MIGHT Financial Report 2020

MIGHT Directors’ Report And Audited Financial Statements 2020

The currency profile of total receivables is as follows: (k) 9. TRADE AND OTHER RECEIVABLES (continued)

GROUP

COMPANY

2020 RM

2019 RM

Ringgit Malaysia United States Dollar Pound Sterling

907,003 60,684

1,013,243 399,699 14,348 1,427,290

438,210 60,684

528,265 399,699 14,348 942,312

967,687

498,894

The following table demonstrates the sensitivity analysis of the Group and of the Company to a reasonably possible change in the United States Dollar (“USD”) and Pound Sterling (“GBP”) exchange rates against the functional currency of the Group and of the Company, with all other variables held constant: (l)

GROUP

COMPANY

2019 RM

2020 RM

Profit after tax USD/RM - strengthen by 3% - weaken by 3% GBP/RM - strengthen by 3% - weaken by 3%

1,384 (1,384)

9,113 (9,113) 327 (327)

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10. CASH AND BANK BALANCES

GROUP

COMPANY

2019 RM

2020 RM

2019 RM

Deposits with licensed banks Cash and bank balances

66,000,103 4,919,051 70,919,154

76,902,049 9,763,962 86,666,011

55,000,000 3,294,249 58,294,249

61,000,000 8,133,593 69,133,593

(a)

Cash and bank balances are classified as financial assets measured at amortised cost.

(b)

The deposits with licensed banks of the Group and of the Company as at the end of reporting period have maturity periods ranging from 31 to 34 days (2019: one (1) to three (3) months).

The eective interest rates of deposits with licensed banks of the Group and of the Company ranged from 1.80% to 1.85% (2019: 3.05% to 3.30%) per annum.

(c)

Sensitivity analysis for fixed rate deposits placed with licensed banks at the end of reporting period is not presented as fixed rate instrument is not aected by changes in interest rate.

(d)

No expected credit losses were recognised arising from cash and bank balances because the probability of default by these financial institutions were negligible.

(e)

Cash and bank balances are denominated RM.

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