Financial Statements - Mewah Group
Financial Statements - Mewah Group
Financial Statements - Mewah Group
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Building Capabilities<br />
Notes to the <strong>Financial</strong> <strong>Statements</strong><br />
For the financial year ended 31 December 2011<br />
32. <strong>Financial</strong> risk management (continued)<br />
(b)<br />
Credit risk (continued)<br />
(i)<br />
<strong>Financial</strong> assets that are neither past due nor impaired<br />
Bank deposits that were neither past due nor impaired were mainly deposits with banks of good credit-ratings.<br />
Trade receivables that were neither past due nor impaired were substantially companies with a good collection<br />
track record with the <strong>Group</strong> and for which there was no historical track record of default.<br />
(ii)<br />
<strong>Financial</strong> assets that are past due and/or impaired<br />
There was no other class of financial assets that was past due and/or impaired except for trade receivables.<br />
The age analysis of trade receivables past due but not impaired was as follows:<br />
<strong>Group</strong><br />
2011 2010<br />
US$’000 US$’000<br />
Past due < 3 months 59,811 47,001<br />
Past due 3 to 6 months 10,072 1,196<br />
Past due 6 to 12 months 2,337 623<br />
Past due over 1 year 1,646 -<br />
73,866 48,820<br />
The carrying amount of trade receivables individually determined to be impaired and the movement in the related<br />
allowance for impairment were as follows:<br />
<strong>Group</strong><br />
2011 2010<br />
US$’000 US$’000<br />
Gross amount 21,237 16,391<br />
Less: Allowance for impairment (21,237) (16,391)<br />
- -<br />
Beginning of the financial year (16,391) (18,102)<br />
Currency translation differences 556 (2,316)<br />
Allowance (made)/reversed and utilised (5,402) 4,027<br />
End of the financial year (21,237) (16,391)<br />
The impaired trade receivables arose mainly from sales to customers which were under financial difficulties.<br />
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