rate of 3.625% (2023: 3.375%) with The Bank of East Asia, Limited. The loan was secured by personal guarantee from a director of the Company.
   
(7) On November 26, 2020, the Company borrowed USD512,821 (HK$4,000,000) as working capital for eleven years at an annual interest rate of 3.625% (2023: 3.375%) with The Bank of East Asia, Limited. The loan was secured by personal guarantee from a director of the Company.
   
(8) On May 25, 2023, the Company borrowed USD384,615 (HK$3,000,000) as working capital for ten years at an annual interest rate of 3.625% with The Bank of East Asia, Limited. The loan was secured by personal guarantee from a director of the Company.
   
(9) On August 24, 2018 the Company borrowed USD512,821 (HK$4,000,000) as working capital for five years at an annual interest rate of 4.56% with Standard Chartered Bank (Hong Kong) Limited. The loan was secured by personal guarantee from a director of the Company. This loan was fully repaid during the year ended March 31, 2024.
   
(10) On October 21, 2020 the Company borrowed USD128,205 (HK$1,000,000) as working capital for eight years at an annual interest rate of 3.625% (2023: 3.375%) with The Hongkong and Shanghai Banking Corporation Limited. The loan was secured by personal guarantee from a director of the Company.
   
(11) On May 25, 2020 the Company borrowed USD512,821 (HK$4,000,000) as working capital for eight years at an annual interest rate of 3.625% (2023: 3.375%) with The Hongkong and Shanghai Banking Corporation Limited. The loan was secured by personal guarantee from a director of the Company.
   
(12) On July 13, 2021 the Company borrowed USD128,205 (HK$1,000,000) as working capital for eight years at an annual interest rate of 3.625% (2023: 3.375%) with The Hongkong and Shanghai Banking Corporation Limited. The loan was secured by personal guarantee from a director of the Company.
   
(13) On March 15, 2023 the Company borrowed USD384,615 (HK$3,000,000) as working capital for ten years at an annual interest rate of 3.625% (2023: 3.375%) with The Hongkong and Shanghai Banking Corporation Limited. The loan was secured by personal guarantee from a director of the Company.
   
(14) As of March 31, 2024, the Company borrowed USD696,155 (HK$5,430,000) (2023: 696,155 (HK$5,430,000)) as working capital for one to four months at an annual interest rate ranged from 5.29% to 6.8% (2023: 4.43% to 5.01%) as revolving loans with DBS Bank (Hong Kong) Limited. The loan was secured by personal guarantees from a director of the Company, accounts receivable, net of the Company and two properties located in Hong Kong which are held by a related company of the Company.
   
(15) The amount represented bank overdrafts as of March 31, 2024 and 2023, which was secured by personal guarantees from a director of the Company, accounts receivable, net of the Company and two properties located in Hong Kong which are held by a related company of the Company.
Schedule of Maturities Principal and Interest payments

Maturities of the principal and interest payments of bank borrowings were as follows:

 

   2024   2023 
   As of March 31 
   2024   2023 
   USD   USD 
Year ending March 31,        
2023  -   - 
2024   -    3,914,321 
2025   3,986,662    308,591 
2026   405,957    308,591 
2027   405,957    308,591 
2028   405,957    308,591 
2029   405,957    201,204 
2030   405,957    71,911 
2031   340,441    49,613 
2032   283,173    49,613 
2033   204,066    45,477 
2034   103,973    - 
2035 - 2044   922,351    - 
Total bank borrowings repayments   7,870,451    5,566,503 
Less: imputed interest   (1,018,218)   (244,385)
Total bank borrowings recognized in the Consolidated Balance Sheet   6,852,233    5,322,118