ANNUAL REPORT

54Middle East Development Singapore ltdannual report 2007NOTES TO FINANCIALSTATEMENTS30 June 20075. TRADE AND OTHER RECEIVABLESGroupCompany2007 2006 2007 2006$ $ $ $Trade receivables:Outside parties 7,870,504 7,408,171 682,454 701,460Retention receivable 918,025 884,354 – –Less provision for impairment (1,945,212) (2,182,519) (630,737) (697,267)Subsidiaries (Notes 3 and 8) – – – 17,229Other receivables:Subsidiaries (Notes 3 and 8) – – 1,736,175 1,523,431Provision for impairment – subsidiaries – – (140,006) (138,138)Related parties (Note 3) 300,825 – 300,825 –Tax recoverable 443,959 267,084 267,084 267,084Outside parties 172,944 216,022 7,545 478Deposits 184,384 89,310 146,316 57,537Prepayments 145,453 57,934 75,307 21,801Total trade and other receivables 8,090,882 6,740,356 2,444,963 1,753,615Movements in above provision:-Balance at beginning of year 2,182,519 2,059,239 835,405 752,687Foreign currency translation difference 14,901 (17,892) – –Charged (reversed) for trade receivable to incomestatement included in financial income and (expense) (225,940) 133,565 (61,565) 69,957Change (reversed) for subsidiaries to income statementincluded in financial income and (expense) – – 1,868 12,761Charged for trade receivables against accrued liabilities – 18,795 – –Bad debts written off (10,206) (11,188) (4,965) –Used (16,062) – – –Balance at end of year 1,945,212 2,182,519 770,743 835,405Analysis of above amount denominated in foreign currencies:United States dollars 158,656 – – –Chinese Renminbi 799,916 1,523,956 – –Malaysian Ringgit 1,410,162 1,390,113 – –Trade receivables amounting to $217,948 (2006: $158,653) and $Nil (2006: $27,675) are factored to a financial institution anddiscounted with a bank (Note 11) respectively.