Hatching For The Future - teo seng capital berhad

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Teo Seng Capital Berhad Notes To The Financial Statements For The Financial Year Ended 31 March 2012 36. FINANCIAL INSTRUMENTS (cont’d) 36.1 Financial Risk Management Policies (cont’d) (b) Credit risk (cont’d) Exposure to credit risk At the end of the reporting period, the Group’s maximum exposure to credit risk is represented by : (i) The carrying amount of each class of financial assets recognised in the statements of financial position. (ii) A nominal amount of RM 63,100,000 (2011 : RM 44,800,000) relating to financial guarantee provided by the Company to licensed institutions for credit facilities granted to its subsidiaries. The exposure of credit risk for Group’s trade receivables by geographical region is as follows : Group 2012 2011 RM RM Malaysia 20,218,284 12,449,259 Singapore 3,383,722 6,705,823 Others 506,976 424 24,108,982 19,155,506 Ageing analysis The ageing analysis of the Group’s trade receivables at the end of the reporting period is as follows : Gross Individual Carrying amount impairment amount RM RM RM Group - 2012 Not past due 22,200,870 - 22,200,870 Past due : - less than 3 months 1,787,317 (21,737) 1,765,580 - 3 to 6 months 133,332 (19,906) 113,426 - over 6 months 635,636 (606,530) 29,106 24,757,155 (648,173) 24,108,982 Annual Report 2012 Group - 2011 Not past due 17,032,336 - 17,032,336 Past due : - less than 3 months 1,531,426 (963) 1,530,463 - 3 to 6 months 500,865 (34,658) 466,207 - over 6 months 771,774 (645,274) 126,500 19,836,401 (680,895) 19,155,506 At the end of the reporting period, trade receivables that are individually impaired were those in significant financial difficulties and have defaulted on payments. These receivables are not secured by any collateral or credit enhancement. 90
Teo Seng Capital Berhad Notes To The Financial Statements For The Financial Year Ended 31 March 2012 36. FINANCIAL INSTRUMENTS (cont’d) 36.1 Financial Risk Management Policies (cont’d) (b) Credit risk (cont’d) Trade receivables that are past due but not impaired The Group believes that no impairment allowance is necessary in respect of these trade receivables. They are substantially companies with good collection track record and no recent history of default. Trade receivables that are neither past due nor impaired A significant portion of trade receivables that are neither past due nor impaired are regular customers that have been transacting with the Group. The Group use ageing analysis to monitor the credit quality of the trade receivables. Any receivables having significant balances past due or more than 150 days, which are deemed to have higher credit risks, are monitored individually. (c) Liquidity risk Liquidity risk arises mainly from general funding and business activities. The Group practises prudent risk management by maintaining sufficient cash balances and the availability of funding through certain committed credit facilities. The following table sets out the maturity profile of the financial liabilities at the end of the reporting period based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on the rates at the end of the reporting period) : Average Contractual effective Carrying undiscounted interest rate amount cash flows Within 1 year 1-5 years Over 5 years % RM RM RM RM RM Group - 2012 Trade and other payables - 23,050,326 23,050,326 23,050,326 - - Bank borrowings - Bank overdrafts 8.3 546,934 546,934 546,934 - - - Bankers' acceptances 4.4 47,024,000 47,024,000 47,024,000 - - - Term loans 6.7 4,293,495 4,539,321 947,219 3,108,445 483,657 Hire purchase payables 3.8 to 7.5 14,405,687 15,645,510 7,951,766 7,693,744 - 89,320,442 90,806,091 79,520,245 10,802,189 483,657 Group - 2011 Trade and other payables - 18,804,964 18,804,964 18,804,964 - - Bank borrowings - Bank overdrafts 7.7 1,268,683 1,268,683 1,268,683 - - - Bankers' acceptances 4.3 41,361,000 41,361,000 41,361,000 - - - Term loans 5.7 5,046,802 5,308,220 1,359,818 3,444,402 504,000 Hire purchase payables 3.2 to 7.5 8,339,755 9,241,298 4,921,715 4,319,583 - 74,821,204 75,984,165 67,716,180 7,763,985 504,000 Annual Report 2012 91
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