Annual Report 2012 - TodayIR.com

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Lonking Holdings Limited Annual Report 2012 Notes to the Consolidated Financial Statements For the year ended 31 December 2012 22. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES (Continued) An aged analysis of the loan receivables as at the end of the reporting period, based on the transaction date and net of provisions, is as follows: 2012 2011 RMB’000 RMB’000 Within 3 months 78,835 – 3 to 6 months 214,627 – 6 months to 1 year 438,183 – Over 1 year – 16,580 731,645 16,580 An aged analysis of the loan receivables that are not individually nor collectively considered to be impaired, based on the due dates, is as follows: 2012 2011 RMB’000 RMB’000 Neither past due nor impaired 710,042 16,580 Less than 3 months past due 21,603 – 731,645 16,580 Loan receivables that were neither past due nor impaired relate to a large number of diversified customers for whom there was no recent history of default. Loan receivables that were past due but not impaired relate to a number of independent customers that have a good track record with the Group. Based on past experience, the directors of the Company are of the opinion that no provision for impairment is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered fully recoverable. 101
Lonking Holdings Limited Annual Report 2012 Notes to the Consolidated Financial Statements For the year ended 31 December 2012 23. CASH AND CASH EQUIVALENTS AND PLEDGED DEPOSITS Group Company 2012 2011 2012 2011 RMB’000 RMB’000 RMB’000 RMB’000 Cash and bank balances 924,621 2,092,473 60,337 311,926 Time deposits 1,042,716 62,576 – 57,762 1,967,337 2,155,049 60,337 369,688 Less: Pledged cash and bank balances and time deposits: Pledged for long term bank loans (note 26) (1,000,000) – – – Pledged for short term bank loans (note 26) (40,000) – – – Pledged for bank acceptance bills (note 24) (44,286) (470,649) – – Cash and cash equivalents 883,051 1,684,400 60,337 369,688 The RMB is not freely convertible into other currencies, however, under Mainland China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business. Cash at banks earns interest at floating rates based on daily bank deposit rates. Short term time deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Group, and earn interest at the respective short term time deposit rates. The bank balances and pledged deposits are deposited with creditworthy banks with no recent history of default. 102
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