Key Quantitative Figures
- Loan Amount: Maximum limit of GBP 450,000
- Interest Rate: 7% per annum
- Interest Payment Frequency: Annual rests
- Tenure: Payable on demand or within 3 years, whichever is earlier
Parties Involved
- Lender: S.P. Apparels Limited
- Borrower: S.P. Apparels (UK) (P) Limited (Wholly Owned Subsidiary)
Purpose/Rationale
The loan facility is exclusively for the subsidiary's business and operations.
Ownership Structure
The Company holds 100% shares of the Borrower (S.P. Apparels (UK) (P) Limited).
Significant Terms
- Nature of Loan: Unsecured
- Security Provided: None
- Special Rights: The Agreement does not contain terms pertaining to right to appoint directors, first right to share subscription in case of issuance of shares, or right to restrict any change in capital structure
Related Party Transaction Status
The transaction falls within related party transactions as the Borrower is a wholly owned subsidiary of the Company. The transaction is stated to be at arm's length.