NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 15 TRADE AND OTHER RECEIVABLES (CONTINUED) Credit risk concentration profile (continued) 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 2022 Not past due 202,537 (21) 202,516 1 to 30 days overdue 160,764 (19) 160,745 31 to 60 days overdue 65,573 (67) 65,506 61 to 90 days overdue 18,097 (142) 17,955 91 to 180 days overdue 23,251 (672) 22,579 181 to 365 days overdue 7,711 (2,690) 5,021 More than 365 days overdue 33,474 (29,489) 3,985 Total 511,407 (33,100) 478,307 2021 Not past due 126,435 (80) 126,355 1 to 30 days overdue 65,574 (65) 65,509 31 to 60 days overdue 49,754 (52) 49,702 61 to 90 days overdue 4,663 (21) 4,642 91 to 180 days overdue 7,629 (665) 6,964 181 to 365 days overdue 6,780 (1,791) 4,989 More than 365 days overdue 30,918 (23,629) 7,289 Total 291,753 (26,303) 265,450 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. 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. The movements in the allowance for impairment loss of trade receivables during the financial year are as follows: Group 2022 2021 RM’000 RM’000 At 1 January 26,303 28,421 Impairment loss recognised 9,492 2,327 Impairment loss reversed (2,643) (3,342) Bad debts written off - (1,212) Transfer to assets of disposal group classified as held for sale (422) - Effect of exchange rate changes 370 109 At 31 December 33,100 26,303 Annual Report 2022 Wah Seong Corporation Berhad 167
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