BAKERTECHNOLOGYLIMITED
ANNUALREPORT2013
119
Notes to the
Financial Statements
for the financial year ended 31December 2013
21. Pledgeddeposits
Pledgeddeposits related to short-termdeposits pledgedby theGroup to thebanks as collateral for banking facilities and issuanceof
bankingguarantees. Thepledgeddepositsweremainly related to theprojects that arose from theGroup’s operatingactivities. These
pledgeddepositswere released by the banks during the current financial year.
The pledged deposits are placed for period of threemonths and earn interests ranging from 0.03% to0.77%per annum in 2012.
Pledged deposits denominated in foreign currencies at 31December are as follows:
Group
2013
2012
$
$
United States dollar
– 8,399,606
22. Cashand short-termdeposits
Group
Company
2013
2012
2013
2012
$
$
$
$
Cash at banks and in hand
51,184,494 100,555,589 51,184,494 94,443,785
Short-term deposits
154,686,561 73,345,973 105,625,796 73,345,973
205,871,055 173,901,562 156,810,290 167,789,758
Cash at banks earns interest at floating rates basedondaily bankdeposit rates. Short-termdeposits aremade for varyingperiods of
betweenoneweek to sixmonths dependingon the immediate cash requirements of theGroup andCompany, and earn interests at
the respective short-term deposit rates ranging from0.01% to 0.85% (2012: 0.01% to 0.41%) per annum.
