Kimlun Corporation Berhad Annual Report 2018

Kimlun Corporation Berhad 103 NOTES TO THE FINANCIAL STATEMENTS 20. Trade and other receivables (cont’d) Receivables that are impaired The Group's trade receivables that are impaired at the reporting date and the movement of the allowance accounts used to record the impairment are as follows: Individually Impaired 2018 2017 RM RM Trade receivables - nominal amounts 14,895,398 13,058,445 Less: Allowance for impairment (14,895,398) (13,058,445) - - Movement in allowance accounts: At 1 January 13,058,445 2,634,905 Charge for the year (Note 7) 1,838,324 11,635,078 Reversal of impairment loss (Note 7) - (809,370) Written off - (390,646) Translation difference (1,371) (11,522) At 31 December 14,895,398 13,058,445 Trade receivables that are individually determined to be impaired at the reporting date relate to debtors that have defaulted on payments. These receivables are not secured by any collateral or credit enhancements. Other receivables Amounts due from subsidiaries are unsecured, interest bearing at 3.35% (31.12.2017: 3.20%; 1.1.2017: 3.50%) per annum and are repayable on demand. 21. Cash and bank balances Group 31.12.2018 31.12.2017 1.1.2017 RM RM RM Cash on hand and at banks 13,393,258 61,501,174 64,749,350 Short term deposits with licensed banks 22,176,169 25,070,728 14,276,004 Cash and bank balances 35,569,427 86,571,902 79,025,354 Company 31.12.2018 31.12.2017 1.1.2017 RM RM RM Cash on hand and at banks 2,400,916 4,258,984 3,076,071 Included in cash at banks of the Group are amounts of RM1,521 (31.12.2017: RM67,899; 1.1.2017: RM16,396) held pursuant to Section 7A of the Housing Developers (Control and Licensing) Act, 1966 and therefore restricted from use on other operations. Cash at banks earn 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 (31.12.2017: one month to three months; 1.1.2017: 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 2018 for the Group was 2.93% (31.12.2017: 2.88%; 1.1.2017: 2.74%). Short-term deposits with licensed banks of the Group amounting to RM22,176,169 (31.12.2017: RM25,070,728; 1.1.2017: RM14,276,004) are pledged as security for borrowings (Note 22). For the financial year ended 31 December 2018 (cont’d)