Annual Report 2011 年 報 - Neo-Neon LED Lighting International Ltd
Annual Report 2011 年 報 - Neo-Neon LED Lighting International Ltd
Annual Report 2011 年 報 - Neo-Neon LED Lighting International Ltd
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
NotES to tHE CoNSoLIDAtED<br />
fINANCIAL StAtEMENtS<br />
23. TRADE AND OTHER RECEIVABLES (Continued)<br />
Payment terms with customers are mainly on credit together with deposits. Invoices are normally payable<br />
from 60 days to 90 days of issuance, except for certain well established customers in which the credit terms<br />
are up to 180 days. The following is an aged analysis of trade and bills receivables presented based on the<br />
invoice date at the end of the reporting period:<br />
31.3.<strong>2011</strong> 31.12.2009<br />
HK$’000<br />
HK$’000<br />
Age<br />
0 to 60 days 194,315 71,806<br />
61 to 90 days 33,087 18,751<br />
91 to 180 days 78,769 30,999<br />
181 to 360 days 73,958 40,717<br />
Over 1 year 8,925 8,045<br />
389,054 170,318<br />
Included in the Group’s trade receivables balance are debtors with aggregate carrying amount of<br />
HK$82,883,000 (2009: HK$48,762,000) which are past due at the reporting date for which the Group<br />
has not provided for impairment loss. Based on payment pattern of the customers of the Group, trade<br />
receivables past due but not impaired are generally collectible. The Group does not hold any collateral over<br />
these balances. The average age of these receivables ranges from 181 days to 360 days.<br />
At the end of the reporting period, the Group made allowances for receivables over 1 year and over 2 years<br />
because historical experience is such that receivables that are past due beyond 1 year and beyond 2 years<br />
are generally not recoverable.<br />
Movement in the allowance for bad and doubtful debts<br />
31.3.<strong>2011</strong> 31.12.2009<br />
HK$’000<br />
HK$’000<br />
Balance at the beginning of the period/year 38,483 59,147<br />
Allowance recognised on receivables 27,163 10,747<br />
Amounts written off as uncollectible (30,059) (31,411)<br />
Balance at the end of the period/year 35,587 38,483<br />
Included in the allowance for doubtful debts are individually impaired trade receivables with an aggregate<br />
balance of HK$35,587,000 (2009: HK$38,483,000) which have been in severe financial difficulties. The Group<br />
does not hold any collateral over these balances.<br />
92<br />
NEO-NEON HOLDINGS LIMITED