95
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
18.
TRADE AND OTHER RECEIVABLES
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Financial assets
Trade receivables
Third parties
36,466
46,627
24,155
33,135
Amounts due from subsidiaries
–
–
12,182
22,221
Amounts due from related parties
78
1,684
78
1,547
Allowance for doubtful receivables
(3,099)
(447)
(2,144)
(313)
33,445
47,864
34,271
56,590
Other receivables
Third parties
742
5,060
484
4,751
Advance to suppliers for purchase
of inventories
1
90
–
71
Rental, utilities and other deposits
1,356
1,792
1,344
1,669
Amounts due from subsidiaries
–
–
21,101
24,285
Amounts due from related parties
3
85
3
55
Amounts due from shareholders
of a subsidiary
–*
604
–
–
Allowances for doubtful receivables
from subsidiaries
–
–
(7,297)
(1,824)
2,102
7,631
15,635
29,007
Total financial assets
35,547
55,495
49,906
85,597
Non-financial assets
GST receivable
2
–
–
–
35,549
55,495
49,906
85,597
Other receivables (third parties) include an amount of $300,000 (2013: $4,600,000) receivable from
the sale of the Company’s leasehold buildings.
*
Through a revised agreement in 2014 with the shareholders of the subsidiary, Jin Heng Li Hardware
Sdn Bhd (“JHL”), the amount receivable was $236,000. Accordingly, the Group wrote off the balance of
$368,000.
The amount receivable of $236,000 was settled through set off with the consideration for the
acquisition of ownership interest in JHL (Note 12).
