v3.25.2
Bank Loans
 12 Months Ended
Mar. 31, 2025
Bank Loans [Abstract]  
BANK LOANS

Note 12 — BANK LOANS

 

Long-term and short-term bank loans are as follows:

 

   As of March 31, 
   2024   2025   2025 
   S$   S$   US$ 
Total bank loans   3,669,815    3,234,199    2,405,503 
Less: current portion of bank loans   (598,848)   (400,016)   (297,520)
Long-term bank loans   3,070,967    2,834,183    2,107,983 

 

Bank loans comprised of the following:

 

Loan  Principal
amount		  Maturity
date		  Interest rate  Repayment
method		  March 31,
2024		   March 31,
2025		   March 31,
2025		 
               S$   S$   US$ 
              Fixed at 1.68% for first 2 years.                  
Mortgage loan I  S$   3,270,400   July 31, 2030  Subsequent years- 1.30% to 2.00% over the applicable 3-month Compounded Singapore Overnight Rate Average (“SORA”)  Monthly repayment   1,364,353    1,188,377    883,880 
                                 
Mortgage loan II  S$   1,062,500   May 31, 2036  1.30% to 2.00% over the applicable 3-month SORA  Monthly repayment   708,010    670,829    498,943 
                                 
Mortgage loan III  S$   887,000   March 31, 2031  1.30% to 2.00% over the applicable 3-month SORA  Monthly repayment   644,691    565,504    420,605 
                                 
Mortgage loan IV  S$   907,000   August 31, 2036  1.30% to 2.00% over the applicable 3-month SORA  Monthly repayment   634,075    595,455    442,882 
                                 
Mortgage loan V*      S$1,311,000   March 21, 2040  Fixed at 3.00% for first 2 years
Subsequent years- 3.00% over the applicable 3-month Compounded Singapore Overnight Rate Average (“SORA”)		  Monthly repayment   —    131,219    97,597 
                                 
Term loan I  S$   960,000   August 31, 2036  1.30% to 2.00% over the applicable 3-month SORA  Monthly repayment   70,937    66,617    49,548 
                                 
Term loan II  S$   200,000   August 31, 2036  1.30% to 2.0% over the applicable 3-month SORA  Monthly repayment   17,248    16,198    12,048 
                                 
Trust receipts  S$   1,000,000   N/A  Prevailing Cost of Funds plus 1.50%  Upon 90 to 120 days   230,501    —    — 
Total bank loans                    3,669,815    3,234,199    2,405,503 

 

*Mortgage Loan V relates to the construction in progress, as disclosed in Note 9.

For the years ended March 31, 2023, 2024 and 2025, the effective interest rate of the Company’s bank loans ranged from 1.50% to 4.44%, 3.53% to 6.71%, and 1.68% to 4.98 %per annum respectively.

 

Interest expenses arising from the Company’s bank loans for the years ended March 31, 2023, 2024 and 2025 amounted to S$101,271, S$134,001 and S$160,780 (US$119,584) respectively.

 

The Company’s bank loans are secured by the following — existing first legal mortgages over certain properties of the Company, existing corporate guarantee from a director and shareholder of the Company and an insurance policy as disclosed in Note 8.

 

The maturity dates for the Company’s outstanding bank loans as of March 31,2024 and 2025 are as follows:

 

   As of March 31, 
   2024   2025   2025 
   S$   S$   US$ 
2025   698,928    
—
    
—
 
2026   468,427    490,858    365,086 
2027   468,427    484,500    360,357 
2028   468,427    483,922    359,927 
2029   468,427    483,922    359,927 
2030   
—
    483,922    359,927 
Thereafter   1,723,113    1,347,093    1,001,929 
Total bank loans   4,295,749    3,774,217    2,807,153 
Less: Imputed interest   (625,934)   (540,018)   (401,650)
Present value of bank loans   3,669,815    3,234,199    2,405,503 

 

The Company’s bank loan agreements contain certain covenants, which require compliance with certain financial ratios. As of March 31, 2024 and 2025, the Company were in compliance with all the financial covenants under its existing loan agreements.