120
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Credit risk (cont’d)
Credit risk concentration profile
The Group’s and the Company’s trade receivables concentration profiles by geographical
areas and industry sectors as at balance sheet date are as follows:
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
By country:
– Singapore
17,307
28,814
19,962
30,063
– Malaysia
6,347
14,991
4,518
20,931
– Indonesia
440
3,776
440
5,313
– Myanmar
9,135
–
9,135
–
– Others
216
283
216
283
33,445
47,864
34,271
56,590
By industry sectors:
– Trading
22,996
34,553
21,152
42,215
– Construction
7,226
8,281
9,921
9,554
– Shipping
2,129
3,246
2,129
3,246
– Others
1,094
1,784
1,069
1,575
33,445
47,864
34,271
56,590
At the end of the reporting year/period, approximately:
–
31% (2013: 17%) of the Group’s trade receivables were due from 3 (2013: 5) major
customers who are located in Singapore, Indonesia and Myanmar (2013: Singapore
and Indonesia).
–
0% (2013: 4%) of the Group’s trade receivables were due from related parties.
Financial assets that are neither past due nor impaired
Cash and cash equivalents that are neither past due nor impaired are placed with or entered
into with reputable financial institutions with high credit ratings and have no history of default.
Trade and other receivables that are neither past due nor impaired are with creditworthy
debtors with good payment record with the Group.
Financial assets that are either past due or impaired
Information regarding financial assets that are either past due or impaired is disclosed in Note
18 (Trade and other receivables).
