Annual Report 2011/12 - International Entertainment Corporation

Notes to the Consolidated Financial StatementsFor the year ended 31 March 201224. BANK BALANCES AND CASHBank balances and cash comprise cash held by the Group and short-term bank deposits with an original maturity ofthree months or less. The Group’s bank balances deposited in the banks in Hong Kong carry prevailing market interestrates ranging from 0.001% to 1.380% (2011: 0.001% to 1.000%) per annum. Moreover, the Group also has bankbalances deposited in the banks in the Philippines which carry prevailing market interest rates ranging from 0.007% to4.750% (2011: 0.235% to 4.750%) per annum.The Group’s bank balances that are denominated in foreign currency of the relevant group entities are set out below:2012 2011HK$’000 HK$’000Denominated in USD 188,964 145,894Denominated in HK$ 330,226 1,631,78225. TRADE PAYABLES, OTHER PAYABLES AND ACCRUED CHARGESTrade payables, other payables and accrued charges comprise amounts outstanding for the purchase, ongoing costs,contingent consideration and refundable consideration for disposal of a subsidiary.The following is an aged analysis of trade payables presented based on the invoice date at the end of the reportingperiod.2012 2011HK$’000 HK$’000Aged:0–30 days 2,975 4,58031–60 days 631 –Over 90 days 2,439 2,3876,045 6,967The average credit period on purchase of goods is 90 days.At 31 March 2012, other payables and accrued charges amounting to approximately HK$18,083,000 (2011:HK$259,517,000) is denominated in HK$, foreign currency of the relevant group entities.At 31 March 2011, other payables and accrued charges included an amount of approximately HK$240,397,000 whichrepresented the cash consideration refundable to the purchaser in respect of the disposal of a subsidiary. The amountwas fully refunded to the purchaser in the year ended 31 March 2012. Details of the disposal are set out in note 34.76International Entertainment Corporation - Annual Report 2011/12