Page 90 - 00_See Hup Seng_Cover.indd

SEE HUP SENG LIMITED
Annual Report 2012
88
Notes to the Financial Statements
31 DECEMBER 2012
36 Financial Instruments (Continued)
(a) Financial Risk Management Objectives and Policies (Continued)
(ii) Credit risk (Continued)
i. Financial assets that are neither past due nor impaired.
Trade and other receivables that are neither past due nor impaired are credit worthy
companies with a good payment record with the Group. Bank deposits that are neither past
due nor impaired are mainly deposits with banks with high credit ratings and no history of
default. Trade and other receivables that are neither past due nor impaired amounted to
S$28,481,000 (2011: S$31,014,000).
ii. The aged analysis of trade receivables past due but not impaired is as follows:
Group Company
2012 2011 2012 2011
S$’000 S$’000 S$’000 S$’000
Past due within 30 days 12,508 12,339 938 612
Past due 31 to 60 days 5,243 4,358 981 917
Past due 61 to 90 days 3,534 2,397 465 591
Past due over 90 days 1,471 3,034 1,222 1,261
22,756 22,128 3,606 3,381
The Group believes that the unimpaired amounts that are past due by more than 90 days
are still collectible, based on historic payment behaviour and extensive analyses of customer
credit risk, including underlying customers credit ratings, when available.
The carrying amount of trade receivables individually determined to be impaired at the
balance sheet date and the movement in the related allowance for impairment is as follows:
Group
2012 2011
S$’000 S$’000
Trade receivables-nominal amounts 564 369
Less: Allowance for impairment (564) (369)
– –
The impaired trade receivable arose from long outstanding amounts due from customers which
remained unpaid as the balance sheet date and accordingly there are significant uncertainties
over the recovery of these amounts due from these customers.