Annual Report 2012 - Haitian International Holdings Ltd.

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Notes to the Consolidated Financial Statements (Continued) (All amounts in RMB unless otherwise stated) 11. Trade and Bills Receivables — Group (Continued) As at 31 December 2012, trade receivables of approximately RMB82,081 thousand (2011: RMB78,717 thousand) were impaired, and a related provision of RMB32,352 thousand (2011: RMB39,630 thousand) was provided. The individually impaired receivables relate to different customers. It was assessed that a portion of the receivables is expected to be recovered. The ageing of these receivables is as follows: 2012 2011 RMB’000 RMB’000 Up to 2 years 58,997 57,051 Over 2 years 23,084 21,666 82,081 78,717 Trade and bills receivables are denominated in the following currencies: 2012 2011 RMB’000 RMB’000 RMB 1,526,781 1,583,073 USD 388,708 354,178 Brazilian Real 75,368 89,961 Euro 64,186 56,722 Vietnam Dong (“VND”) 21,879 6,919 Others 3,623 1,484 2,080,545 2,092,337 Movements of the provision for impairment of trade receivables are as follows: 2012 2011 RMB’000 RMB’000 At 1 January 39,630 29,051 (Reversal of)/provision for impairment of trade receivables (7,195) 10,581 Written off as uncollectible (83) (2) At 31 December 32,352 39,630 The reversal of and provision for impaired receivables have been included in general and administrative expenses. Amounts charged to the allowance account are written off when there is no expectation of recovering additional cash. 76
Notes to the Consolidated Financial Statements (Continued) (All amounts in RMB unless otherwise stated) 12. Prepayments, Deposits and Other Receivables — Group 2012 2011 RMB’000 RMB’000 Entrusted loan to a distributor (i) — 40,000 Advances to customers (ii) 21,757 5,628 Prepayments and deposits — for purchases of raw materials 146,050 174,547 — others 6,280 10,218 Value Added Tax recoverable 33,166 11,690 Prepaid current income tax 6,980 — Loans to employees (iii) 30,660 32,206 Interest receivables 9,327 1,784 Due from related parties (Note 37(b)) 939 6,808 Others 5,236 2,240 260,395 285,121 Less non-current portion: loans to employees (20,361) (21,364) Current portion 240,034 263,757 Note: (i) (ii) Entrusted loan to a distributor is unsecured, repayable within one year with an interest rate of 9% per annum. This balance was collected in year 2012. Advances to customers are secured by guarantees provided by the relevant distributors who introduced the customers. (iii) Loans to employees are for their housing and car purchasing and are due within six years and bear interest at rates ranging from 0% to 3.4% (2011: from 0% to 3.4%) per annum as at 31 December 2012. The fair values of current portion of other receivables approximate their carrying amounts. The fair values of non-current portion of other receivables are as follows: 2012 2011 RMB’000 RMB’000 Loans to employees 20,361 21,364 The fair values of loans to employees are based on cash flows discounted using a rate based on the borrowings rate of 3.4% (2011: 3.4%). As of 31 December 2012, other receivables were neither past due nor impaired. Annual Report 2012 Haitian International Holdings Limited 77
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Contents 2 Financial Highlights 3 C
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Company Profile and Corporate Infor
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Chairman‘s Statements The Board o
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Chairman‘s Statements maintain th
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CEO‘s Report Financial Review Sal
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CEO‘s Report Foreign Exchange Ris
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Directors and Senior Management Exe
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Directors and Senior Management Mr.
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Directors and Senior Management Dr.
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Investor Information Listing Inform
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Corporate Governance Report Haitian
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Corporate Governance Report Directo
Page 27 and 28: Corporate Governance Report During
Page 29 and 30: Corporate Governance Report Shareho
Page 31 and 32: Report of the Directors The directo
Page 33 and 34: Report of the Directors (vii) Exerc
Page 35 and 36: Report of the Directors Long Positi
Page 37 and 38: Report of the Directors Competing B
Page 39 and 40: Independent Auditor’s Report TO T
Page 41 and 42: Consolidated Balance Sheet As at 31
Page 43 and 44: Balance Sheet As at 31 December 201
Page 45 and 46: Consolidated Statement of Comprehen
Page 47 and 48: Consolidated Statement of Cash Flow
Page 49 and 50: Notes to the Consolidated Financial
Page 77: Notes to the Consolidated Financial
Page 107: Haitian International Holdings Limi
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Annual Report 2012 - Haitian International Holdings Ltd.

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