MITRA-AnnualReport2011 (1.2MB).pdf - Announcements - Bursa ...

Notes to The Financial Statements (cont’d)
13. TRADE AND oTHER RECEIvABlES
Group Company
2011 2010 2011 2010
RM RM RM RM
Trade receivables
Trade receivables 51,760,760 62,241,310 - -
Retention sums on contracts (Note 11) 4,667,819 8,421,430 - -
Stakeholder sums on property development 11,135,444 6,034,876 - -
67,564,023 76,697,616 - -
Less:
Allowance for impairment (203,208) (204,208) - -
67,360,815 76,493,408 - -
other receivables
Other receivables 6,123,485 7,134,669 1,710 3,768
Deposits 1,642,021 1,491,331 - -
Prepayments 1,176,430 654,414 - -
8,941,936 9,280,414 1,710 3,768
Accrued billings in respect of property
development costs - 17,432,181 - -
76,302,751 103,206,003 1,710 3,768
(a) Trade Receivables
Trade receivables are non-interest bearing and the Group’s normal trade credit terms ranging from 30 to 90
days (2010: 14 to 90 days). Other credit terms are assessed and approved on a case-by-case basis. The credit
period varies from customers to customers after taking into consideration their payment track record, financial
background, length of business relationship and size of transactions. They are recognised at their original invoice
amounts which represent their fair values on initial recognition.
Included in trade receivables of the Group are:-
(i) advances made to a joint-venture project amounting to RM Nil (2010: RM1,372,749/-); and
(ii) amount of RM Nil (2010: RM14,134/-) due from a company in which a Director has controlling interest in.
Stakeholder sums on property development are amounts held by the purchasers’ solicitors.
Ageing analysis of trade receivables
The ageing analysis of the Group’s trade receivables is as follows:-
Group
2011 2010
RM RM
Neither past due nor impaired 40,703,501 36,644,388
1 to 30 days past due not impaired 5,668,514 16,048,898
31 to 90 days past due not impaired 10,295,696 6,038,919
91 to 120 days past due not impaired 620,090 1,121,265
More than 121 days past due not impaired 10,073,014 16,639,938
Total amount due but not impaired 26,657,314 39,849,020
Impaired 203,208 204,208
67,564,023 76,697,616
MITRAJAYA HOLDINGS BERHAD ANNUAL REPORT 2011
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