DESTINI Annual Report 2019

NOTES TO THE FINANCIAL STATEMENTS 27. Bank Borrowings Group Company 2019 2018 2019 2018 RM RM RM RM Analysed as: Repayable after twelve months - - Term loan I - 109,999 - - Term loan II 123,240 135,005 - - Term loan III 6,877,272 7,303,459 6,877,272 7,303,459 Term loan IV - - - - Term loan V 1,684,816 2,127,820 1,684,816 2,127,820 Term loan VI - - - - Term loan VII - - - - Term loan VIII - 3,653,808 - - Term loan IX - 24,746,545 - 24,746,545 Term loan X - 77,534,800 - - Term loan XI 1,487,931 - - - 10,173,259 115,611,436 8,562,088 34,177,824 Total 114,748,688 136,101,594 24,546,499 38,270,672 Term loan I The bank borrowing of AED99,750 (equivalent to RM112,224) obtained from a local bank bears interest at rate of 7.85% per annum. Term loan II The term loan of RM200,000 obtained from a local bank bears interest at rate of 10.60% per annum repayable by 180 monthly installments of RM1,552 each commencing from September 2014. The term loan is secured against facility agreement and 70% guarantee coverage by Syarikat Jaminan Pembiayaan Bhd (“SJPP”). It is also jointly and severally guaranteed by certain Directors of the Company. Term loan III The term loan is secured by way of a first legal charged on a freehold land and buildings of the Company at carrying amount of RM15,857,745. Interest charged on the facility at BLR plus 1.0% per annum. The term loan is repayable by monthly installments of RM97,934 over 10 years. Term loan IV and VII Term loan was denominated in RM, bore interest at rate of 6.10% per annum. These term loans were fully settled during the financial year. It was secured by the followings: (a) Deed of assignment of contract proceeds. (b) Debenture incorporating fixed and floating assets. (c) Corporate guarantee by the Company. Term loan V The term loan is secured by way of a first legal charge on a freehold land and buildings of the Company at carrying amount of RM4,814,476. Interest charged on the facility at BLR plus 1.75% per annum. The term loan is repayable by monthly installments of RM32,736 over 10 years. FINANCIAL STATEMENTS 06 ANNUAL REPORT 2019 165