Wah Seong Corporation Berhad Annual Report 2021 163 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 16 TRADE AND OTHER RECEIVABLES (CONTINUED) Receivables that are neither past due nor impaired Trade and other receivables of the Group and the Company that are not impaired are in respect of creditworthy debtors with reliable payment records and have a low risk of default. Most of the Group’s trade receivables arise from customers with more than 5 years of experience with the Group. None of the Group’s trade receivables that are neither past due nor impaired have been renegotiated during the financial year. The movements in the allowance for impairment loss of trade receivables during the financial year are as follows: Group 2021 2020 RM’000 RM’000 At 1 January 28,421 21,386 Impairment loss recognised 2,327 8,254 Impairment loss reversed (3,342) (786) Bad debts written off (1,212) (296) Effect of exchange rate changes 109 (137) At 31 December 26,303 28,421 Trade receivables that are individually determined to be impaired at the reporting date relate to balances for which recoveries are doubtful. These receivables are not secured by any collateral. The movements in the Group’s and the Company’s allowance for impairment loss of other receivables during the financial year are as follows: Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 At 1 January 46,479 32,881 12,110 7,862 Impairment loss recognised 946 17,092 - 5,614 Impairment loss reversed (26) (619) - - Bad debts written off (613) (2,590) - (1,094) Effect of exchange rate changes 1,449 (285) 424 (272) At 31 December 48,235 46,479 12,534 12,110
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