NaturalShrimp Incorporated Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

3. LINES OF CREDIT

3. LINES OF CREDIT	12 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]
3. LINES OF CREDIT	The Company has a working capital line of credit with Community National Bank. On August 28, 2013, the Company renewed the line of credit for $30,000. The line of credit bears an interest rate of 7.0% and is payable quarterly. The line of credit matured on February 28, 2014, is secured by various assets of the Companys subsidiaries, and is also guaranteed by two directors of the Company. The balance of the line of credit at March 31, 2015 and 2014 was $27,009 and $35,430, respectively. The Company also has a working capital line of credit with Extraco Bank. On March 12, 2014, the Company renewed the line of credit for $475,000. The line of credit bears an interest rate of 4.0% that is compounded monthly on unpaid balances and is payable monthly. The line of credit matures on March 12, 2016, and is secured by certificates of deposit and letters of credit owned by directors and shareholders of the Company. The balance of the line of credit is $473,029 at March 31, 2015 and March 31, 2014. The Company has additional lines of credit with Extraco Bank for $ $100,000 and $200,000, which were renewed on January 19, 2014 and March 30, 2014, respectively. The lines of credit bear an interest rate of 4.5% that is compounded monthly on unpaid balances and is payable monthly. The lines of credit matured on January 19, 2015 and March 30, 2015, respectively, and are secured by certificates of deposit and letters of credit owned by directors and shareholders of the Company. The Company is currently in negotiations with Extraco Bank to renew the lines of credit. The balance of the lines of credit was $278,470 at March 31, 2015 and 2014, respectively. The Company also has a working capital line of credit with Capital One Bank for $50,000. The line of credit bears an interest rate of prime plus 3.89 basis points, which totaled 7.14% as of March 31, 2015 and 2014. The line of credit matures on December 12, 2015 and is unsecured. The balance of the line of credit was $9,890 and $12,518 at March 31, 2015 and 2014, respectively. The Company also has a working capital line of credit with Chase Bank for $25,000. The line of credit bears an interest rate of prime plus 3.55 basis points, which totaled 6.80% as of March 31, 2015 and 2014. The line of credit matures on October 30, 2015, and is secured by assets of the Companys subsidiaries. The balance of the line of credit was $13,687 and $0 at March 31, 2015 and 2014, respectively.

3. LINES OF CREDIT

12 Months Ended

Mar. 31, 2015

The Company has a working capital line of credit with Community National Bank. On August 28, 2013, the Company renewed the line of credit for $30,000. The line of credit bears an interest rate of 7.0% and is payable quarterly. The line of credit matured on February 28, 2014, is secured by various assets of the Companys subsidiaries, and is also guaranteed by two directors of the Company. The balance of the line of credit at March 31, 2015 and 2014 was $27,009 and $35,430, respectively.

The Company also has a working capital line of credit with Extraco Bank. On March 12, 2014, the Company renewed the line of credit for $475,000. The line of credit bears an interest rate of 4.0% that is compounded monthly on unpaid balances and is payable monthly. The line of credit matures on March 12, 2016, and is secured by certificates of deposit and letters of credit owned by directors and shareholders of the Company. The balance of the line of credit is $473,029 at March 31, 2015 and March 31, 2014.

The Company has additional lines of credit with Extraco Bank for $ $100,000 and $200,000, which were renewed on January 19, 2014 and March 30, 2014, respectively. The lines of credit bear an interest rate of 4.5% that is compounded monthly on unpaid balances and is payable monthly. The lines of credit matured on January 19, 2015 and March 30, 2015, respectively, and are secured by certificates of deposit and letters of credit owned by directors and shareholders of the Company. The Company is currently in negotiations with Extraco Bank to renew the lines of credit. The balance of the lines of credit was $278,470 at March 31, 2015 and 2014, respectively.

The Company also has a working capital line of credit with Capital One Bank for $50,000. The line of credit bears an interest rate of prime plus 3.89 basis points, which totaled 7.14% as of March 31, 2015 and 2014. The line of credit matures on December 12, 2015 and is unsecured. The balance of the line of credit was $9,890 and $12,518 at March 31, 2015 and 2014, respectively.

The Company also has a working capital line of credit with Chase Bank for $25,000. The line of credit bears an interest rate of prime plus 3.55 basis points, which totaled 6.80% as of March 31, 2015 and 2014. The line of credit matures on October 30, 2015, and is secured by assets of the Companys subsidiaries. The balance of the line of credit was $13,687 and $0 at March 31, 2015 and 2014, respectively.