GHL System Berhad Annual Report 2020

145 a n n u a l r e p o r t 2 0 2 0 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 CONT’D 22. CASH AND BANK BALANCES Group Company 2020 2019 2020 2019 RM RM RM RM Cash and bank balances 135,504,861 125,630,466 5,466,566 3,128,665 Deposits with licensed banks 13,389,060 12,996,594 - - 148,893,921 138,627,060 5,466,566 3,128,665 (a) Cash and bank balances and deposits with licensed banks are classified as financial assets measured at amortised cost. (b) The weighted average effective interest rate of deposits with licensed banks of the Group is ranging between 2.39% to 3.65% (2019: 3.19%) per annum. The average maturity days are ranging from 180 days to 310 days (2019: 188 days) per annum. (c) Included in the deposits of the Group is an amount of RM12,595,916 (2019: RM12,332,919) pledged to licensed banks as securities for credit facilities granted to one (1) subsidiary as disclosed in Notes 25 and 30 to the financial statements. (d) At the end of the reporting period, the interest rate profile of the deposits with licensed banks was: Group Company 2020 2019 2020 2019 RM RM RM RM Fixed rate 13,389,060 12,996,594 - - Sensitivity analysis for fixed rate deposits with licensed banks at the end of the reporting period is not presented as fixed rate instrument is not affected by change in interest rates. (e) At the end of the reporting period, cash and bank balances denominated in foreign currencies which are held for working capital purposes is as follows: Group Company 2020 2019 2020 2019 RM RM RM RM Ringgit Malaysia (“RM”) 98,042,097 103,192,443 4,464,532 1,710,247 Philippines Peso (“PHP”) 32,381,361 16,004,258 - - United States Dollar (“USD”) 4,235,735 5,673,259 975,209 1,391,050 Thai Baht (“THB”) 12,398,282 11,948,233 26,825 27,368 Australian Dollar (“AUD”) 1,135,370 1,357,932 - - Singapore Dollar (“SGD”) 470,139 397,228 - - Indonesian Rupiah (“IDR”) 217,928 40,540 - - Hong Kong Dollar (“HKD”) 13,009 13,167 - - 148,893,921 138,627,060 5,466,566 3,128,665