Frontken Berhad Annual Report 2017

123 Frontken Corporation Berhad (651020-T) ANNUAL REPORT 2017 29. CASH FLOW INFORMATION (CONT’D) (b) The cash and cash equivalents comprise the following:- The Group The Company 2017 2016 2017 2016 RM RM RM RM Cash and bank balances 119,313,578 88,745,512 7,649,011 9,993,581 Fixed deposits with licensed banks 7,748,933 5,872,035 1,104,683 1,072,697 Short-term investments-unit trust 3,508,429 6,753,232 2,108,006 5,390,526 130,570,940 101,370,779 10,861,700 16,456,804 Less: Bank overdrafts (5,181,941) - - - Less: Fixed deposits pledged with licensed banks (3,136,080) (3,205,263) (1,104,683 ) (1,072,697) Less: Fixed deposits with maturity period more than 3 months (2,000,000) (97,617) - - Cash and cash equivalents 120,252,919 98,067,899 9,757,017 15,384,107 30. SIGNIFICANT EVENT DURING THE FINANCIAL YEAR The Companies Act 2016 came into operation on 31 January 2017 (except for Section 241 and Division 8 of Part III of the said Act) and replaced Companies Act 1965. Amongst the key changes introduced under the Companies Act 2016 that have affected the financial statements of the Group and of the Company upon its initial implementation are:- (i) Removal of the authorised share capital; (ii) Ordinary shares ceased to have par value; and (iii) Share premium account transferred to share capital account. The Companies Act 2016 was applied prospectively and the impacts on implementation are disclosed in the respective notes to financial statements. 31. FOREIGN EXCHANGE RATES The principal closing foreign exchange rates used (expressed on the basis of one unit of foreign currency to Ringgit Malaysia equivalent) for the translation of foreign currency balances at the end of the reporting period are as follows:- The Group/The Company 2017 2016 RM RM Singapore Dollar 3.04 3.10 United States Dollar 4.06 4.49 Philippine Peso 0.08 0.09 New Taiwan Dollar 0.14 0.14 Euro 4.85 4.72 Chinese Renminbi 0.62 0.65 Indonesian Rupiah 0.00030 0.00033 Thai Baht 0.12 0.13 Notes To The Financial Statements (cont’d)