NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 CONT’D 22. CASH AND BANK BALANCES Group Company 2023 2022 2023 2022 RM RM RM RM Cash and bank balances 163,639,480 127,935,548 5,900,323 7,330,808 Deposits with licensed banks 10,364,462 15,330,422 2,041,700 1,992,435 174,003,942 143,265,970 7,942,023 9,323,243 (a) Cash and bank balances and deposits with licensed banks are classified as financial assets measured at amortised cost. (b) The weighted average effective interest rate of deposits with licensed banks of the Group and the Company are ranging between 1.75% to 2.69% (2022: 1.65% to 2.32%) per annum and 2.50% to 2.65% (2022: 1.65% to 2.30%) per annum respectively. The average maturity days for both of the Group and the Company are ranging from 30 days to 365 days (2022: 30 days to 365 days) per annum. (c) Included in the deposits of the Group and of the Company are RM10,364,462 (2022: RM14,081,870) and RM2,041,700 (2022: RM1,992,435) respectively pledged to licensed banks as securities for bank guarantee given to third parties in respect of trade and contract, and credit facilities as disclosed in Notes 25 and 29. (d) At the end of the reporting period, the interest rate profile of the deposits with licensed banks was: Group Company 2023 2022 2023 2022 RM RM RM RM Fixed rate 10,364,462 15,330,422 2,041,700 1,992,435 Sensitivity analysis for fixed rate deposits with licensed banks at the end of the reporting period is not presented as fixed rate instrument is not affected by change in interest rates. (e) At the end of the reporting period, cash and bank balances denominated in foreign currencies which are held for working capital purposes is as follows: Group Company 2023 2022 2023 2022 RM RM RM RM Ringgit Malaysia (“RM”) 85,867,057 73,195,491 7,795,301 7,323,315 Philippines Peso (“PHP”) 55,020,942 49,763,619 - - United States Dollar (“USD”) 7,953,293 5,630,419 119,862 1,974,488 Thai Baht (“THB”) 21,436,951 12,268,514 26,860 25,440 Australian Dollar (“AUD”) 3,277,813 2,037,760 - - Singapore Dollar (“SGD”) 281,086 197,622 - - Indonesian Rupiah (“IDR”) 148,222 155,035 - - Hong Kong Dollar (“HKD”) 18,578 17,510 - - 174,003,942 143,265,970 7,942,023 9,323,243 142 GHL SYSTEMS BERHAD 199401007361 (293040-D)
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