TERM LOAN

3 Months Ended

Mar. 31, 2020

On December 23, 2014, MYR2,300,000 (approximately $657,507) term loan was granted to the Company for the purchase of a four-story office with a repayment period of 240 months.

The term loan was secured by the title deed for the said property and guaranteed by directors of the Company. The term loan is subject to an interest charges at 2.10% per annum below the Bank’s Base Lending Rate (“BLR”) with daily rests. The BLR is currently at 6.85% for March 31, 2020.

On July 27, 2015, the Company made a drawdown of MYR2,300,000 (approx. $609,554) on the term loan. The repayment started effectively on September 1, 2015 with a fixed installment of MYR14,863.14 (approx. $3,561) for 240 installments.

The outstanding balance of the term loan is $388,226, of which $22,875 is due within one year and classified as short term, and $365,351 is due after one year, and has classified as long term.

Interest expenses were $6,111 and $6,111 for the three months ended March 31, 2020 and 2019, respectively.

	March 31,		December 31,
	2020		2019
Repayable within 1 year.	$	22,875	$	22,533
Repayable within 2 year		23,962		23,603
Repayable within 3 year		25,085		24,717
Repayable within 4 year		26,238		25,855
Repayable within 5 year		27,443		27,043
Repayable after 5 year		262,623		334,706
Total Due from		388,226		458,457

Umatrin Holding Ltd 10-Q