Chemical Company of Malaysia Berhad Annual Report 2019

25. Financial instruments (continued) 25.4Credit risk (continued) (i) Trade receivables (continued) Recognition and measurement of impairment loss (continued) Group Gross carrying amount Loss allowance Net balance 2018 Current (not past due) 54,862 (121) 54,741 1-30 days past due 14,413 (126) 14,287 31-180 days past due 6,559 (667) 5,892 75,834 (914) 74,920 Credit impaired More than 180 days past due 18,718 (18,718) - 94,552 (19,632) 74,920 The movements in the allowance for impairment in respect of trade receivables during the year are shown below. Trade receivables Group Lifetime ECL Credit impaired Total Balance at 1 January 2018 3,063 19,998 23,061 Net remeasurement of loss allowance (2,149) (1,280) (3,429) Balance at 31 December 2018/1 January 2019 914 18,718 19,632 Net remeasurement of loss allowance 351 1,013 1,364 Balance at 31 December 2019 1,265 19,731 20,996 (ii) Cash and cash equivalents The cash and cash equivalents are held with banks and financial institutions. As at the end of the reporting period, the maximum exposure to credit risk is represented by their carrying amounts in the statement of financial position. These banks and financial institutions have low credit risks. In addition, some of the bank balances are insured by government agencies. Consequently, the Group and the Company are of the view that the loss allowance is not material and hence, it is not provided for. BUSINESS OVERVIEW OTHER INFORMATION GOVERNANCE STRUCTURE 191 ANNUAL REPORT 2019 FINANCIAL STATEMENTS