XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Long-Term Bank Loans | 6 Months Ended
--- | ---
Jun. 30, 2017
Debt Disclosure [Abstract] |
Long-Term Bank Loans | NOTE 14 - LONG-TERM BANK LOANS
|  | As of |  |  | As of |
|  | June 30, 2017 |  |  | December 31, 2016 |
|  | (unaudited) |  |  | (audited) |
Bank loans from financial institutions in Malaysia |  |  |  |  |  |  |  |
Standard Chartered Saadiq Berhad |  | $ | 347,483 |  |  | $ | 337,464 |
United Overseas Bank (Malaysia) Berhad |  |  | 237,411 |  |  |  | 229,706 |
|  |  | 584,894 |  |  |  | 567,170 |
Less: current portion |  |  | (14,157 | ) |  |  | (13,042 | )
Bank loan, net of current portion |  | $ | 570,737 |  |  | $ | 554,128 |
In May 2013, the Company obtained a loan in the principal amount of MYR1,629,744 (approximately $495,170) from Standard Chartered Saadiq Berhad, a financial institution in Malaysia to finance the acquisition of leasehold office units at Skypark One City, Selangor in Kuala Lumpur, Malaysia which bears interest at the base lending rate less 2.1% per annum with 300 monthly installments of MYR9,287 (approximately $2,840) each and will mature in May 2038. The mortgage loan is secured by (i) the first legal charge over the property, (ii) personally guaranteed by Mr. Lee Chong Kuang and Mr. Loke Che Chan Gilbert, the directors of the Company, and (iii) corporate guaranteed by a related company which is controlled by the directors of the Company. In August 2013, the Company, through Mr. Lee Chong Kuang, the director of the Company, obtained a loan in the principal amount of MYR1,074,696 (approximately $326,530) from United Overseas Bank (Malaysia) Berhad, a financial institution in Malaysia to finance the acquisition of a leasehold office unit at Northpoint, Mid Valley City in Kuala Lumpur, Malaysia which bears interest at the base lending rate less 2.2% per annum with 360 monthly installments of MYR5,382 (approximately $1,645) each and will mature in August 2043. The mortgage loan is secured by the first legal charge over the property. Maturities of the long-term bank loans for each of the five years and thereafter following June 30, 2017 are as follows:
Year ending June 30: |  |  |
2018 |  | $ | 15,057 |
2019 |  |  | 15,710 |
2020 |  |  | 16,537 |
2021 |  |  | 17,331 |
2022 |  |  | 18,164 |
Thereafter |  |  | 487,938 |
Total |  | $ | 570,737 |
For the six months ended June 30, 2017 and 2016, the base lending rate are 6.70% and 6.85% per annum, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration