LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS

3 Months Ended

Sep. 30, 2013

Notes to Financial Statements

LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

The following table presents TTCQ’s loan receivable from property development projects in China as of September 30, 2013. The exchange rate is based on the date published by the Monetary Authority of Singapore as on September 30, 2013.

	Loan Expiry	Loan Amount		Loan Amount
	Date	(RMB)		(U.S. Dollars)
Investment in JiaSheng (Project B-48 Phase 2)	31-Oct-2013		5,000		817
Investment in JiangHuai (Project – Yu Jin Jiang An)	31-May-2013		2,000		327
Net loan receivable from property development projects			7,000		1,144

The following table presents TTCQ’s loan receivable from property development projects in China as of June 30, 2013. The exchange rate is based on the date published by the Monetary Authority of Singapore as on June 30, 2013.

	Loan Expiry	Loan Amount		Loan Amount
	Date	(RMB)		(U.S. Dollars)
Investment in JiaSheng (Project B-48 Phase 2)	31-Oct-2013		5,000		814
Investment in JiangHuai (Project – Yu Jin Jiang An)	31-May-2013		2,000		325
Net loan receivable from property development projects			7,000		1,139

On November 1, 2010, TTCQ entered into a Memorandum Agreement with JiaSheng Property Development Co. Ltd. (“JiaSheng”) to invest in their property development projects (Project B-48 Phase 2) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310-10-25 Receivables, amounting to RMB 5,000, or approximately $814 based on the exchange rate as at September 30, 2013 published by the Monetary Authority of Singapore. The agreement guaranteed TTCQ an income of RMB 1,250, or approximately $204, based on the average exchange rate for the three months ended September 30, 2013 payable in four installments. The amount is unsecured and repayable at the end of the term. The agreement expires on October 31, 2013.  TTCQ recorded other income of $51, based on the average exchange rate for the three months ended September 30, 2013 published by the Monetary Authorities of Singapore as compared to $313 for the same period in the last year.

On November 1, 2010, TTCQ entered into another Memorandum Agreement with JiangHuai Property Development Co. Ltd. (“JiangHuai”) to invest in their property development projects (Project - Yu Jin Jiang An) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310-10-25 Receivables, amounting to RMB 2,000, or approximately $326. The agreement guaranteed TTCQ an income of RMB 400, or approximately $65, payable in 12 installments. The amount is secured by the underlying property and repayable at the end of the term. The loan was renewed, but expired on May 31, 2013. TTCQ is in the process of recovering the outstanding amounts. TTCQ did not generate other income from JiangHuai for the three months ended September 30, 2013, while it recorded other income of $16 for the same period in the last fiscal year.