28 CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise of the following: Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Fixed deposits with licensed investment bank in Malaysia 81,119 127,748 37,395 16,688 Cash and bank balances 113,656 68,173 16,387 3,672 Deposits, cash and bank balances 194,775 195,921 53,782 20,360 Less: Restricted cash (16,693) (15,997) (16,693) (15,997) Cash and cash equivalents 178,082 179,924 37,089 4,363 The effective interest rates of the fixed deposits range from 1.60% - 2.13% (2020: 1.57% - 3.30%) per annum for the Group and range from 1.60% - 2.13% (2020: 1.57% - 3.30%) per annum for the Company respectively. All fixed deposits have original maturity terms of 3 months or less (2020: 3 months or less). Bank balances are deposits held at call with banks and earn no interest. Restricted cash relates to bank balance pledged in order to obtain certain bank facilities. The fixed deposits, cash and bank balances are denominated as follows: Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Ringgit Malaysia 118,721 150,447 53,782 20,360 US Dollar 76,054 44,231 - - AE Dirham - 1,243 - - 194,775 195,921 53,782 20,360 Credit rating profiles of banks in which the fixed deposits have been placed are as follows: Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 AAA 81,119 127,748 37,395 16,688 AAA – A financial institution rated AAA has a superior capacity to meet its financial obligations. This is the highest long-term financial institution rated assigned by RAM Ratings. AA – A financial institution rated AA has a strong capacity to meet its financial obligations. The financial institution is resilient against adverse changes in circumstances, economic conditions and/or operating environments. A – A financial institution rated A has an adequate capacity to meet its financial obligations. The financial institution is more susceptible to adverse changes in circumstances, economic conditions and/or operating environments than those in higher-rated categories. For long-term ratings, RAM Ratings applies subscripts 1, 2 or 3 in each rating category from AA to C. The subscripts 1 indicates that the financial institution ranks at the higher end of its generic rating category; the subscript 2 indicates a mid-ranking; and the subscripts 3 indicates that the financial institution ranks at the lower end of its generic rating category. NOTESTOTHE FINANCIAL STATEMENTS FORTHE FINANCIALYEAR ENDED 31 DECEMBER 2021 SUSTAINABILITY JOURNEY HOWWE ARE GOVERNED FINANCIAL STATEMENTS ADDITIONAL INFORMATION 351
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