LOANS FROM BANKS (HIRE PURCHASE INSTALLMENT LOANS)

12 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

LOANS FROM BANKS (HIRE PURCHASE INSTALLMENT LOANS)

NOTE 8 - LOANS FROM BANKS (HIRE PURCHASE INSTALLMENT LOANS)

The loans from banks include long term and short term and are summarized as follow:

	June 30, 2019		June 30, 2018
Loans from banks	$	193	$	2,461
Loans from banks(non-current)		-		198
Total	$	193	$	2,659

Hire purchase installment loans with total amount $194 and $2,735 as at June 30, 2019, and June 30, 2018, are $193 and $2,659 net of imprest charges equivalent to interest $1 and $76 respectively are summarized as follows:

	Interest Rate	Monthly Due		June 30, 2019		June 30, 2018
Financial institution in Malaysia	N/A*		-		-		-
Financial institution in Malaysia	N/A*		-		-		-
Financial institution in Malaysia	N/A*		207		194		2,735
Hire purchase loans payable to banks				$	194	$	2,735

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(*) Hire purchase installment loans with Motor Vehicles as collateral. The financial institutions in Malaysia are Islamic banks and bear no interest in the installment agreement. However, there are certain imprest charges equivalent to interests which are being calculated at an average annual rate of approximate 0.42% for the rest of entire loans life and periods.

The scheduled maturities of the CSB’s hire purchase installment loans are as follows:

June 30,
2020	$	194
2021
2022
2023
Later years
Total minimum hire purchase installment payment	$	194
Less: Amount representing imprest charges equivalent to interest (current portion: $1 and non-current portion: -)		1
Present value of net minimum lease payments (#)	$	193

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(#) Minimum payment reflected in the balance sheet as current and non-current obligations under hire purchases installment loans as at June 30, 2019.