Wah Seong Corporation Berhad Annual Report 2018

21 AMOUNTS OWING BY/(TO) JOINT VENTURES (b) Amounts owing to joint ventures Group 2018 2017 RM’000 RM’000 Advance 3,757 3,198 Non-trade account 202 116 3,959 3,314 The Group’s amounts owing to joint ventures exposure to foreign currency (a currency which is other than the functional currency of the Group entities) risk, based on carrying amounts as at the end of the financial year, were: Group 2018 2017 RM’000 RM’000 - Japanese Yen 3,757 3,198 - China Renminbi 202 96 - United States Dollar - 20 3,959 3,314 Advance and non-trade accounts are unsecured, interest free and repayable on demand. 22 TIME DEPOSITS Group Company 2018 2017 2018 2017 RM’000 RM’000 RM’000 RM’000 Time deposits placed with: - licensed banks in Malaysia 30,172 35,998 8,500 2,110 - licensed overseas banks 28,724 1,500 - - 58,896 37,498 8,500 2,110 Time deposits with maturity more than 3 months 16,868 55,036 - - Short term investments 609 18,862 609 18,862 76,373 111,396 9,109 20,972 Short term investments are liquid investments held for investment purposes. As at 31 December 2018 and 31 December 2017, the Group and the Company have no exposure to foreign currency risk for time deposits and short term investments. The effective interest rates of time deposits of the Group and the Company are as follow: Group Company 2018 2017 2018 2017 % % % % Time deposits 1.65 – 3.31 2.60 – 3.31 2.70 2.60 – 2.65 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 WAH SEONG CORPORATION BERHAD 150