My EG Services Berhad Annual Report 2020

MY E.G. SERVICES BERHAD Regisration No. 200001003034 (505639-K) 194 NOTES TO THE FINANCIAL STATEMENTS For The Financial Year Ended 31 December 2020 (CONT’D) 29. BLOCK DISCOUNTING (CONT’D) Details of the block discounting loan are as follows:- Number of Monthly Instalments Monthly Instalment RM’000 Date of Commencement of Repayment Block discounting loan 1 60 32 October 2019 Block discounting loan 2 60 32 October 2019 Block discounting loan 3 60 57 October 2019 Block discounting loan 4 60 32 October 2019 Block discounting loan 5 60 14 October 2019 Block discounting loan 6 60 24 November 2019 Block discounting loan 7 59 269 November 2019 Block discounting loan 8 60 33 December 2019 Block discounting loan 9 57 48 March 2020 Block discounting loan 10 57 30 November 2020 Block discounting loan 11 60 7 November 2020 Block discounting loan 12 60 27 November 2020 The block discounting of the Group at the end of the reporting period bore fixed effective interest rates ranging from 3.86% to 6.76% (2019 - 3.86% to 6.74% ) per annum and are secured by:- (a) Master agreement between a subsidiary of the Company and the bank; (b) Assignment of Hire Purchase/Non-Act Leasing Agreements through a power of attorney in favour of the bank; (c) Corporate guarantee of the Company; and (d) Placement of certain fixed deposits of a subsidiary. 30. DEFERRED TAX LIABILITIES The Group The Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 At 1 January 2020/1 October 2018 2,223 2,277 1,910 1,910 Recognised in profit or loss (Note 38) 150 (54) - - At 31 December 2020/2019 2,373 2,223 1.910 1,910 The deferred tax liabilities are attributable to the following:- The Group The Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Accelerated capital allowances 1,644 1,664 1,351 1,351 Development costs 729 559 559 559 2,373 2,223 1,910 1,910