Notes to the Financial Statements - Swissco Holdings Limited

Notes
to the Financial Statements
For the financial year ended 31 December 2009
30. Financial risk management (continued)
(b)
Credit risk (continued)
(ii)
Financial assets that are past due and/or impaired (continued)
The carrying amount of trade receivables individually determined to be impaired and the
movement in the related allowance for impairment are as follows:
Group
2009 2008
$ $
Past due 3 to 6 months 44,551 312,392
Past due over 6 months 2,463,956 569,904
2,508,507 882,296
Less: Allowance for impairment (2,508,507) (882,296)
– –
At 1 January 882,296 873,268
Allowance made 1,626,211 72,379
Allowance utilised – (63,351)
At 31 December 2,508,507 882,296
The individually impaired receivables mainly relate to customers that are in financial difficulties
and whose payments are not forthcoming.
(c)
Liquidity risk
The table below analyses the maturity profile of the Group’s and Company’s financial liabilities based
on contractual undiscounted cash flows.
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
Over 5
years
$ $ $ $
Group
At 31 December 2009
Trade and other payables 18,803,497 – – –
Borrowings 19,880,705 3,343,893 3,699,771 –
38,684,202 3,343,893 3,699,771 –
At 31 December 2008
Trade and other payables 23,480,595 – – –
Borrowings 18,998,952 6,312,785 1,176,497 –
42,479,547 6,312,785 1,176,497 –
77 Annual Report 2009 Swissco International Limited