EXCEL FORCE MSC BERHAD Annual Report 2020

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2020 91 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CONT’D) 14. AMOUNT DUE FROM SUBSIDIARY COMPANIES Company 2020 2019 Note RM RM Current Non-trade related Interest bearing (a) - 750,469 Non-interest bearing (b) 157,069 13,440 157,069 763,909 (a) This represents loans which is unsecured, bear interest at a rate of 6.60% (2019: 6.60%) per annum and have fixed repayment terms range from8 to 9 years. The subsidiary company has fully settled the loans during the financial year. (b) This represents unsecured, non-interest bearing advances and repayable on demand. 15. DEPOSITS, BANK AND CASH BALANCES AND SHORT-TERM FUNDS Group Company 2020 2019 2020 2019 RM RM RM RM Cash in hand 7,009 7,073 6,505 6,571 Cash at banks 2,762,847 2,769,396 2,035,311 1,710,601 Fixed deposits with licensed banks 207,568 211,019 207,568 211,019 2,977,424 2,987,488 2,249,384 1,928,191 Short-term funds At fair value through profit or loss - Investments in fixed income trust funds in Malaysia 19,875,977 19,801,575 19,875,977 19,801,575 22,853,401 22,789,063 22,125,361 21,729,766 (a) Investments in fixed income trust funds in Malaysia represents investments in high liquidmoneymarket instruments, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. (b) The effective interest rates for short-term funds and deposits with licensed banks of the Group and of the Company at the end of the reporting period range from 0.12% to 7.56% (2019: 0.6% to 7.95%) per annum. (c) Deposits of the Group and of the Company have an average maturity period of 30 days (2019: 30 days). Bank balances are deposits held at call with banks.