140 MEGACHEM LIMITED Notes to The Financial Statements 31 December 2024 21. Other current assets Group Company 2024 2023 2024 2023 $ $ $ $ Advance payments to suppliers 1,285,540 904,764 252,156 241,223 Deposits to secure services 256,472 243,397 2,620 2,680 Prepayments 1,082,865 601,237 328,896 119,413 Total other current assets 2,624,877 1,749,398 583,672 363,316 22. Cash and bank balances Group Company 2024 2023 2024 2023 $ $ $ $ Not restricted in use 15,968,531 13,629,981 2,013,090 3,357,298 Interest earning balances 3,680,585 3,209,736 – – Interest earning balances have an average maturity of one month (2023: one month) from the end of the reporting year with the following average interest rates: Group 2024 2023 Indonesian Rupiah 4.2% 3.6% Indian Rupee 6.6% 6.6% Malaysian Ringgit 3.2% 3.0% Vietnamese Dong 3.1% 2.2% 22A. Cash and cash equivalents in the consolidated statement of cash flows Group 2024 2023 $ $ Cash and bank balances 15,968,531 13,629,981 Less : bank overdraft (677,147) (605,976) Cash and cash equivalents for statement of cash flows purposes at end of the year 15,291,384 13,024,005
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