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SHORT TERM LOAN RELATED PARTIES
6 Months Ended
Sep. 30, 2024
SHORT TERM LOAN RELATED PARTIES  
SHORT-TERM LOAN - RELATED PARTIES

NOTE 5 – SHORT-TERM LOAN – RELATED PARTIES

 

Short-term loan of $288,981 consists of two loans from Ms. Wu Fengqun, one loan from Mr Huang Jing, and one loan from Shenzhen Qianhai Yinfu Min’an Financial Services Co., Ltd., a company controlled by Mr.Jiang, Libin.

Mr. Jiang Libin is the President and a director of the Company.

 

The two loans from Ms. Wu Fengqun, the major shareholder of the Company, are $163,249 in total, which consists of loan in the amount of $118,931 (RMB834,673), annual fixed interest of $100, maturity date of April 11, 2020; and loan in the amount of $44,318 (HKD334,345), annual fixed interest of $50, maturity date of April 11, 2020. These two loans were extended to mature on March 31, 2025 without interest.

 

Short-term loan of $101,509 (RMB712,400) refers to the loan from Mr. Huang Jing, a significant shareholdert of the Company and a legal representative of the Company’s subsidiary Yinfu International Holdings Limited Huizhou Branch. The loan matures on March 31, 2025 without interest.

 

Short-term loan of $24,223 (RMB170,000) refers to the loan from Shenzhen Qianhai Yinfu Min’an Financial Services Co., Ltd, a related party of the Company due to its 90% shares was owned by Mr. Jiang, Libin.

 

As of September 30, 2024 and March 31, 2024, accrual interest – related party was $449 and $439 respectively.

 

As of September 30, 2024 and March 31, 2024, short-term loan – related parties outstanding was $288,981 and $281,813 respectively.