enl commercial limited annual report 2011 - Investing In Africa

Notes to the Financial Statements
Year ended June 30, 2011
11 INVENTORIES
THE GROUP
2011 2010
Rs’000 Rs’000
Finished goods 132,033 115,928
Raw materials 237,872 160,271
Goods in transit 141 8,968
Work in progress 43,767 1,455
413,813 286,622
Borrowings are secured by floating charges on the assets of the group including inventories.
12 TRADE AND OTHER RECEIVABLES
THE GROUP
THE COMPANY
2011 2010 2011 2010
Rs’000 Rs’000 Rs’000 Rs’000
Trade receivables 523,880 245,406 - -
Less provision for impairment (24,606) (24,081) - -
Trade receivables - net 499,274 221,325 - -
Investment income receivable - 6,899 2,349 6,899
Prepayments and other receivables 57,312 40,501 2,136 2,136
556,586 268,725 4,485 9,035
The carrying amounts of trade and other receivables approximate their fair values.
As of June 30, 2011, trade receivables of Rs.45m (2010: Rs.42m) for the group were past due, out of
which Rs.25 million were impaired. The provision for impairment was Rs.25m (2010: Rs.24m) for the
group.
The individually impaired receivables relate mainly to debtors with overdue balances. It was assessed
that a proportion of the receivables is expected to be recovered. The ageing of these receivables is
as follows:
THE GROUP
THE COMPANY
2011 2010 2011 2010
Rs’000 Rs’000 Rs’000 Rs’000
3 to 6 months 12,254 11,418 - -
Over 6 months 33,177 30,895 - -
45,431 42,313 - -
On June 30, 2011, trade receivables of Rs.29m (2010: Rs.43m) for the group were past due but not
impaired.
These relate to a number of independent customers for whom there is no recent history of default. The
ageing analysis of these receivables is as follows:
THE GROUP
THE COMPANY
2011 2010 2011 2010
Rs’000 Rs’000 Rs’000 Rs’000
3 to 6 months 17,012 39,166 - -
Over 6 months 11,532 4,758 - -
28,544 43,924 - -
90
ENL Commercial Limited
Annual Report 2011