200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 22. Cash and bank balances (cont'd) 2021 2020 2021 2020 RM RM RM RM Cash and bank balances 69,536,133 57,474,737 782,239 144,098 Less: Bank overdrafts (Note 23) - (2,680,028) - - Less: Pledged deposits (23,919,075) (21,750,827) - - Cash and cash equivalents 45,617,058 33,043,882 782,239 144,098 Company Group For the purpose of the statements of cash flows, cash and cash equivalents comprise the following at the reporting date: Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one month to three months (2020: one month to three months) depending on the immediate cash requirements of the Group and earn interest at respective short-term deposit rates. The weighted average effective interest rates as at 31 December 2021 for the Group was 1.61% (2020: 2.08%). Short-term deposits with licensed banks of the Group amounting to RM23,919,075 (2020: RM21,750,827) are pledged as security for borrowings (Note 23). - 78 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 Annual Repor t 2021 138
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