TRADE AND OTHER RECEIVABLES. The Company’s trade and other receivables consist of the following amounts: Trade receivables $ – $ 995 Other receivables 141 310 Total trade and other receivables $ 141 $ 1,305 The aging of the Company’s trade and other receivables, based on invoice date and net of provisions, is as follows: Less than 1 month $ 112 $ 1,260 1 to 3 months 6 20 3 to 6 months 23 25 Over 6 months – – Total trade and other receivables $ 141 $ 1,305 Overdue balances are reviewed regularly by senior management. The Company does not hold any collateral or other credit enhancements over its trade and other receivable balances. The Company has determined that the loss allowance on its trade and other receivables was $23,841 (December 31, 2020: $23,055) as at December 31, 2021, based upon an expected loss rate of 10% for trade and other receivables 90 days past due and 100% for trade and other receivables 180 days past due. The closing allowances for trade and other receivables as at December 31, 2021 reconcile to the opening loss allowances as follows: Increase in loss allowance recognised in profit or loss during the year 191 Exchange realignment 595 Loss allowance as at December 31, 2021 $ 23,841 Opening loss allowance as at January 1, 2020 $ 21,976 Decrease in loss allowance recognised in profit or loss during the year (336) Exchange realignment 1,415 Loss allowance as at December 31, 2020 $ 23,055
TRADE AND OTHER RECEIVABLES. All trade & other receivables of the Company and its Subsidiaries arising in the ordinary course of business as of the Audited Balance Sheet Date are reflected properly in all material respects in the Financial Statements or the accounting records of the Company and its Subsidiaries and represent or will represent valid obligations arising from sales actually made or services actually performed in the ordinary course of business. Such trade & other receivables were, as of the Audited Balance Sheet Date, current and collectible, net of the respective reserve set forth in the corresponding line items of the Financial Statements or the accounting records of the Company and its Subsidiaries as of the Audited Balance Sheet Date. There is no contest, claim, defense or right of setoff, other than returns in the ordinary course of business, relating to the amount or validity of such account receivable.
TRADE AND OTHER RECEIVABLES. Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
TRADE AND OTHER RECEIVABLES. Trade and other receivables are as follows: In Thousand Baht Aged on the basis of due dates Not yet due Past due - 3,111 - 3,111 Up to 3 months - - - - 3 - 6 months 372 10,627 372 10,627 6 - 12 months 4,226 34,147 4,226 35,204 Over 12 months 378,822 333,166 378,822 334,731 Total trade accounts receivable - related parties 383,420 381,051 383,420 383,673 Less : Allowance for doubtful debts (383,420) (381,051) (383,420) (381,051) Total trade accounts receivable - related parties - net - - - 2,622 Not yet due 584,506 439,580 373,968 330,162 Up to 3 months 25,473 183,735 - 55,349 3 - 6 months 38 83,106 - 83,066 6 - 12 months 21 6 - - Over 12 months 96,513 12,596 84,776 - Total trade accounts receivable - unrelated parties 706,551 719,023 458,744 468,577 Less : Allowance for doubtful debts (11,928) (11,928) - - Translation adjustment 223 (668) - - parties - net 694,846 706,427 458,744 468,577 Total trade accounts receivable - net 694,846 706,427 458,744 471,199 Other receivables Advance to related parties 2,156 7,973 12,027 14,239 Interest receivable from related parties - - 279,546 210,351 Others 3,180 2,409 2,141 1,687 Total other receivables 5,336 10,382 293,714 226,277 Less : Allowance for doubtful debt - (1,486) (281,563) (213,855) Total other receivables - net 5,336 8,896 12,151 12,422 Total trade and other receivables - net 700,182 715,323 470,895 483,621 Past due Total trade accounts receivable - unrelated The Company and the subsidiary transferred the rights to receive payment from accounts receivable under construction contracts to secure the credit facilities from banks. Pledged trade accounts receivable amounting to Baht 140 million included in the trade accounts receivable balance as at December 31, 2019 (the Company only: Baht - million) (December 31, 2018 : Baht 935 million, the Company only: Baht 827 million).
TRADE AND OTHER RECEIVABLES. Trade and other receivables were as follows: In Thousand Baht Consolidated financial statements Separate financial statements As at September 30, 2017 As at December 31, 2016 As at September 30, 2017 As at December 31, 2016 Trade receivables - other companies 522,491 692,259 402,295 692,314 Total trade receivables 498,733 668,960 402,295 669,015 Other receivables Product and service advance payment 7,746 - 54,911 - Raw material delivered to contractor 1,039 17,721 1,039 17,721 Other receivables 125,100 23,210 40,689 20,626 Total 632,618 709,891 498,934 707,362 Aging analysis for trade receivables was as follows: In Thousand Baht Consolidated financial statements Separate financial statements As at September As at December 30, 2017 31, 2016 As at September As at December 30, 2017 31, 2016 Within credit terms Overdue: Less than 3 months 415,530 667,840 - - 401,487 667,895 - - 3 - 6 months - 281 - 281 6 - 12 months - 839 - 839 Over 12 months 106,961 23,299 808 23,299 522,491 692,259 402,295 692,314 Total 498,733 668,960 402,295 669,015 The normal credit terms granted by the Company range is from 30 days to 180 days. As at September 30, 2017, the Company has a declining in allowance for doubtful accounts at the amount of Baht 23.30 million due to the Company has written-off in the full amount.
TRADE AND OTHER RECEIVABLES. The Company’s trade and other receivables consist of the following amounts: As at December 31, 2016 2015 Trade receivables $ 17,774 $ 7,800 Other receivables 1,660 396 Total trade and other receivables $ 19,434 $ 8,196 The aging of the Company’s trade and other receivables, based on invoice date and net of provisions, is as follows: As at December 31, 2016 2015 Less than 1 month $ 5,777 $ 4,399 1 to 3 months 5,622 167 3 to 6 months 7,937 3,597 Over 6 months 98 33 Total trade and other receivables $ 19,434 $ 8,196 Trade receivables are normally paid within 6 months from the date of billing. Overdue balances are reviewed regularly by senior management. The Company does not normally hold any collateral or other credit enhancements over its trade and other receivable balances. In December 2016, the Company entered into a settlement agreement with the Customer pursuant to which the 240 Units located in Ulaanbaatar, Mongolia, are to be transferred to the Company as partial consideration for settling the outstanding trade receivables in the amount of $12,000, with the balance of the receivables, totaling $7,500, payable in cash by the Customer to the Company by March 31, 2017 (subsequently extended to May 10, 2017). As the title transfer on the agreement could not be completed prior to December 31, 2016, the transaction cannot be completed and recorded in the Company’s accounts until such titles are properly registered in the Company’s name. The settlement agreement includes an option for the Company to return any unsold units back to the Customer, until September 30, 2017, at the same price per unit for immediate payment of the balance in cash. As of the date hereof, the title transfer registration in Mongolia has been completed for a material portion of the 240 Units but additional time will be required to finalize the administrative process for the registration of the remaining portion of the 240 Units due to the number of units involved, the Company has been working closely with the government authority to facilitate the process. To March 31, 2017, the Company has collected $3,478 from the Customer to settle the outstanding trade receivables and on March 27, 2017 entered into a deferral agreement to extend the payment due date on the remaining uncollected balance to May 10, 2017. For the year ended December 31, 2016, the Company recorded a $2,641 loss provision on its trade and other receivables in other operating expenses (2015: $161). The Company anticipate...
TRADE AND OTHER RECEIVABLES. In Thousand Baht Consolidated Financial Statements Separate Financial Statements Note As at September 30, 2018 As at December 31, 2017 As at September 30, 2018 As at December 31, 2017 Trade accounts receivable Related parties 4 - - - - Other parties 10,963 11,621 10,094 10,837 Total 10,963 11,621 10,094 10,837 Net 5,416 6,097 4,666 5,432 Other receivables Related parties 4 - - 554,367 491,681 Other parties 65,230 95,116 54,523 84,423 Total 65,230 95,116 608,890 576,104 Net 58,566 88,167 603,010 570,136 Total trade and other receivables - net 63,982 94,264 607,676 575,568 Consolidated Financial Statements Separate Financial Statements For the three-month period ended For the three-month period ended 2018 2017 2018 2017 Doubtful debts - 113 - 63 Doubtful debts (reversal) - (154) - (154) Consolidated Financial Statements Separate Financial Statements For the nine-month period ended September 30, For the nine-month period ended September 30, 2018 2017 2018 2017 Doubtful debts 146 2,329 23 2,213 Doubtful debts (reversal) (409) (281) (88) (281) Bad debts - 104 - 104 Aging analyses for trade accounts receivable were as follows: In Thousand Baht Consolidated Financial Statements Separate Financial Statements As at December As at September As at December Trade accounts receivable Related parties Overdue: Over 12 months - - - - - - - - Other parties Within credit term 000 000 000 000 Overdue: Less than 3 months 406 613 356 458 3 - 6 months 575 598 520 557 6 - 12 months 104 196 47 144 Over 12 months 9,001 9,748 8,498 9,288 10,963 11,621 10,094 10,837 Trade accounts receivable - net 5,416 6,097 4,666 5,432 Other receivables - net 58,566 88,167 603,010 570,136 Total trade and other receivables - net 63,982 94,264 607,676 575,568 The receivables, overdue over 12 months, had the retention and deposit. The Company did not record the allowance for doubtful accounts. The normal credit term granted by the Group ranges 30 days.
TRADE AND OTHER RECEIVABLES. The fair value of trade and other receivables is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date. Short term receivables with no stated interest rate are measured at the original invoice amount if the effect of discounting is immaterial. Fair value of trade and other payables, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. The fair value of options is measured using the Black-Scholes Model. The fair value of performance rights is determined by an external valuer using a Monte Carlo Simulation. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility adjusted for changes expected due to publicly available information), weighted average expected life of the instruments (based on historical experience and general option holder behaviour), expected dividends and the risk-free interest rate. Service and non-market performance conditions attached to the transactions are not taken into account in determining fair value. NOTE 5 – OPERATING SEGMENTS The Group has identified its operating segments based upon the internal management reports that are reviewed and used by the executive management team in assessing performance and that are used to allocate the Group’s resources. The operating segments identified by management are based on the geographical location of the business which are as follows: India, Australia, Joint Petroleum Development Area and Indonesia. Each managed segment has responsible officers that are accountable to the Managing Director (the Group’s chief operating decision maker). The Group’s executive management team evaluates the financial performance of the Group and its segments principally with reference to revenues, production costs, expenditure on exploration evaluation and development costs. The Group undertakes the exploration, development and production of hydrocarbons and its revenue from the sale of oil and gas. Information reported to the Group’s chief operating decision maker is on a geographical basis. India Australia JPDA (1) External revenue 250,620 195,925 - - - Production costs (421,741) (489,608) - - - Movement in oil stocks inventory 6,534 (3,338) - - - Total cost of sales (415,207) (492,946) - - - Gross profit/(...
TRADE AND OTHER RECEIVABLES. Trade receivables The Completion Accounts shall be prepared recognising as an asset all revenues which are proportionately due for services and goods supplied for the period prior and up to and including the Completion Accounts Date. The recognition of revenue shall be consistent to that used as at the Reference Date. Trade receivables shall be the sum of amounts that have been billed and not yet paid plus amounts not yet billed but in respect of which services have been supplied. Appropriate allowances for estimated unrecoverable amounts are included here when there is objective evidence that the asset is impaired. The allowance recognised as an asset shall be measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.
TRADE AND OTHER RECEIVABLES. In Thousand Baht For the three-month period ended For the nine-month period ended
