Quarterly report pursuant to sections 13 or 15(d)

TERM LOANS (Tables)

v2.4.0.8
TERM LOANS (Tables)
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Schedule of Short-term Debt [Table Text Block]
Merchant Supreme
 
As of June 30, 2013 and December 31, 2012, Merchant Supreme’s short and long-term loans consisted of the following items:
 
(a)   Short-term loans
 
 
 
June 30, 2013
 
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
Classified by financial institutions:
 
 
 
 
 
 
 
 
Industrial and Commercial Bank of China
 
$
11,183,061
 
$
14,390,323
 
Fujian Haixia Bank
 
 
8,961,449
 
 
 
7,133,120
 
China Minsheng Banking Corporation Limited
 
 
-
 
 
 
3,645,817
 
 
 
$
20,144,510
 
 
$
25,169,260
 
Additional information:
 
 
 
 
 
 
 
 
Maximum balance outstanding during the period/year
 
$
25,169,260
 
 
$
25,169,260
 
Interest expense for the three months ended June 30, 2013 and 2012
 
$
277,794
 
 
$
499,728
 
Interest expense for the six months ended June 30, 2013 and 2012
 
$
561,217
 
 
$
914,342
 
Weighted average interest rate for the six months ended June 30,
    2013 and 2012
 
 
1.3
%
 
 
2.0
%
Schedule Of Short Term Debt Principal Or Outstanding [Table Text Block]
The principal payments for the outstanding short-term loans are as follows:
 
Name of Banks
 
Principal amount
 
Current
annualized
interest rate
 
Terms of loans
 
Collateral
 
Outstanding
amount as of
June 30, 2013
 
Industrial & Commercial Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,999,620
 
Fixed rate at 2.4826%
    per annum
 
Due on July 2,
    2013
 
N/A
 
$
1,999,620
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial Bank of China, Fuzhou
    Dongjiekou Branch
 
US$565,774
 
Fixed rate at 2.4811%
    per annum
 
Due on July 7,
    2013
 
N/A
 
 
565,774
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,209,915
 
Fixed rate at 2.4771%
    per annum
 
Due on July 18,
    2013
 
N/A
 
 
1,209,915
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,096,065
 
Fixed rate at 2.2756%
    per annum
 
Due on August 2,
    2013
 
N/A
 
 
1,096,065
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,447,965
 
Fixed rate at 2.7741%
    per annum
 
Due on August 23,
    2013
 
N/A
 
 
1,447,965
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,508,505
 
Fixed rate at 2.7741%
    per annum
 
Due on August 23,
    2013
 
N/A
 
 
1,508,505
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial Bank of China, Fuzhou
    Dongjiekou Branch
 
US$475,550
 
Fixed rate at 2.7741%
    per annum
 
Due on August 23,
    2013
 
N/A
 
 
475,550
 
 
Industrial & Commercial Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,236,375
 
Fixed rate at 2.77395%
    per annum
 
Due on
    September 6,
    2013
 
N/A
 
 
1,236,375
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial Bank of China, Fuzhou
    Dongjiekou Branch
 
US$604,292
 
Fixed rate at 2.77395%
    per annum
 
Due on
    September 6,
    2013
 
N/A
 
 
604,292
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,039,000
 
Fixed rate at 2.77445%
    per annum
 
Due on
    September 7,
    2013
 
N/A
 
 
1,039,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fujian Haixia Bank, Fuzhou Hualin Branch
 
RMB30,000,000
 
Fixed rate at 8.4000%
    per annum
 
Due on
    September 21,
    2013
 
Guarantee by
    Xinrong
    Zhuo
 
 
4,888,063
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fujian Haixia Bank, Fuzhou Hualin Branch
 
RMB15,000,000
 
Fixed rate at 9.0000%
    per annum
 
Due on April 23,
    2014
 
Guarantee by
    Xinrong
    Zhuo
 
 
2,444,032
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fujian Haixia Bank, Fuzhou Hualin Branch
 
RMB10,000,000
 
Fixed rate at 9.0000%
    per annum
 
Due on May 9,
    2014
 
Guarantee by
    Xinrong
    Zhuo
 
 
1,629,354
 
 
 
 
 
 
 
 
 
 
 
$
20,144,510
 
Schedule of Long-term Debt Instruments [Table Text Block]
The current portion of the term loans is shown in the table below:
 
 
 
June 30, 2013
 
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
China Minsheng Banking Corporation Limited,
    Fuzhou Branch
 
$
9,751,686
 
 
$
6,509,170
 
Fujian Haixia Bank, Fuzhou Hualin Branch
 
 
1,629,355
 
 
 
1,585,138
 
 
 
$
11,381,041
 
 
$
8,094,308
 
Additional information:
 
 
 
 
 
 
 
 
Weighted average interest rate for the six months ended
    June 30, 2013 and 2012
 
 
3.6
%
 
 
1.1
%
Schedule Of Long Term Debt Non Current Portion [Table Text Block]
The term loan amounts recorded as non-current as of June 30, 2013 and December 31, 2012 consisted of the following:
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
China Minsheng Banking Corporation Limited, Fuzhou Branch
 
$
9,751,686
 
$
13,519,046
 
Fujian Haixia Bank, Fuzhou Hualin Branch
 
 
2,444,032
 
 
3,170,275
 
 
 
$
12,195,718
 
$
16,689,321
 
Schedule of Maturities of Long-term Debt [Table Text Block]
A summary of the principal payments for the outstanding term loans during the following three fiscal years is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
Term of
 
Principal payment due during
 
outstanding loan
 
Name of bank
 
Collateral
 
loans
 
2013
 
2014
 
2015
 
amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
China Minsheng Banking Corporation
    Limited, Fuzhou Branch
 
Pingtan Fishing’s
    and Hong
    Long’s fishing
    vessels and
    guaranteed by
    Xinrong Zhuo
 
May 4, 2012
    to March
    16, 2015
 
$
3,006,159
 
$
6,012,318
 
$
3,006,159
 
$
12,024,636
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
China Minsheng Banking Corporation
    Limited, Fuzhou Branch
 
Pingtan Fishing’s
    and Hong
    Long’s fishing
    vessels and
    guaranteed by
    Xinrong Zhuo
 
June 15, 2012
    to March
    16, 2015
 
 
733,210
 
 
1,466,419
 
 
733,210
 
 
2,932,839
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
China Minsheng Banking Corporation
    Limited, Fuzhou Branch
 
Pingtan Fishing’s
    and Hong
    Long’s fishing
    vessels and
    guaranteed by
    Xinrong Zhuo
 
June 29, 2012
    to March
    16, 2015
 
 
1,136,475
 
 
2,272,949
 
 
1,136,475
 
 
4,545,899
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fujian Haixia Bank, Fuzhou Hualin
    Branch
 
Guaranteed by
    Xinrong Zhuo
 
April 25, 2012
    to March
    22, 2015
 
 
814,677
 
 
1,629,354
 
 
1,629,354
 
 
4,073,385
 
 
 
 
 
 
 
$
5,690,521
 
$
11,381,040
 
$
6,505,198
 
$
23,576,759