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BANK BORROWINGS | 12 Months Ended
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Dec. 31, 2022
Broker-Dealer [Abstract] |
BANK BORROWINGS | NOTE－9 BANK BORROWINGS Bank borrowings consisted of the following: SCHEDULE OF BANK BORROWINGS
|  | Terms of |  | Annual |  |  | As of December 31, |
|  | repayments |  | interest rate |  |  | 2022 |  |  | 2021 |
|  |  |  |  |  |  | $’000 |  |  | $’000 |
Term loans |  | 2 to 5 years |  |  | 2.7% - 3.5 | % |  |  | 2,502 |  |  |  | 3,844 |
Trust receipts |  | Within 12 months |  |  | 2.85 | % |  |  | 6,826 |  |  |  | 5,278 |
Bank overdraft |  | Within 12 months |  |  | 5.25 | % |  |  | 281 |  |  |  | - |
Mortgage loan |  | 10 years |  |  | 2.77 | % |  |  | 2,428 |  |  |  | 3,204 |
Total |  |  |  |  |  |  |  |  | 12,037 |  |  |  | 12,326 |
Representing |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 12 months |  |  |  |  |  |  |  |  | 8,862 |  |  |  | 7,412 |
Over 1 year |  |  |  |  |  |  |  |  | 3,175 |  |  |  | 4,914 |
Total |  |  |  |  |  |  |  |  | 12,037 |  |  |  | 12,326 |
As of December 31, 2022 and 2021, bank borrowings were obtained from several financial institutions in Singapore, which bear annual interest at a fixed rate from 2.7% to 3.5% and are repayable in 12 months to 10 years, and bank overdraft at 5.25% from financial institution in Singapore. The Company’s bank borrowings are guaranteed under the personal from Mr. James Lim and Ms. Lee NG and mortgage of leasehold property at 22 Gul Avenue, Singapore 629662.

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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