ANNUAL REPORT

Middle East Development Singapore ltdannual report 2007 53NOTES TO FINANCIALSTATEMENTS30 June 20074. CASH AND CASH EQUIVALENTSGroupCompany2007 2006 2007 2006$ $ $ $Not restricted in use 12,831,935 1,071,136 11,727,910 2,291Restricted in use (a) 656,792 633,200 317,013 311,58813,488,727 1,704,336 12,044,923 313,879Analysis of above amount denominated in foreign currencies:Chinese Renminbi 427,202 479,216 – –Malaysian Ringgit 607,464 619,751 – –Interest bearing balances 12,644,959 1,081,859 11,872,015 311,588The rate of interest for the cash on interest earning account are between 0.72% to 3.2% (2006: 0.825% to 1.8%) per year forthe Group and 1.6% to 3.2% (2006: 1.5% to 1.8%) per year for the Company. These approximate the weighted effective interestrate.(a)These are for fixed deposits held by bankers to cover bankers’ guarantees and credit facilities granted.Cash and cash equivalents in the consolidated cash flow statementsGroup2007 2006$ $As shown above 13,488,727 1,704,336Bank overdrafts (Note 11) (292,522) (775,287)Cash restricted in use (656,792) (633,200)Cash and cash equivalents at end of year 12,539,413 295,849NON CASH TRANSACTION – Addition to plant and equipment during the year amounting to $34,794 (2006: $18,000) werefinanced by new finance lease.