Dagang NeXchange Berhad Annual Report 2018

17. LOANS AND BORROWINGS (CONTINUED) 17.2 Finance lease liabilities are payable as follows: Group 2018 2017 RM’000 RM’000 Minimum lease payments: - not later than 1 year 224 - - later than 1 year and not later than 5 years 358 - 582 - Less: Future finance charges (80) - Present value of lease payments 502 - The finance lease liabilities bore effective interest rates ranging from 4.46% to 7.37% (2017: nil) per annum and are secured by certain of the Group’s motor vehicles and office equipment as disclosed in Note 3 to the financial statements. 17.3 The revolving credits bore effective interest rates ranging from 5.85% to 6.10% (2017: nil) per annum and are secured by a Clean Facility arrangement as the principal instrument. 17.4 Other bank facilities represents import line which bore effective interest rate of 8.49% (2017: nil) per annum and are secured by a marginal deposit and a corporate guarantee of the Company. 17.5 The bank overdrafts bore effective interest rates ranging from 5.50% to 8.35% (2017: nil) per annum and are secured by: (i) pledges of deposits with licensed banks as disclosed in Note 14 to the financial statements; (ii) a standing instruction against sinking funds account; (iii) a corporate guarantee of the Company; and (iv) a joint and several guarantee of certain directors of the Group. 147 Annual Report 2018 Notes to the Financial Statements (CONTINUED) FINANCIAL STATEMENTS