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Bank Borrowings (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Schedule of Bank Borrowings

Components of bank borrowings are as follows:

 

          December 31, 2023   June 30, 2024   June 30, 2024 
      Interest Rate   SGD   SGD   USD 
UOB – Loan 1 (Property)  (1)   1.98-4.95%    351,004    297,723    220,315 
UOB – Loan 2 (Bridging Loan)  (2)   2.25%   1,408,486    1,030,053    762,239 
Trust Receipt  (3)   5.98-7.0%    578,806    213,576    158,047 
            2,338,296    1,541,352    1,140,601 
                        
Less: current portion of long-term bank borrowings           (1,447,966)   (1,094,030)   (809,582)
Non-current portion of long-term bank borrowings           890,330    447,322    331,019 

 

  (1) The property loan with twenty-five years of term from February 2, 2002 to January 31, 2027 will maturity at January 2027 with interest rate at 1.68% for the per period from August 4, 2020 to August 3, 2022, 1.98% for the period from August 4, 2022 to August 3, 2023, and at 6.25% from August 4, 2023 and thereafter. The Company revised the loan on May 3, 2023 and the revised interest rate will be 1.20% plus compounded the Singapore Overnight Rate Average (SORA) reference rate for the period from June 1, 2023 to May 31, 2025, and at 2.00% plus compounded SORA reference rate for the period from June 1, 2025 and thereafter. As of June 30, 2024 the SORA rate is 4.85%.
     
  (2) The bridging loan with five years of term from September 30, 2020 to September 29, 2025 will maturity at October 2025 with the interest rate at 2.25%
     
  (3) Trust receipt is the bank facilities that we use to settle suppliers’ due invoices, it will be mature 120 days after the Company executes it. The interest rate will be 5.98%-7.0% depend on the date of execution. All trust receipts matured no later than July 26,2024.

Components of bank borrowings are as follows at December 31:

 

       Interest rate  

2022

SGD

  

2023

SGD

  

2023

USD

 
UOB – Loan 1 (Property)   (1)    1.98-4.95%    457,120    351,004    259,742 
UOB – Loan 2 (Bridging Loan)   (2)    2.25%   2,091,258    1,408,486    1,042,280 
Trust Receipt   (3)    5.98-7.00%    295,986    578,806    428,317 
              2,844,364    2,338,296    1,730,339 
                          
Less: current portion of long-term bank borrowings             (1,150,176)   (1,447,966)   (1,071,495)
Non-current portion of long-term bank borrowings             1,694,188    890,330    658,844 

 

  (1) The property loan with twenty-five years of term from February 2, 2002 to January 31, 2027 will maturity at January 2027 with interest rate at 1.68% for the per period from August 4, 2020 to August 3, 2022, 1.98% for the period from August 4, 2022 to August 3, 2023, and at 6.25% from August 4, 2023 and thereafter. The Company revised the loan on May 3, 2023 and the revised interest rate will be 1.20% plus compounded the Singapore Overnight Rate Average (SORA) reference rate for the period from June 1, 2023 to May 31, 2025, and at 2.00% plus compounded SORA reference rate for the period from June 1, 2025 and thereafter. As of December 31, 2023 the SORA rate is 3.75%
     
  (2) The bridging loan with five years of term from September 30, 2020 to September 29, 2025 will maturity at October 2025 with the interest rate at 2.25%
     
  (3)

Trust receipt is the bank facilities that we use to settle suppliers’ due invoices, it will be mature 120 days after the Company executes it. The interest rate will be 5.15%-6.27% depend on the date of execution. All trust receipts matured no later than March 31,2024.

As of May 31, 2024, the Company incurred new trust receipts with amount of S$481,622, and part of the S$268,046 was matured in May 23, 2024. The remaining balance will mature in July 2024.
Schedule of Bank Borrowings Interest

Components of bank borrowings interest are as follows as of June 30:

 

   June 30, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
UOB – Loan 1 (Property)   4,267    8,164    6,042 
UOB – Loan 2 (Bridging Loan)   21,733    14,057    10,402 
Trust Receipt   12,498    19,378    14,341 
Total   38,498    41,599    30,785 

Components of bank borrowings interest are as follows as of December 31:

 

   2022   2023   2023 
   SGD   SGD   USD 
UOB – Loan 1 (Property)   9,389    13,602    10,065 
UOB – Loan 2 (Bridging Loan)   55,982    36,793    27,227 
Trust Receipt   15,962    24,789    18,344 
Total   81,333    75,184    55,636 
Schedule of Maturities Bank Borrowings

Maturities of the bank borrowings were as follows:

Schedule of Maturities Bank Borrowings 

   SGD   USD 
For the period ending June 30,          
2025   1,121,316    829,774 
2026   384,343    284,414 
2027   73,207    54,173 
Total bank borrowings repayments   1,578,866    1,168,361 
           
Current portion of long-term bank borrowings   1,121,316    829,774 
Non-current portion of long-term bank borrowings   457,550    338,587 
Less: imputed interest   (37,514)   (27,760)
Total   1,541,352    1,140,601 

Maturities of the bank borrowings were as follows:

Schedule of Maturities Bank Borrowings 

   SGD   USD 
For the year ending December 31,          
2024   1,486,600    1,100,084 
2025   776,816    574,844 
2026   122,760    90,842 
2027   11,743    8,690 
Total bank borrowings repayments   2,397,919    1,774,460 
           
Current portion of long-term bank borrowings   1,486,600    1,100,084 
Non-current portion of long-term bank borrowings   911,319    674,376 
Less: imputed interest   (59,623)   (44,121)
Total   2,338,296    1,730,339