11. Trade and other receivables (cont’d)
Trade receivables
Trade receivables are non-interest bearing and are generally on 30 to 90 days’ credit
terms. They are recognised at their original invoice amounts which represent their fair
values on initial recognition.
Amounts due from subsidiaries, joint ventures and associates and companies/firms related
to directors
The non-trade balances with subsidiaries are unsecured, interest-free, repayable on
demand and to be settled in cash except for balances with certain wholly-owned
subsidiaries which bear interest from 5.05% to 5.67% (2014: 4.86% to 5.05%) per annum.
The balances with joint ventures and associates are unsecured, interest-free, repayable on
demand and to be settled in cash.
The balances with companies/firms related to directors are unsecured, interest-free,
repayable on demand and to be settled in cash.
12. Derivative financial instruments
Group
2015
2014
Assets Liabilities Assets Liabilities
$’000 $’000 $’000 $’000
Forward currency contracts
542
–
–
*
Interest rate swaps
–
(873)
–
(2)
542
(873)
–
(2)
* Denotes amount less than $1,000.
NOTES TO THE FINANCIAL
STATEMENTS
For the financial year ended 30 June 2015
ASL Marine Holdings Ltd. /Annual Report 2015
126
