BANK BORROWING

12 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

BANK BORROWING

11. BANK BORROWING

On January 25, 2017, Lucky Star F&B Sdn. Bhd., a wholly owned subsidiary of the Company has acquired a business loan from Standard Chartered Saadiq Berhad, a bank incorporated in Malaysia, amounted to MYR342,834 (approximately $83,972) at annual interest of 6.00% accrued in arrear, for a repayment period of 72 months with interest bearing monthly installment of MYR6,473 (approximately $1,585) which is the sole bank borrowing by the Company.

The outstanding balance of business loan as of March 31, 2024 and 2023 can be summarized as follow:

	As of March 31
	2024		2023
Bank borrowing (Current portion)	$	-	$	7,954
Total	$	-	$	7,954

On April 1, 2020, Standard Chartered Saadiq Berhad announced to provide loan deferment to borrower for a period 6 months in supporting of Malaysia National Bank to ease financial pressure as a result of movement control order promulgated by Malaysia Government to contain the outbreak of COVID- 19. Pursuant to the announcement, no instalment is required, and no penalty will be imposed during the 6 months period however additional non-compounding interest will continue to accrue. As such, the Company has incurred additional interest of $2,141 interest expenses. The last repayment is expected on August 2023.

For the year ended March 31, 2024, the Company repaid $0 in bank borrowings.

For the year ended March 31, 2023, the Company repaid $16,050 in bank borrowings.

Maturities of the loan for the remaining one year are as follows:

Year ending March 31
2024	$	-
Total	$	-