Registration No. 200301030845 (633265-K) - 111 - 25. Bank Borrowings (Cont’d) Term loan VII The bank borrowing-Import financing bears interest at rate of cost of fund plus 2.58% per annum and repayable by milestone payment from contract proceeds. The bank borrowing is secured by ways of: (a) Deed of assignment of contract proceeds and project account; (b) Debenture incorporating fixed and floating assets; (c) Personal guarantee by a Director and a former Director of the Company; (d) Corporate guarantee by the Company; and (e) Charge over shares and any future shares of the subsidiary. Term loan VIII The term loan is repayable on 27 April 2024. S$289,950 of the team loan bears interest rate of 6.5% (2021: Nil %) per annum below the bank's commercial financing rate and S$975,005 of the term loan bears interest rate of 5.2% per annum below the bank's commercial financing rate. The term loan is unsecured. Term loan VIIII The term loan is repayable by 6 monthly instalments. The term loan's interest rate is subject to benchmark interest rate of the People's Bank of China. The term loan is unsecured. Bank overdrafts Bank overdrafts are secured by the following: (a) Fixed deposit pledged to licensed banks; and (b) Jointly and severally guarantee by certain Directors. Invoice Financing Invoice financing is repayable within 180 days (2021: 150 to 180 days). The facilities are secured by corporate guarantee from the Company and personal guarantee of a director Range of interest rates during the current and prior financial year is as follows: 2022 2021 2022 2021 % % % % Bank overdrafts 4.33 - 7.79 5.10 - 8.25 - - Invoice financing 8.79 1.00 - - Term loans 3.22 - 8.22 3.50 - 12.90 5.28 - 8.22 6.95 Group Company 189 ANNUAL REPORT 2022 DESTINI BERHAD
RkJQdWJsaXNoZXIy NDgzMzc=