FINANCIAL STATEMENTS - Mewah Group

MEWAH INTERNATIONAL INC.NOTES TOTHE FINANCIAL STATEMENTSFor the financial year ended 31 December 201232. FINANCIAL RISK MANAGEMENT (CONTINUED)(b) Credit risk (continued)(ii) Financial assets that are past due and/or impairedThere is no other class of financial assets that is past due and/or impaired except for trade receivables.The age analysis of trade receivables past due but not impaired is as follows:Group2012 2011US$’000US$’000Past due < 3 months 154,483 59,811Past due 3 to 6 months 19,088 10,072Past due 6 to 12 months 28,404 2,337Past due over 1 year 1,766 1,646203,741 73,866The carrying amount of trade receivables individually determined to be impaired and the movement in the related allowance forimpairment are as follows:Group2012 2011US$’000 US$’000Gross amount 14,491 21,237Less: Allowance for impairment (14,491) (21,237)- -Beginning of financial year 21,237 16,391Currency translation differences (288) (240)Allowance (written back)/made (1,806) 7,507Allowance utilised (4,652) (2,421)End of financial year 14,491 21,237The impaired trade receivables arise mainly from sales to customers which suffered financial difficulties.100