notes to the financial statements - Singapore Technologies ...

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184 SIMPLY SMARTERNOTES TO THE FINANCIAL STATEMENTS31 December 2011(Currency - Singapore dollars unless otherwise stated)22. Trade receivablesGroup2011 2010$’000 $’000Not past due and not impaired 620,068 566,814Past due and not impaired 308,599 256,132928,667 822,946Collectively assessedImpaired receivables (Gross) 24,141 34,816Allowance for doubtful debts (6,838) (10,159)17,303 24,657Individually assessedImpaired receivables (Gross) 57,510 79,926Allowance for doubtful debts (50,378) (75,635)7,132 4,291Unbilled receivables 235,885 169,291Allowance for unbilled receivables (1,484) (1,380)Trade receivables, net 1,187,503 1,019,805Trade debtors denominated in currencies other than the functional currencies of the Company and its subsidiaries as at 31 December are as follows:Movements in allowance for doubtful debts are as follows:GroupNote 2011 2010$’000 $’000At beginning of the year 85,794 106,328(Write-back)/charge to profit or loss 5 (143) 467Bad debts written off against allowance (28,667) (13,478)Acquisition of subsidiaries 15 21Disposal of subsidiaries (196) –Translation difference 413 (7,544)At end of the year 57,216 85,794
SINGAPORE TECHNOLOGIES ENGINEERING LTD Annual Report 2011185NOTES TO THE FINANCIAL STATEMENTS31 December 2011(Currency - Singapore dollars unless otherwise stated)22. Trade receivables (continued)Movements in allowance for unbilled receivables are as follows:GroupNote 2011 2010$’000 $’000At beginning of the year 1,380 1,854Charge/(write-back) to profit or loss 5 187 (474)Translation difference (83) –At end of the year 1,484 1,380Ageing of receivables that are past due but not impaired:1 – 90 days 235,022 180,13291 – 180 days 29,153 40,972181 – 360 days 31,928 21,833>360 days 12,496 13,195308,599 256,132Trade receivables that are individually determined to be impaired at the balance sheet date relates to debtors that are insolvent or in financial difficultiesor who have significant delay or defaulted in payments.In the prior year, trade receivables amounting to approximately $7,662,000 are partially secured by shares held by a guarantor company amounting to$278,000.Trade receivables amounting to $8,210,000 (2010: $30,582,000) are arranged to settle via letters of credit issued by reputable banks.Except for the impaired trade receivables, the Group believes that the past due receivables are still collectible based on the historical payment patternsand good reputation of the Group’s customers.
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