Annual Report 2011 - QuamIR

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Notes to the Consolidated Financial StatementsFor the year ended 31 March 201120. Goodwill (continued)Commodity priceFuture commodity prices in the valuation model are estimated by management based on their industryexperience, historic price trends and independent expert reports and commentaries.Discount ratesThe discount rates used are based on a weighted average cost of capital, and are real rates, before taxreflecting specific risks relating to the CGU.The values assigned to key assumptions are consistent with external information sources.The directors of the Company are of the view that, based on its assessment, there was no impairmentof goodwill as of 31 March 2011.In the opinion of the directors, any reasonably possible change in any of these assumptions wouldnot cause the aggregate carrying amount of the gold mining activities’ CGU to exceed the aggregaterecoverable amount of the gold mining activities’ CGU.21. InventoriesGroup2011 2010HK$’000HK$’000Raw materials 2,146 –Finished goods 4,669 3,2946,815 3,294Sino Prosper State Gold Resources Holdings Limited92
Notes to the Consolidated Financial StatementsFor the year ended 31 March 201122. Trade and Other ReceivablesGroup2011 2010HK$’000HK$’000Trade receivables 1 1,142Prepayments, deposits and other receivables 8,687 5,880Total trade and other receivables 8,688 7,022The Group allows an average credit period ranging from 30 to 60 days to its trade customers. Tradereceivables are non-interest-bearing. The following is an aging analysis of net trade receivables at theend of the reporting period:Group2011 2010HK$’000HK$’0000 – 60 days 1 1,02861 – 120 days – –121 – 365 days – 1141 1,142Trade receivables disclosed above include amounts (see below for aged analysis) which are past dueat the end of the reporting period but against which the Group has not recognized an allowance fordoubtful receivables because there has not been a significant change in credit quality and the amountsare still considered recoverable. The Group does not hold any collateral or other credit enhancementsover these balances nor does it have a legal right of offset against any amounts owned by the Groupto the counterparty.Annual Report 201193
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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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Page 93: 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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