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INVESTMENT PROPERTIES | 3 Months Ended
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Sep. 30, 2015
Notes to Financial Statements |
INVESTMENT PROPERTIES (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) | The following table presents the Company’s investment in properties in China and Malaysia as of September 30, 2015. The exchange rate is based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore.
| Investment Date |  | Investment Amount (RMB) |  |  | Investment Amount (U.S. Dollars) |
Purchase of rental property – Property I - MaoYe | Jan 04, 2008 |  |  | 5,554 |  |  |  | 894 |
Purchase of rental property – Property II - JiangHuai | Jan 06, 2010 |  |  | 3,600 |  |  |  | 580 |
Purchase of rental property – Property III - Fu Li | Apr 08, 2010 |  |  | 4,025 |  |  |  | 648 |
Currency translation |  |  |  | - |  |  |  | (48 | )
Gross investment in rental property |  |  |  | 13,179 |  |  |  | 2,074 |
Accumulated depreciation on rental property |  |  |  | (3,781 | ) |  |  | (596 | )
Net investment in property – China |  |  |  | 9,398 |  |  |  | 1,478 |
| Investment Date |  | Investment Amount (RM) |  |  | Investment Amount (U.S. Dollars) |
Reclassification of rental property – Penang Property I | Dec 31, 2012 |  |  | 681 |  |  |  | 154 |
Gross investment in rental property |  |  |  | 681 |  |  |  | 154 |
Accumulated depreciation on rental property |  |  |  | (312 | ) |  |  | (71 | )
Reclassified as “Assets held for sale” | June 30, 2015 |  |  | (369 | ) |  |  | (83 | )
Net investment in property – Malaysia |  |  |  | - |  |  |  | - |
The following table presents the Company’s investment in properties in China and Malaysia as of June 30, 2015. The exchange rate is based on the exchange rate as of June 30, 2015 published by the Monetary Authority of Singapore.
| Investment Date |  | Investment Amount (RMB) |  |  | Investment Amount (U.S. Dollars) |
Purchase of rental property – Property I - MaoYe | Jan 04, 2008 |  |  | 5,554 |  |  |  | 894 |
Purchase of rental property – Property II - JiangHuai | Jan 06, 2010 |  |  | 3,600 |  |  |  | 580 |
Purchase of rental property – Property III - Fu Li | Apr 08, 2010 |  |  | 4,025 |  |  |  | 648 |
Currency translation |  |  |  | - |  |  |  | 1 |
Gross investment in rental property |  |  |  | 13,179 |  |  |  | 2,123 |
Accumulated depreciation on rental property |  |  |  | (3,619 | ) |  |  | (583 | )
Net investment in property – China |  |  |  | 9,560 |  |  |  | 1,540 |
| Investment Date |  | Investment Amount (RM) |  |  | Investment Amount (U.S. Dollars) |
Reclassification of rental property – Penang Property I | Dec 31, 2012 |  |  | 681 |  |  |  | 181 |
Gross investment in rental property |  |  |  | 681 |  |  |  | 181 |
Accumulated depreciation on rental property |  |  |  | (310 | ) |  |  | (83 | )
Reclassified as “Assets held for sale” | June 30, 2015 |  |  | (371 | ) |  |  | (98 | )
Net investment in property – Malaysia |  |  |  | - |  |  |  | - |
Rental Property I – Mao Ye In fiscal 2008, TTCQ purchased an office in Chongqing, China from MaoYe Property Ltd. (“MaoYe”), for a total cash purchase price of RMB 5,554, or approximately $894 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore. TTCQ rented this property to a third party on July 13, 2008. The term of the rental agreement was five years. The rental agreement was renewed on July 16, 2014 for a further period of five years. The rental agreement provides for a rent increase of 8% every year after July 15, 2015. The renewed agreement expires on July 15, 2018, however as at the date of this report, this rental agreement (1,104 square meters at a monthly rental of RMB 38,645) has been terminated. TTCQ has identified a new tenant and signed a new rental agreement (653 square meters at a monthly rental of RMB 38,520) on August 1, 2015. This rental agreement provides for a rent increase of 5% every year on January 31, commencing the year 2017 till the rental agreement expires on July 31, 2020. Property purchased from MaoYe generated a rental income of $22 during the three months ended September 30, 2015 as compared to $29 for the same period in last fiscal year. Rental Property II - JiangHuai In fiscal year 2010, TTCQ purchased eight units of commercial property in Chongqing, China from Chongqing JiangHuai Real Estate Development Co. Ltd. (“JiangHuai”), for a total purchase price of RMB 3,600, or approximately $580 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore. TTCQ rented all of these commercial units to a third party until the agreement expired in January 2012. TTCQ then rented three of the eight commercial units to another party during the fourth quarter of fiscal year 2013 under a rental agreement that expired on March 31, 2014. Currently all the units are vacant and TTCQ is working with the developer to find a suitable buyer to purchase all the commercial units. TTCQ has yet to receive the title deed for these properties; however TTCQ has the vacant possession with the exception of two units, which is in the process of clarification. TTCQ is in the legal process to obtain the title deed, which is dependent on JiangHuai completing the entire project. In August 2014, TTCQ performed a valuation on one of the commercial units and its market value was higher than the carrying amount. As of the date of this report, there was no other valuation performed. Property purchased from JiangHuai did not generate any rental income during the three months ended September 30, 2015 or 2014. Other Properties III – Fu Li In fiscal 2010, TTCQ entered into a Memorandum Agreement with Chongqing FuLi Real Estate Development Co. Ltd. (“FuLi”) to purchase two commercial properties totaling 311.99 square meters (“office space”) located in Jiang Bei District Chongqing. Although TTCQ currently rents its office premises from a third party, it intends to use the office space as its office premises. The total purchase price committed and paid was RMB 4,025, or approximately $648 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore. The development was completed and the property was handed over during April 2013 and the title deed was received during the third quarter of fiscal 2014. The two commercial properties were leased to third parties under two separate rental agreements, one of which expired in April 2014 and the other expired in August 2014. For the unit for which the agreement expired in April 2014, a new tenant was identified and a new agreement was executed, which expires on April 30, 2017. The new agreement carries an increase in rent by 20% in the first year, as compared to the expired rental agreement. Thereafter the rent increases by approximately 10% for the subsequent years until April 2017. For the unit for which the agreement expired in August 2014, a new tenant was identified and a new agreement was executed, which expires on August 9, 2016. The new agreement carries an increase in rental of approximately 21% in the first year, as compared to the expired rental agreement. Thereafter the rent increases by approximately 6% for the subsequent years until August 2016. The tenant of this unit had defaulted on payment of the quarterly rental due in August 2015. In early October 2015, TTCQ had issued a legal letter to this tenant on the outstanding amounts and the tenant has not responded. As of the date of this report, this rental agreement (161 square meters at a monthly rental of RMB 16,081) has been terminated and a new rental agreement with a new tenant (161 square meters at a monthly rental of RMB 13,669) has been signed on October 21, 2015. This rental agreement provides for a rent increase of 6% every year on October 21, commencing from the year 2016 till the rental agreement expires on October 20, 2017. Properties purchased from Fu Li were rented to a third party effective fourth quarter of fiscal year 2012 and generated a rental income of $10 for the three months ended September 30, 2015, and $14 for the same period in the last fiscal year. Penang Property I During the fourth quarter of 2015, the operations in Malaysia planned to sell its factory building in Penang, Malaysia. In May 2015, TTM was approached by a potential buyer to purchase the factory building. Negotiation is still ongoing and is subject to approval by the PDC. In accordance to ASC Topic 360, the property was reclassified from investment property, which had a net book value of RM 371, or approximately $98, to assets held for sale since there was an intention to sell the factory building. As of September 30, 2015 the net book value was RM 369, or approximately $83. On September 14, 2015, application to sell the property was rejected by PDC. The rejection was based on the business activity of the purchaser not suitable to the industry that is being promoted on the said property. However management is actively looking for a suitable buyer. Summary Total rental income for all investment properties in China was $32 for the three months ended September 30, 2015, and was $43 for the same period in the last fiscal year. Depreciation expenses for all investment properties in China were $26 for the three months ended September 30, 2015 and $27 for same period in the last fiscal year.

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