Excel Force MSC Berhad Annual Report 2016

EXCEL FORCE MSC BERHAD ANNUAL REPORT 2016 87 Notes to the Financial Statements 31 December 2016 (cont’d) 18. TERM LOAN (SECURED) (cont’d) 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 32 to the financial statements. 19. TRADE AND OTHER PAYABLES Group Company 2016 2015 2016 2015 RM RM RM RM Current Trade payables Third parties 460,060 245,340 439,685 201,053 Other payables Other payables 248,554 402,137 237,486 295,302 Accruals 818,183 1,426,024 788,040 1,135,805 Advance billings 764,386 1,503,882 171,147 581,655 1,831,123 3,332,043 1,196,673 2,012,762 2,291,183 3,577,383 1,636,358 2,213,815 (a) Trade payables are non-interest bearing and the normal trade credit terms granted to the Group and the Company is 60 days (2015: 60 days) from the date of invoice. (b) Included in other payables are advance billings in relation to services not rendered during the financial year amounting to RM764,386 and RM171,147 (2015: RM1,503,882 and RM581,655) of the Group and of the Company respectively. (c) Included in accruals of the Group and the Company are payroll related accruals amounting to RM522,537 and RM508,905 respectively (2015: RM960,232 and RM732,602 respectively). (d) The trade and other payables are denominated in Ringgit Malaysia (‘RM’). (e) Information on financial risks of trade and other payables is disclosed in Note 32 to the financial statements.