Annual Report 2011/12 - International Entertainment Corporation

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Notes to the Consolidated Financial StatementsFor the year ended 31 March 201222. LOAN RECEIVABLE2012 2011HK$’000 HK$’000Fixed-rate loan receivable 73,916 –On 2 September 2011, the Group, through the subscription of 9,500 class B shares of USD1 each in VMS PrivateInvestment Partners VIII Limited, participated in the USD75,000,000 credit facility (the “Facility”) made available tothe Borrower in the principal amount of USD30,000,000. The Facility was provided by Deutsche Bank AG, LondonBranch to the Borrower pursuant to the facility agreement dated 5 August 2011. The Facility is secured by a numberof pledged assets provided by the Borrower. Details of the transaction are set out in the Company’s announcementdated 2 September 2011.During the year ended 31 March 2012, the Group loaned USD30,000,000 (equivalent to approximatelyHK$234,000,000) pursuant to the participation agreement and received repayments of approximately USD20,524,000(equivalent to approximately HK$160,084,000). The loan receivable is interest bearing of 35% per annum andrepayable within 12 months.International Entertainment Corporation - Annual Report 2011/12 73
Notes to the Consolidated Financial StatementsFor the year ended 31 March 201223. TRADE RECEIVABLES, OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS2012 2011HK$’000 HK$’000Trade receivables 70,512 40,037Less: Allowance for doubtful debts for trade receivables (258) (95)70,254 39,942Other receivables, deposits and prepayments 35,141 31,193Less: Allowance for doubtful debts for other receivables (1,498) (2,904)33,643 28,289Total trade receivables, other receivables, deposits and prepayments 103,897 68,231The average credit terms for trade receivables granted by the Group range from 0 to 90 days. A longer period isgranted to customers with whom the Group has a good business relationship and which are in sound financialcondition.The following is an aged analysis of trade receivables net of allowance for doubtful debts presented based on theinvoice date at the end of the reporting period.2012 2011HK$’000 HK$’000Aged:0–30 days 28,334 34,26131–60 days 114 3,95761–90 days 45 1,068Over 90 days 41,761 65670,254 39,942Before accepting any new customer, the Group assesses the potential customer’s credit quality and defines creditlimits by customer. At 31 March 2012, trade receivables with an aggregate carrying amount of approximatelyHK$28,334,000 (2011: HK$35,040,000) were neither past due nor impaired. The Directors consider these tradereceivables are of good credit quality.74International Entertainment Corporation - Annual Report 2011/12
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Management Discussion and AnalysisB
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Board of Directors and Senior Manag
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Report of the DirectorsRESERVESDeta
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Report of the DirectorsINTERESTS AN
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Report of the DirectorsARRANGEMENTS
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Report of the DirectorsPURCHASE, SA
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