GLOBAL

8. TAX (cont'd)(c)Movements in the provision for current tax2002 2001$ $Balance at the beginning of the ®nancial year 621,000 ÐCurrent ®nancial year's tax expense 850,000 556,000Under-provision in previous ®nancial year Ð 65,000Balance at the end of the ®nancial year 1,471,000 621,000(d)Movements in the provision for deferred tax2002 2001$ $Balance at the beginning of the ®nancial year 78,000 ÐUnder-provision in prior years Ð 53,000Charged to income statement Ð 25,000Balance at the end of the ®nancial year 78,000 78,000(e)Composition of deferred taxThe deferred tax liability relates mainly to the excess of capital allowances overdepreciation of ®xed assets.9. BANK AND CASH BALANCES2002 2001$ $Cash at bank and on hand 473,659 35,195Fixed deposit with a ®nancial institution 320,000 320,000793,659 355,195(a) The ®xed deposit is pledged to a bank for credit facilities of $3,900,000(31 March 2001: $2,960,000) granted to the Company.(b)(c)Weighted average effective interest rateAs at the balance sheet date, the weighted average effective interest rate on ®xed depositwas 0.88% (31 March 2001: 2.10%).Cash and cash equivalentsFor the purpose of cash ¯ow statement, cash and cash equivalents comprise bank andcash balances, ®xed deposits and bank overdrafts and include the following balancesheet amounts:2002 2001$ $Cash at bank and on hand 473,659 35,195Fixed deposit with a ®nancial institution 320,000 320,000Bank overdrafts (292,585) (1,019,521)501,074 (664,326)E-29