Dagang NeXchange Berhad Annual Report 2019

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) DAGANG NeXCHANGE BERHAD 154 18. LOANS AND BORROWINGS Group Company Note 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Non-current Term loans 18.1 18,854 17,664 - - Finance lease liabilities 18.2 - 300 - - 18,854 17,964 - - Current Term loans 18.1 3,114 1,478 - - Finance lease liabilities 18.2 - 202 - - Revolving credits 18.3 28,000 18,000 28,000 18,000 Other bank facilities 18.4 5,574 2,893 - - Bank overdrafts 15, 18.5 10,727 7,038 - - 47,415 29,611 28,000 18,000 66,269 47,575 28,000 18,000 18.1 The term loans bore effective interest rates ranging from 5.75% to 7.15% (2018: 5.75% to 7.15%) per annum and are secured by: (i) a first party legal charge over certain freehold land and buildings as disclosed in Note 3 to the financial statements; (ii) a corporate guarantee of the Company; and (iii) a guarantee by a director of the Group to a term loan of RM52,000. 18.2 Finance lease liabilities are payable as follows: Group 2019 2018 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 in the previous financial year bore effective interest rates ranging from 4.46% to 7.37% per annum and were secured by certain of the Group’s motor vehicles and office equipment as disclosed in Note 3 to the financial statements.