Excel Force MSC Berhad Annual Report 2015

NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (cont’d) E X C E L F O R C E M S C B E R H A D • A N N U A L R E P O R T 2 0 1 5 85 18. TERM LOAN (SECURED) Group and Company 2015 2014 RM RM Repayable as follows: Current liabilities - not later than one (1) year 981,108 981,108 Non-current liabilities - later than one (1) year but not later than five (5) years 3,924,432 3,924,432 - more than five (5) years 1,296,678 2,277,786 5,221,110 6,202,218 6,202,218 7,183,326 The term loan of the Group and of the Company is secured by a first party charge over the long term leasehold land and a building of the Group and of the Company as disclosed in Note 7 to the financial statements. The term loan is repayable by 120 monthly instalments with the fixed amount of RM81,759 with effect from one month after the date of full release of the loan. The term loan of the Group and of the Company bears interest at BLR-2.40% based on the outstanding amount of the term loan after setting off against the available balance in the current account of the Group and of the Company maintained in the same financial institution where the term loan was drawndown. Information on financial risks of term loan is disclosed in Note 33 to the financial statements. 19. HIRE PURCHASE AND FINANCE LEASE LIABILITIES Group and Company 2015 2014 RM RM Minimum hire purchase and finance lease payments: - not later than one (1) year - 51,960 Total minimum hire purchase and finance lease payments - 51,960 Less: Future interest charges - (598) Present value of hire purchase and finance lease payments - 51,362 Repayable as follows: Current liabilities - not later than one (1) year - 51,362 The hire purchase and finance lease liabilities of the Group and of the Company bear interest at 3% (2014: 3%) per annum. Information on financial risks of hire purchase and finance lease liabilities is disclosed in Note 33 to the financial statements.