Annual report pursuant to Section 13 and 15(d)

Bank Loans (Tables)

v2.4.1.9
Bank Loans (Tables)
12 Months Ended
Dec. 31, 2014
Bank Loans [Abstract]  
Schedule of short-term bank loans

 

    December 31, 2014     December 31, 2013  
Loan from China Development Bank, due on July 22, 2015 with variable annual interest rate based on LIBOR(1) plus 245 basis points (3.137% at December 31, 2014), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke   $ 5,000,000     $ -  
Loan from China Development Bank, due on March 9, 2015 with variable annual interest rate based on LIBOR(1) plus 245 basis points (2.777% at December 31, 2014), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke     3,185,980       -  
Loan from China Development Bank, due on November 24, 2015 with variable annual interest rate based on LIBOR(1) plus 245 basis points (2.777% at December 31, 2014), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke     9,500,000       -  
Loan from China Development Bank, due on December 22, 2015 with variable annual interest rate based on LIBOR(1) plus 245 basis points (2.800% at December 31, 2014), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke     5,000,000       -  
Loan from China Development Bank, due on December 29, 2015 with variable annual interest rate based on LIBOR(1) plus 245 basis points (2.807% at December 31, 2014), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke     5,000,000       -  
Loan from Industrial and Commercial Bank of China, due on January 23, 2015 with annual interest rate of 2.200% at December 31, 2014, guaranteed  by Xinrong Zhuo, subsequently repaid on January 23, 2015     1,640,693       -  
Loan from Industrial and Commercial Bank of China, due on February 17, 2015 with annual interest rate of 2.000% at December 31, 2014, guaranteed by Xinrong Zhuo, subsequently repaid on February 17, 2015     1,027,217       -  
Loan from Fujian Haixia Bank, due on March 21, 2014 with annual interest rate of 8.400% at December 31, 2013, guaranteed by Xinrong Zhuo and repaid on due date     -       4,955,647  
Loan from Fujian Haixia Bank, due on May 8, 2014 with annual interest rate of 9.000% at December 31, 2013, guaranteed by Xinrong Zhuo and repaid on due date     -       1,651,883  
Loan from Fujian Haixia Bank, due on April 22, 2014 with annual interest rate of 9.000% at December 31, 2013, guaranteed by Xinrong Zhuo and repaid on due date     -       2,477,823  
    $ 30,353,890     $ 9,085,353  
 
Schedule of long-term bank loan

 

    December 31, 2014     December 31, 2013  
Loan from China Minsheng Bank, due on various dates until March 16, 2015 with annual interest rate of 7.741% at December 31, 2014 and 2013, collateralized by Pingtan Fishing's and Hong Long's fishing vessels and guaranteed by Xinrong Zhuo   $ 3,005,620     $ 9,143,169  
Loan from China Minsheng Bank, due on various dates until March 16, 2015 with annual interest rate of  7.741% at December 31, 2014 and 2013, collateralized by Pingtan Fishing's and Hong Long's fishing vessels and guaranteed by Xinrong Zhuo     733,078       2,230,041  
Loan from China Minsheng Bank, due on various dates until March 16, 2015 with annual interest rate of 7.741% at December 31, 2014 and 2013, collateralized by Pingtan Fishing's and Hong Long's fishing vessels and guaranteed by Xinrong Zhuo     1,136,271       3,456,564  
Loan from Fujian Haixia Bank, due on various dates until March 22, 2015 with annual interest rate of 8.400% at December 31, 2014 and 2013, guaranteed by Xinrong Zhuo     1,629,062       3,303,764  
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 6.400% at December 31, 2014 and 2013, collateralized by Hong Long's investment in equity interest of a China local bank     16,029,975       19,640,881  
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 6.400% at December 31, 2014 and 2013, collateralized by Hong Long's investment in equity interest of a China local bank     586,462       718,569  
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 6.400% at December 31, 2014 and 2013, collateralized by Fujian International Trading and Transportation Co., Ltd.'s investment in equity interest of a China local bank     3,078,928       3,782,810  
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 6.400% at December 31, 2014 and 2013, guaranteed by Hong Long     12,413,456       15,858,070  
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 6.400% at December 31, 2014 and 2013, collateralized by Fujian International Trading and Transportation Co., Ltd.'s investment in equity interest of a China local bank     374,684       462,527  
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 6.400% at December 31, 2014 and 2013, collateralized by Hong Long's investment in equity interest of a China local bank     1,026,309       1,255,431  
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 6.400% at December 31, 2014 and 2013, collateralized by Hong Long's investment in equity interest of a China local bank     2,622,791       2,659,531  
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 6.400% at December 31, 2014 and 2013, collateralized by Pingtan Fishing's investment in equity interest of a China local bank     1,906,003       2,329,153  
Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 6.8775% at December 31, 2014 and 2013, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 14 fishing vessels under construction     12,951,048       9,911,294  
Total long-term bank loans   $ 57,493,687     $ 74,751,804  
Less: current portion     (18,868,616 )     (20,252,077 )
Long-term bank loans, non-current portion   $ 38,625,071     $ 54,499,727  
Schedule of future maturities of long-term bank loans

 

Due in years ending December 31,   Principal  
2015   $ 18,868,616  
2016     14,058,809  
2017     15,362,059  
2018     1,466,156  
2019     1,547,609  
Thereafter     6,190,438  
    $ 57,493,687  
Less: current portion     (18,868,616 )
Long-term liability   $ 38,625,071