Kimlun Corporation Berhad Annual Report 2019

Annual Report 2019 Kimlun Corporation Berhad NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2019 (cont’d) 135 23. Loans and borrowings (cont'd) Bank overdrafts, bankers' acceptances, term loans and invoice financing The interest rates (per annum) at the reporting date were as follows: 2019 2018 % % Bank overdrafts 5.91 to 8.14 5.35 to 8.37 Bankers' acceptances 4.07 to 5.10 3.68 to 5.10 Term loans 5.20 to 6.70 5.20 to 6.85 Invoice financing 4.06 to 6.44 4.61 to 7.95 Revolving credit 4.66 to 5.77 4.95 to 5.27 (a) First party first legal charge over a parcel of leasehold land as disclosed in Note 12; (b) (c) Short term deposits as disclosed in Note 22; and (d) Corporate guarantee by the Company. Movement in loans and borrowings were as follows: 2019 2018 RM RM At 1 January 273,153,771 129,602,722 Drawdown: - hire purchase payables 14,552,515 42,755,954 - loans and borrowings 570,507,089 253,848,170 Repayments: - hire purchase payables (29,560,732) (24,637,129) - loans and borrowings (427,869,975) (146,667,937) Net changes in bank overdrafts 5,826,139 18,251,991 At 31 December 406,608,807 273,153,771 Group The bank overdrafts, bankers' acceptances, term loans, invoice financing and revolving credit together with bank guarantee facilities are secured by: First party first legal charge over certain land held for development, development properties and inventories as disclosed in Note 19 and Note 20; Group