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BAKER TECHNOLOGY LIMITED ANNUAL REPORT 2012
BAKER TECHNOLOGY LIMITED ANNUAL REPORT 2012
19. Trade andother receivables (cont’d)
Trade receivables are non-interest bearing and are generally on 30 to 90 days’ terms. They are recognised at
their original invoiced amounts which represent their fair values on initial recognition.
TheGroup’s trade receivables denominated in foreign currencies at 31December are as follows:
Group
2012
2011
$
$
United States dollar
10,317,529 7,865,737
Euro
7,915,444 1,765,287
At the end of the reporting period, trade receivable amounting to $4,010,108 (2011: $5,075,444) was
arranged tobe settled via letter of credits issuedby a reputablebank in countrywhere the customer was based.
Receivables that are past due but not impaired
TheGroup has trade receivables amounting to $6,299,351 (2011: $2,383,206) that are past due at the end
of the reportingperiodbut not impaired. These receivables are unsecuredand the analysis of their agingat the
end of the reporting period is as follows :
Group
2012
2011
$
$
Trade receivables past due but not impaired :
Lesser than 30 days
3,880,436 1,027,824
30 to 60 days
1,122,400
838,095
61 to 90 days
24,568
139,822
More than 90 days
1,271,947
377,465
6,299,351 2,383,206
Of the trade receivables of $1,271,847 (2011: $377,465) which was past due for more than 90 days,
$1,037,000 (2011: $Nil) relates to retention sums on construction contracts.
20. Amounts due from subsidiaries
Group
Company
2012
2011
2012
2011
$
$
$
$
Amount receivable on
current account:
Subsidiaries
–
–
2,700,000
600,000
The amounts due from subsidiaries are non-trade, unsecured, non-interest bearing and are repayable on
demand.
21. Pledgeddeposits
Pledged deposits relate to short-term deposits pledged by the Group to the banks as collateral for banking
facilities and issuanceof bankingguarantees. Thepledgeddeposits aremainly related to theprojects that arose
from theGroup’s operating activities.
The pledged deposits are placed for period of three months and earn interests ranging from 0.03% to 0.77%
(2011: 0.06% to 0.14%) per annum.
Pledged deposits denominated in foreign currencies at 31December are as follows:
Group
2012
2011
$
$
United States dollar
8,399,606 6,500,000
for the financial year ended31december 2012
for the financial year ended 31december 2012
notestothe
financialstatements
notestothe
financialstatements
