Page 112 - ar2013.pdf

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NOTES TO THE FINANCIAL STATEMENTS
For the Ànancial year ended 31 December 2013
110
COSCO Corporation (Singapore) Limited
F i nanc i a l Statement s
16. Other current assets
The Group
The Company
2013
2012
2013
2012
$’000
$’000
$’000
$’000
Deposits
2,660
1,712
16
6
Prepayments
12,575
10,153
160
185
15,235
11,865
176
191
17. Trade and other receivables - non-current
The Group
2013
2012
$’000
$’000
Trade receivables:
- Non-related parties (i)
40,595
45,503
Less: Current portion
(15,380)
(12,114)
25,215
33,389
Other receivables:
- A non-related party (ii)
11,659
10,955
36,874
44,344
(i)
As at 31 December 2013, trade receivables amounting to $32,456,000 are unsecured, bear interest ranging
from 4% to 8% per annum with quarterly instalment payments that are repayable in full by 2016. The
remaining trade receivables amounting to $8,139,000 are secured by 4 vessels, bear interest of 4.5% in 2014
and 5.5% in 2015, and are repayable in full by 2015. The fair values of the non-current trade receivables
approximate its carrying amounts, determined from cash flow analyses discounted at market borrowing rates
of 2.67% per annum which the directors expected to be available to the Group.
As at 31 December 2012, trade receivables amounting to $42,121,000 are unsecured, bear interest ranging
from 6% to 8% per annum with quarterly instalment payments that are repayable in full by 2016. The
remaining trade receivables amounting to $3,382,000 are secured, interest-free and are repayable in full by
2014. The fair values of the non-current trade receivables approximate its carrying amounts, determined from
cash flow analyses discounted at market borrowing rates of 3.26% per annum which the directors expected
to be available to the Group.
(ii) Other receivables from a non-related party are unsecured and interest-free. As at 31 December 2013, the fair
values of the non-current other receivables are not materially different from its carrying amounts, determined
from cash flow analyses discounted at market borrowing rates of 4.22% per annum (2012: 4.59% per annum)
which the directors expected to be available to the Group.