ENRA Group Berhad Annual Report 2018

88 E N R A G R O U P B E R H A D ( 2 3 6 8 0 0 - T ) NOTES TO THE FINANCIAL STATEMENTS 31 March 2018 cont’d 15. CASH AND BANK BALANCES AND SHORT TERM FUNDS Group Company 2018 2017 2018 2017 RM’000 RM’000 RM’000 RM’000 Fixed deposits with licensed banks 7,026 4,951 2,799 2,749 Cash and bank balances 19,075 15,708 7,294 2,425 26,101 20,659 10,093 5,174 Short term funds At fair value through profit or loss - Investment in fixed income trust funds in Malaysia 20,088 43,406 17 - 46,189 64,065 10,110 5,174 (a) Investment in fixed income trust funds in Malaysia represents investments in highly liquid money market instruments, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value and hence, meet the definition to be classified as cash and cash equivalents. (b) Included in the Group’s cash and bank balances is an amount of RM4,391,000 (2017: RM7,259,000) held under the Housing Development Account pursuant to Section 7A of Housing Development (Control and Licensing) Act, 1966, as amended by the Housing Developers (Housing Development Account) (Amendment) Regulations, 2015, which is not available for general use by the Group. (c) Certain deposits with licensed banks are pledged to licensed banks as security for credit facilities granted to the Group and the Company as set out in Notes 24, 26 and 27 to the financial statements. The fixed deposits of the Group and of the Company bear average interest of 3.19% (2017: 3.16%) and 3.19% (2017: 3.20%) per annum respectively. The fixed deposits of the Group and of the Company have maturity period of one (1) month to forty-eight (48) months (2017: one (1) month to twelve (12) months). (d) Information on financial risks of cash and bank balances and short term funds is disclosed in Note 42 to the financial statements. (e) The currency exposure profile of cash and bank balances and short term funds are as follows: Group Company 2018 2017 2018 2017 RM’000 RM’000 RM’000 RM’000 Ringgit Malaysia 43,494 61,415 10,110 5,174 US Dollar 995 412 - - British Pound 1,676 2,238 - - Singapore Dollar 24 - - - 46,189 64,065 10,110 5,174