KBS Fashion Group Ltd | CIK:0001546383 | 3

  • Filed: 4/30/2018
  • Entity registrant name: KBS Fashion Group Ltd (CIK: 0001546383)
  • Generator: Ez-XBRL
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1546383/000121390018005204/0001213900-18-005204-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1546383/000121390018005204/kbsf-20171231.xml
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    • ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory

    36.COMMITMENTS AND CONTINGENCIES

     

    (1)The Company had the following capital commitments in respect of the construction of plant and equipment which were contracted but not provided for in the financial statements:

     

       As at
    December 31,
    2017    		  As at
    December 31,
    2016    		 
     Contracted and authorized, in RMB  439,850,378   439,850,378 
     Contracted and authorized, in USD  67,315,108   63,406,426 

     

    (2)As at December 31, 2017, the Company had lease commitments as follows:

     

       As at December 31, 
       2017  2016 
     Within 1 year  101,660   79,035 
     2-5 years  231,138   290,289 
     Thereafter  2,337,061   2,237,645 
        2,669,859   2,606,969 

     

    The amount of $101,660 as of December 31, 2017 represents leases of two offices, four units of staff quarters, and one warehouse. There is no contingent rent payable for all of the leases. All leases are within one year except for one of the offices, which is leased by a related party as disclosed in note 30. The commitment pertains to this particular lease is as follows:

     

       As at December 31, 
       2017  2016 
     Within 1 year  77,046   72,252 
     2-5 years  231,138   290,289 
     Thereafter  2,337,061   2,237,645 
        2,645,245   2,600,506 

     

    The Company has prepaid this lease in the full amount. The lease commenced on January 1, 2009 and will expire on April 22, 2052. The lease does not specify the terms of renewal, purchase options, or escalation clauses. The Company may not sublease the office to a third party.