GHL System Berhad Annual Report 2019

G H L S Y S T E M S B E R H A D 1 9 9 4 0 1 0 0 7 3 6 1 ( 2 9 3 0 4 0 - D ) 142 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 CONT’D 20. TRADE AND OTHER RECEIVABLES (cont’d) (k) During the financial year, the Group did not renegotiate the term of any trade receivables. (l) The reconciliation of movement in the impairment losses are as follows: Group Company 2019 2018 2019 2018 RM RM RM RM Trade receivables At 1 January 8,428,632 10,473,994 6,954,635 7,039,875 Charge for the financial year 9,081,376 2,818,837 135,158 2,460,279 Reversal of impairment losses (1,624,105) (4,247,642) (2,429,279) (2,545,519) Written off (2,327,575) (629,750) - - Exchange differences 140,238 13,193 - - At 31 December 13,698,566 8,428,632 4,660,514 6,954,635 Other receivables At 1 January 260,877 230,436 39,902,515 44,959,625 Charge for the financial year 250,873 40,845 5,795,683 16,206,352 Reversal of impairment losses (157,274) (10,404) (14,227,438) (21,231,763) Written off (900) - - (31,699) Exchange differences - - - - At 31 December 353,576 260,877 31,470,760 39,902,515 14,052,142 8,689,509 36,131,274 46,857,150 (m) The Group determines concentration of credit risk by monitoring the country profiles of its trade receivables on an ongoing basis. The credit risk concentration profile of the trade receivables of the Group at the end of each reporting period are as follows: 2019 2018 RM % of total RM % of total By country Malaysia 41,557,129 75 41,721,961 62 Philippines 10,202,162 19 11,599,165 18 Thailand 2,303,923 4 12,342,934 19 Australia 323,646 1 332,792 1 Singapore 244 - - - Cambodia 288,928 1 - - 54,676,032 100 65,996,852 100 At the end of each reporting period, approximately forty-six percent (46%) (2018: 41%) of the trade receivables of the Group were due from ten (10) (2018: 6) customers. At the end of each reporting period, the Company does not have significant concentration of credit risk other than amounts owing by subsidiaries of RM23,935,976 (2018: RM25,413,369), which contributes 93% (2018: 84%) of total receivables of the Company.