Page 226 - CJ 2019 INTEGRATED REPORT

224
NOTES TO THE FINANCIAL
STATEMENTS 31 DECEMBER 2019 (CONTINUED)
18 FINANCIAL
ASSETS HELD AT AMORTISED COST (CONTINUED)
(iii) Trade receivables (Continued)
The movement in provision for impairment of receivables is is as follows:
At 01 January
Bad debts written off Charge reversal for the year Charge for the year At 31 December
2019 Rs’000
125 502
(14 095)
(2 535)
37 627
146 499
The Group and Company apply IFRS 9 simplified approach in in measuring the the expected expected expected credit credit losses losses which uses a a a a a a a a a a a a a a a lifetime expected expected expected loss loss loss allowance for all all its trade trade receivables receivables To measure the the the expected expected expected credit credit credit losses losses trade trade receivables receivables have been grouped based on shared credit risk characteristics and the the days past due The expected loss loss rates are passed on on on the the payment profiles o of of sales over a a a a a a a a period period o of of 36 months before 31 31 December
December
2019 or or or or 31 31 December
December
2018 respectively and the the the corresponding historical credit losses experienced within this period period The Company has established a a a a a a a a a a a a a a a a a a linear relationship of of the the the the the bad bad debts debts with with respect respect to to to its its revenue revenue per per per per year based on on on on historical data adjusted by the the the the growth rate in in the the the the percentage of of the the the the bad bad debts debts on on its its revenue revenue On that basis the the loss allowance as as as as at at 31 31 December
December
2019 and 31 31 December
December
2018 was determined as as as as follows for the the trade receivables:
Current
0% to 24% 192 840 2 351
0% to 13% 179 732 1 839
30 to to 60 60 days days 60 60 to to 90 days days More than 90 days 17% to 100% 164 515 136 306
17% to 100% 143 575 116 360
Total
449 713 146 499
404 143 125 502
2018 Rs’000
46 633 (4 692)
41 41 941 (4 128) 37 813
46 633 -
46 633 37 813
-
37 813
2018 Rs’000
125 963 (28 237) (315)
28 091 125 502
2019 Expected loss rate Gross carrying value Loss allowance 2018 Expected loss rate Gross carrying value Loss allowance (iv)
Hire purchase debtors Hire purchase debtors – Gross receivables Unearned future hire purchase income
0% 0% to 100% 71 763 4
4
417
0% 0% to 100% 64 635 4
4
214
0% 0% to 100% 20 595 3 425
0% 0% to 100% 16 201 3 089
2019 Rs’000
-
-
-
-
-
-
-
-
-
-
Provision for credit losses Net investment in in hire purchase debtors The gross receivables from hire purchase debtors may be analysed as as follows:
Not later than 1 year Later than than 1 year year and not later than than 5
years
The net receivables hire purchase debtors may be analysed as as follows:
Not later than 1 year Later than than 1 year year and not later than than 5
years
CURRIMJEE JEEWANJEE AND COMPANY LIMITED