notes to the financial statements - Far East Orchard Limited

Recommendations

Info

NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 33. Financial risk management (continued) (b) Credit risk 74 Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. For trade receivables, the Group adopts the policy of dealing only with customers of appropriate credit history and/or requiring deposits to be placed with the Group prior to provision of certain of its services. For other financial assets, the Group adopts the policy of dealing only with high credit quality counterparties. The Group has no significant concentrations of credit risk and has in place credit policies and procedures to ensure on-going credit evaluation and active account monitoring. As the Group and the Company does not hold any collateral, the maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class of financial instruments presented on the balance sheet, except as follows: The Company 2008 2007 $’000 $’000 Corporate guarantees provided to banks on subsidiaries’ banking facilities 145,681 99,000 The Group’s and the Company’s major classes of financial assets are bank deposits and trade receivables. (i) Financial assets that are neither past due nor impaired Bank deposits that are neither past due nor impaired are mainly deposits with reputable banks. Trade receivables that are neither past due nor impaired are substantially companies with a good collection track record with the Group. ANNUAL REPORT 2008 ORCHARD PARADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 33. Financial risk management (continued) (b) Credit risk (continued) (ii) Financial assets that are past due and/or impaired There is no other class of financial assets that is past due and/or impaired except for trade receivables. The age analysis of trade receivables past due but not impaired is as follows: The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Past due 0 to 2 months 1,080 1,433 710 730 Past due 2 to 4 months 114 79 39 46 Past due over 4 months 271 14 254 - 1,465 1,526 1,003 776 The carrying amount of trade receivables individually determined to be impaired and the movement in the related allowance for impairment are as follows: The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Gross amount 774 810 - 36 Less: Allowance for impairment (774) (810) - (36) - - - - Beginning of financial year 810 793 36 26 Allowance made 23 45 - 15 Allowance utilised (59) (28) (36) (5) End of financial year 774 810 - 36 ORCHARD PARADE HOLDINGS LIMITED ANNUAL REPORT 2008 75
Page 1 and 2:
Orchard Parade Holdings Limited Ann
Page 3 and 4:
Corporate Information BOARD OF DIRE
Page 5 and 6:
The Group sold 12 units of The Flor
Page 7 and 8:
Profile of the Board of Directors &
Page 9 and 10:
Organisation Chart as at 27 March 2
Page 11 and 12:
Corporate Governance Statement as a
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
DIRECTORS’ REPORT For the financi
Page 23 and 24:
DIRECTORS’ REPORT For the financi
Page 25 and 26: INDEPENDENT AUDITOR’S REPORT TO T
Page 27 and 28: CONSOLIDATED INCOME STATEMENT For t
Page 29 and 30: CONSOLIDATED STATEMENT OF CHANGES I
Page 31 and 32: NOTES TO THE FINANCIAL STATEMENTS F
Page 75: NOTES TO THE FINANCIAL STATEMENTS F
Page 87 and 88: STATISTICS OF SHAREHOLDINGS as at 2
Page 89 and 90: NOTICE OF ANNUAL GENERAL MEETING NO
Page 91 and 92: NOTICE OF ANNUAL GENERAL MEETING No
Page 93 and 94: ORCHARD PARADE HOLDINGS LIMITED (Re
Page 96: Orchard Parade Holdings Limited (Re
show all

notes to the financial statements - Far East Orchard Limited

Create successful ePaper yourself

Delete template?

Save as template?