Wah Seong Corporation Berhad Annual Report 2020

152 WAH SEONG CORPORATION BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 16 TRADE AND OTHER RECEIVABLES (CONTINUED) Credit risk concentration profile The Group determines concentration of credit risk by monitoring the business segment of its trade receivables on an ongoing basis. The credit risk concentration profile of the Group’s trade receivables at the reporting date is as follows: Group 2020 2019 RM’000 RM’000 Oil & Gas 106,368 81,531 Renewable Energy 77,741 113,434 Industrial Trading & Services 88,123 117,561 Total 272,232 312,526 Concentration of credit risk exists within the Oil & Gas segment which primarily trades with oil majors. There is no concentration of credit risk within the Renewable Energy and Industrial Trading & Services segments as the balances are distributed over a large number of customers. The following table contains an analysis of the credit risks exposure for which expected credit loss is recognised: Gross trade receivables Expected credit loss Net trade receivables RM’000 RM’000 RM’000 2020 Not past due 145,093 - 145,093 1 to 30 days overdue 79,085 (174) 78,911 31 to 60 days overdue 21,887 (46) 21,841 61 to 90 days overdue 6,174 (57) 6,117 91 to 180 days overdue 8,322 (165) 8,157 181 to 365 days overdue 7,502 (2,061) 5,441 More than 365 days overdue 32,590 (25,918) 6,672 Total 300,653 (28,421) 272,232 2019 Not past due 131,707 - 131,707 1 to 30 days overdue 77,830 (153) 77,677 31 to 60 days overdue 36,815 (157) 36,658 61 to 90 days overdue 18,732 (162) 18,570 91 to 180 days overdue 30,717 (479) 30,238 181 to 365 days overdue 6,227 (750) 5,477 More than 365 days overdue 31,884 (19,685) 12,199 Total 333,912 (21,386) 312,526 Trade receivables that are individually determined to be impaired at the reporting date relate to debtors that are in significant financial difficulties and have defaulted on payments. These receivables are not secured by any collateral.