BANK LOANS PAYABLE

6 Months Ended

Dec. 31, 2016

Notes to Financial Statements

BANK LOANS PAYABLE

Bank loans payable consisted of the following: 

	Dec. 31, 2016			June 30, 2016
	(Unaudited)
Note payable denominated in RM to a commercial bank for expansion plans in Malaysia, maturing in August 2024, bearing interest at the bank’s prime rate plus 1.50% (5.25% and 5.45% at December 31, 2016 and June 30, 2016) per annum, with monthly payments of principal plus interest through August 2024, collateralized by the acquired building with a carrying value of $2,577 and 2,898, as at December 31, 2016 and June 30, 2016, respectively.		1,825			2,052
Note payable denominated in U.S. dollars to a commercial bank for expansion plans in Singapore and its subsidiaries, maturing in March 2017, bearing interest at the bank’s lending rate (7.5% for both December 31, 2016 and June 30, 2016) with monthly payments of principal plus interest through April 2017. This note payable is secured by plant and equipment with a carrying value of $259 and 294, as at December 31, 2016 and June 30, 2016, respectively.		61			154
Total Bank loans payable		1,886			2,206
Current portion of bank loan payable		261			352
Currency translation effect on current portion of bank loan		(26	)		(10	)
Current portion of bank loan payable		235			342
Long term portion of bank loan payable		1,625			1,854
Currency translation effect on long-term portion of bank loan		(171	)		(129	)
Long term portion of bank loans payable	$	1,454		$	1,725

Future minimum payments (excluding interest) as at December 31, 2016 were as follows: 

2017	$	235
2018		189
2019		199
2020		209
2021		221
Thereafter		636
Total obligations and commitments	$	1,689

Future minimum payments (excluding interest) as at June 30, 2016 were as follows: 

2017	$	342
2018		204
2019		215
2020		226
2021		239
Thereafter		841
Total obligations and commitments	$	2,067