Notes to the Financial Statements Registration No. 200301030845 (633265-K) - 110 - 25. Bank Borrowings (Cont’d) 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 fixed deposit 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 RM18,871,359. 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 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. Term loan V The term loan is secured by the charge over the land use right and leasehold property of the subsidiary in People's Bank of China (“PRC”). The loan carries interest at 1.305% plus benchmark interest rates of the People's Bank of China and is repriced at interval of 1 month for period of 12 months from September 2021 to September 2022. Term loan VI The term loan amounted to RM50,000,000 and bears interest at rate of 1.75% per annum above the bank’s cost of funds. The term loan is repayable by 30 monthly instalments commencing from May 2017. 188 DESTINI BERHAD ANNUAL REPORT 2022
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