SHORT-TERM LOAN - RELARED PARTIES

6 Months Ended

Sep. 30, 2022

SHORT-TERM LOAN - RELARED PARTIES

SHORT-TERM LOAN - RELARED PARTIES

NOTE 5 – SHORT-TERM LOAN – RELARED PARTIES

Short-term loan of $161,162 consists of two notes from Ms. Wu Fengqun, 8.95% shareholder of the Company, in the amount of $117,296 (RMB834,673), annual fixed interest of $100, maturity date of April 11, 2020; and in the amount of $43,866 (HKD344,345), annual fixed interest of $50, maturity date of April 11, 2020. These two notes were extended to mature on March 31, 2023 without interest.

Short-term loans of $81,395 (RMB579,200) consists of loans from Mr. Huang Jing, 8.68% shareholder of the Company and a legal representative of the Company’s subsidiary Yinfu International Holdings Limited Huizhou Branch. The loans mature within one year without interest.

As of September 30, 2022 and March 31, 2022, accrual interest – related party was $443 and $480 respectively.

As of September 30, 2022 and March 31, 2022, short-term loan – related parties outstanding was $242,557 and $228,675 respectively.