Quarterly report pursuant to sections 13 or 15(d)

TERM LOANS (Tables)

v2.4.0.8
TERM LOANS (Tables)
9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
Schedule of Short-term Debt [Table Text Block]
As of September 30, 2013 and December 31, 2012, Merchant Supreme’s short and long-term loans consisted of the following items:
 
(a)
Short-term loans
 
 
 
September 30, 2013
 
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
Classified by financial institutions:
 
 
 
 
 
 
 
 
Industrial and Commercial Bank of China
 
$
13,376,883
 
 
$
14,390,323
 
Fujian Haixia Bank
 
 
8,986,928
 
 
 
7,133,120
 
China Minsheng Banking Corporation Limited
 
 
-
 
 
 
3,645,817
 
 
 
$
22,363,811
 
 
$
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
    September 30, 2013 and 2012
 
$
422,912
 
 
$
525,986
 
Interest expense for the nine months ended
    September 30, 2013 and 2012
 
$
984,129
 
 
$
1,440,328
 
Weighted average interest rate for the nine
    months ended September 30, 2013 and
    2012
 
 
1.6
%
 
 
2.7
%
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
September 30,
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,744,330
 
Fixed rate at
    2.7731% per
    annum
 
Due on
    October 3, 2013
 
N/A
 
$
1,744,330
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$242,000
 
Fixed rate at
    2.7729% per
    annum
 
Due on
    October 4, 2013
 
N/A
 
 
242,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$516,256
 
Fixed rate at
    2.7729% per
    annum
 
Due on
    October 4, 2013
 
N/A
 
 
516,256
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$263,737
 
Fixed rate at
    2.7729% per
    annum
 
Due on
    October 4, 2013
 
N/A
 
 
263,737
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$790,774
 
Fixed rate at
    2.7729% per
    annum
 
Due on
    October 4, 2013
 
N/A
 
 
790,774
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,500,410
 
Fixed rate at
    2.4647% per
    annum
 
Due on
    October 23, 2013
 
N/A
 
 
1,500,410
 
 
 
Name of Banks
 
Principal
amount
 
Current
annualized
interest rate
 
Terms of loans
 
Collateral
 
Outstanding
amount as of
September 30,
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,079,440
 
Fixed rate at
    2.4647% per
    annum
 
Due on
    October 23,
    2013
 
N/A
 
 
1,079,440
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$2,022,740
 
Fixed rate at
    2.3519% per
    annum
 
Due on
    December 18,
    2013
 
N/A
 
 
2,022,740
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$2,000,250
 
Fixed rate at
    2.3519% per
    annum
 
Due on
    December 18,
    2013
 
N/A
 
 
2,000,250
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,061,852
 
Fixed rate at
    2.3519% per
    annum
 
Due on
    December 18,
    2013
 
N/A
 
 
1,061,852
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$1,615,950
 
Fixed rate at
    2.3476% per
    annum
 
Due on
    December 27,
    2013
 
N/A
 
 
1,615,950
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Industrial & Commercial
    Bank of China, Fuzhou
    Dongjiekou Branch
 
US$539,144
 
Fixed rate at
    2.3476% per
    annum
 
Due on
    December 27,
    2013
 
N/A
 
 
539,144
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fujian Haixia Bank,
    Fuzhou Hualin Branch
 
RMB30,000,000
 
Fixed rate at
    8.400% per
    annum
 
Due on
    March 22,
    2014
 
Guarantee by
    Xinrong
    Zhuo
 
 
4,901,961
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fujian Haixia Bank,
    Fuzhou Hualin Branch
 
RMB10,000,000
 
Fixed rate at
    9.000% per
    annum
 
Due on
    May 9,
    2014
 
Guarantee by
    Xinrong
    Zhuo
 
 
1,633,987
 
 
Name of banks
 
Principal
amount
 
Current
Annualized
interest rate
 
Terms of loans
 
Collateral
 
Outstanding
amount as of
September 30,
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fujian Haixia Bank, Fuzhou Hualin Branch
 
RMB15,000,000
 
Fixed rate at
    9.000% per
    annum
 
Due on April 23,
    2014
 
Guarantee by
Xinrong Zhuo
 
 
2,450,980
 
 
 
 
 
 
 
 
 
 
 
$
22,363,811
 
Schedule of Long-term Debt Instruments [Table Text Block]
The current portion of the term loans is shown in table below :
 
 
 
September 30,
2013
 
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
China Minsheng Banking Corporation Limited, Fuzhou Branch
 
$
9,779,412
 
 
$
6,509,170
 
Fujian Haixia Bank, Fuzhou Hualin Branch
 
 
1,633,987
 
 
 
1,585,138
 
 
 
$
11,413,399
 
 
$
8,094,308
 
 
 
 
 
 
 
 
 
 
Additional information:
 
 
 
 
 
 
 
 
Weighted average interest rate for the nine months ended
    September 30, 2013 and 2012
 
 
3.2
%
 
 
2.7
%
Schedule Of Long Term Debt Non Current Portion [Table Text Block]
The term loan amounts recorded as non-current as of September 30, 2013 and December 31, 2012 consisted of the following:
 
 
 
September 30,
2013
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
China Minsheng Banking Corporation Limited,
    Fuzhou Branch
 
$
9,779,412
 
$
13,519,046
 
Fujian Haixia Bank, Fuzhou Hualin Branch
 
 
2,450,980
 
 
3,170,275
 
The Export-Import Bank of China
 
 
46,200,981
 
 
-
 
 
 
$
58,431,373
 
$
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 five fiscal years is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
Principal payment due during
 
outstanding
 
Name of bank
 
Collateral
 
Term of loans
 
2013
 
2014
 
2015
 
2016
 
2017
 
loan 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
 
$
3,014,706
 
$
6,029,412
 
$
3,014,706
 
$
-
 
$
-
 
12,058,824
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
735,294
 
 
1,470,588
 
 
735,294
 
 
-
 
 
-
 
2,941,176
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
1,139,706
 
 
2,279,412
 
 
1,139,706
 
 
-
 
 
-
 
4,558,824
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fujian Haixia
     Bank,
     Fuzhou
     Hualin
     Branch
 
Guaranteed
     by Xinrong
     Zhuo
 
April 25,
     2012 to
     March 22, 2015
 
 
816,993
 
 
1,633,987
 
 
1,633,987
 
 
-
 
 
-
 
4,084,967
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The
     Export-
     Import
     Bank of
     China
 
Share right
     owned by
     Hong Long
 
July 5, 2013
     to December
     10, 2017
 
 
-
 
 
3,349,673
 
 
4,673,203
 
 
5,359,477
 
 
6,045,752
 
19,428,105
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The
     Export-
     Import
     Bank of
     China
 
Share right
     owned by
     Hong Long
 
July 5, 2013
     to December
     10, 2017
 
 
-
 
 
122,549
 
 
179,739
 
 
196,078
 
 
212,418
 
710,784
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The
     Export-
     Import
     Bank of
     China
 
Share right
     owned by
     Fujian
     International
     Trading and
     Transportation
     Company Ltd
 
July 5, 2013
     to December
     10, 2017
 
 
-
 
 
653,595
 
 
915,032
 
 
1,013,072
 
 
1,160,131
 
3,741,830
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The
     Export-
     Import
     Bank of
     China
 
Guaranteed by
     Hong Long
 
July 5, 2013
     to December
     10, 2017
 
 
-
 
 
3,235,294
 
 
4,542,483
 
 
5,163,399
 
 
2,745,098
 
15,686,274
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
Principal payment due during
 
outstanding
 
Name of bank
 
Collateral
 
Term of loans
 
2013
 
2014
 
2015
 
2016
 
2017
 
loan amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The
     Export-
     Import
     Bank of
     China
 
Share right
     owned by
     Fujian
     International
     Trading and
     Transportation
     Company Ltd
 
September 29,
     2013 to
     December
     10, 2017
 
 
-
 
 
81,699
 
 
98,039
 
 
130,719
 
 
147,060
 
 
457,517
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The
     Export-
     Import
     Bank of
     China
 
Share right
     owned by
     Hong Long
 
September 29,
     2013 to
     December
     10, 2017
 
 
-
 
 
212,418
 
 
294,118
 
 
359,477
 
 
375,819
 
 
1,241,832
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The
     Export-
     Import
     Bank of
     China
 
Guaranteed by
     Hong Long
 
September 29,
     2013 to
     December
     10, 2017
 
 
-
 
 
-
 
 
-
 
 
-
 
 
2,630,719
 
 
2,630,719
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The
     Export-
     Import
     Bank of
     China
 
Share right
     owned by
     Pingtan
     Fishing
 
September 29,
     2013 to
     December
     10, 2017
 
 
-
 
 
392,157
 
 
555,556
 
 
653,595
 
 
702,612
 
 
2,303,920
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
5,706,699
 
$
19,460,784
 
$
17,781,863
 
$
12,875,817
 
$
14,019,609
 
$
69,844,772