Annual Report 2011 - QuamIR

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Notes to the Consolidated Financial StatementsFor the year ended 31 March 201136. Financial Instruments (continued)36.2 Financial risk management objectives and policies (continued)36.2.2 Credit risk managementAt 31 March 2011, the Group’s maximum exposure to credit risk which will cause a financialloss to the Group due to failure to discharge an obligation by the counterparties is arisingfrom the carrying amount of the respective recognized financial assets as stated in theconsolidated statement of financial position.In order to minimize the credit risk, the management of the Group has delegated a teamresponsible for determination of credit limited, credit approvals and other monitoringprocedures to ensure that follow-up action is taken to recover overdue debts. In addition,the Group reviews the recoverable amount of each individual trade debt at the end of thereporting period to ensure that adequate impairment losses are made for irrecoverableamounts. In this regard, the directors of the Company consider that the Group’s creditrisk is significantly reduced.The credit risk on liquid funds is limited because the counterparties are banks with highcredit ratings assigned by international credit-rating agencies.Other than concentration of credit risk on liquid funds which are deposited with severalbanks with high credit ratings, the Group does not have any other significant concentrationof credit risk. Trade receivables consist of customers for whom there is no recent historyof default.36.2.3 Liquidity risk managementUltimate responsibility for liquidity risk management rests with the Board of Directors,which has built an appropriate liquidity risk management framework to meet the Group’sshort, medium and long-term funding and liquidity management requirements. The Groupmanages liquidity risk by maintaining adequate reserves, by continuously monitoringforecast and actual cash flows and matching the maturity profiles of financial assets andliabilities.Sino Prosper State Gold Resources Holdings Limited108
Notes to the Consolidated Financial StatementsFor the year ended 31 March 201136. Financial Instruments (continued)36.2 Financial risk management objectives and policies (continued)36.2.3 Liquidity risk management (continued)Liquidity tablesThe maturity profile of the Group’s financial liabilities at the end of the reporting period,based on the contractual undiscounted payments, was as follows:OnTotaldemand or contractual Totalless than undiscounted carrying1 year 1-5 years cash flows amountsHK$’000 HK$’000 HK$’000 HK$’000At 31 March 2011Non-derivative financial liabilitiesTrade and other payables 10,774 – 10,774 10,774Amount due to anon-controllinginterest of a subsidiary 8,826 – 8,826 8,826Amounts due to relatedcompanies 337 – 337 33719,937 – 19,937 19,937At 31 March 2010Non-derivative financial liabilitiesTrade and other payables 4,600 – 4,600 4,600Convertible bonds – 90,734 90,734 47,072Promissory note – 128,926 128,926 105,3704,600 219,660 224,260 157,042Annual Report 2011109
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Sino Prosper State Gold Resources H
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Year in Review2010-2011April 2010HK
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Chairman’s MessageOver the course
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Chairman’s MessageFor its part, A
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Management Discussion & AnalysisAft
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Management Discussion & AnalysisInv
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Management Discussion & AnalysisTar
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Management Discussion & AnalysisDur
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Directors’ and Management Profile
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Directors’ and Management Profile
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Corporate Governance ReportDIRECTOR
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Corporate Governance ReportREMUNERA
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Directors’ ReportThe directors (t
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Directors’ ReportMr. Cai Wei Lun
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Directors’ ReportNotes:1. This pe
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Directors’ ReportThe emolument of
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Independent Auditors’ ReportWe be
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Consolidated Statement of Financial
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Consolidated Statement of Changes i
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Consolidated Statement of Cash Flow
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Notes to the Consolidated Financial
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Page 59 and 60: Notes to the Consolidated Financial
Page 109: Notes to the Consolidated Financial
Page 125 and 126: Financial SummaryFor the year ended
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Annual Report 2011 - QuamIR

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