v3.25.2
BANK LOANS
 12 Months Ended
Mar. 31, 2025
BANK LOANS  
BANK LOANS

9. BANK LOANS

 

The bank loans as of March 31, 2024 and 2025 are set out below: 

 

Bank loans

 

Currency

Interest rate

Carrying amount

Current

Non-current

US$’000

 

US$’000

 

US$’000

 

Bills payables to banks

 

RMB&HKD

 

2.60%

 

16,859

 

16,859

 

                  -  

 

Secured bank loans

 

RMB&HKD

 

2.1% - 7.4%

 

14,827

 

14,827

 

                  -  

 

At March 31, 2024

 

31,686

 

31,686

 

                  -  

 

Bills payables to banks

 

RMB&HKD

 

2.60%

 

11,662

 

11,662

 

                  -  

 

Secured bank loans

 

RMB&HKD

 

2.1% - 6.09%

 

13,653

 

13,653

 

                  -  

 

At March 31, 2025

 

25,315

 

25,315

 

                  -  

 

 

 

 

As of March 31,

 

 

 

2025

 

 

2024

 

 

 

US$’000

 

 

US$’000

 

Bills payables to banks

 

 

 

 

 

 

Bill 1

 

 

5,597

 

 

 

6,624

 

Bill 2

 

 

279

 

 

 

-

 

Bill 3

 

 

-

 

 

 

2,819

 

Bill 4

 

 

5,786

 

 

 

7,416

 

 

 

 

11,662

 

 

 

16,859

 

Secured bank loans

 

 

 

 

 

 

 

 

Loan 1

 

 

12,260

 

 

 

12,121

 

Loan 2

 

 

1,393

 

 

 

1,409

 

Loan 3

 

 

-

 

 

 

1,297

 

 

 

 

13,653

 

 

 

14,827

 

Notes:

 

(1) The bill payable to bank (Bill 1) and short-term bank loan (Loan 1) are secured by:

 

 

●

Bank deposits of Fookhing Zipper;

 

●

Land use rights and buildings owned by Jianxin Weaving, located in Donghaian Development Zone, Shenhu Town, Jinjiang City, Fujian Province, the PRC;

 

●

Personal guarantees from related parties Mr. Qingliang Hong (Executive Chairman) and Ms. Meimei Shi (spouse of the Executive Chairman); and

 

●

Corporate guarantees from subsidiary Fuxing Dress and independent third party Jinjiang Yuanda Garment Weaving Co., Ltd.

 

(2) The bill payable to bank (Bill 2) and short-term bank loan (Loan 2) are secured by:

 

 

●

Land use rights and buildings owned by Fookhing Zipper, located in Hangbian Industrial Area, Longhu Town, Jinjiang City, Fujian Province, the PRC;

 

●

Personal guarantees from related parties Mr. Qingliang Hong (Executive Chairman) and Ms. Meimei Shi (spouse of the Executive Chairman); and

 

●

Corporate guarantee from subsidiary Fuxing Dress.

 

(3) The bill payable to bank (Bill 3) and short-term bank loan (Loan 3) are secured by:

 

 

●

Bank deposits of Fuxing Dress;

 

●

Land use rights and buildings owned by Fulong Zipper, located in Donghaian Comprehensive Development Zone, Shenhu Town, Jinjiang City, Fujian Province, the PRC; and

 

●

Personal guarantees from related parties Mr. Qingliang Hong (Executive Chairman) and Ms. Meimei Shi (spouse of the Executive Chairman).

 

(4) The bank-accepted bill (Bill 4) is secured by:

 

 

●

A mortgage over a property (Unit 13, 5th Floor) at Seapower Tower Concordia Plaza, No.1 Science Museum Road, Kowloon, owned by Goldplan Corporation Limited (wholly owned by Mr. Qingliang Hong);

 

●

Corporate guarantee from the Company; and

 

●

Personal guarantee from related party Mr. Qingliang Hong (Executive Chairman).