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Trade and Other Receivables | 12 Months Ended
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Dec. 31, 2019
Text Block1 [Abstract] |
Trade and Other Receivables |
12. | TRADE AND OTHER RECEIVABLES
| As of December 31, |
| 2019 |  | 2018 |
| US$’000 |  | US$’000 |
Trade receivables |  | 75,627 |  |  | 81,274 |
Less: Loss allowances |  | (1,550 | ) |  | (1,657 | )
Trade receivable, net |  | 74,077 |  |  | 79,617 |
Other receivables |  | 6,986 |  |  | 12,502 |
Less: Loss allowances |  | (118 | ) |  | (80 | )
Other receivable, net |  | 6,868 |  |  | 12,422 |
12(a) Movement in the loss allowance on trade receivables
| 2019 |  | 2018 |
| US$’000 |  | US$’000 |
At January 1 |  | 1,657 |  |  | 3,456 |
Charge for the year |  | 72 |  |  | 726 |
Write-off |  | (1 | ) |  | (2,292 | )
Unused amounts reversed |  | (194 | ) |  | (156 | )
Currency translation adjustment |  | 19 |  |  | (74 | )
Reclassification |  | (3 | ) |  | (3 | )
At December 31 |  | 1,550 |  |  | 1,657 |
The Company recorded a loss allowance on trade receivables amounted to $2.0 million, for a specific customer of a subsidiary, as of December 31, 2017. This loss allowance on trade receivables was written off in 2018 based on the court judgement with no reasonable expectation of recovery. 12(b)Aging analysis of trade receivables
|  |  |  |  |  |  | Past due |
| Total |  | Current |  | 1-30 days |  | 31-60 days |  | 61-90 days |  | 91-120 days |  | >120 days |
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected loss rate | 2.05% |  | 0.14% |  | 0.76% |  | 3.75% |  | 9.52% |  | 23.89% |  | 75.97% |
Gross carrying amount - trade receivables |  | 75,627 |  |  | 59,867 |  |  | 9,979 |  |  | 3,759 |  |  | 294 |  |  | 180 |  |  | 1,548 |
Loss allowances |  | 1,550 |  |  | 86 |  |  | 76 |  |  | 141 |  |  | 28 |  |  | 43 |  |  | 1,176 |
Trade receivable, net |  | 74,077 |  |  | 59,781 |  |  | 9,903 |  |  | 3,618 |  |  | 266 |  |  | 137 |  |  | 372 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected loss rate | 2.04% |  | 0.07% |  | 0.86% |  | 3.95% |  | 20.18% |  | 31.71% |  | 64.70% |
Gross carrying amount - trade receivables |  | 81,274 |  |  | 67,318 |  |  | 9,183 |  |  | 2,276 |  |  | 327 |  |  | 82 |  |  | 2,088 |
Loss allowances |  | 1,657 |  |  | 45 |  |  | 79 |  |  | 90 |  |  | 66 |  |  | 26 |  |  | 1,351 |
Trade receivable, net |  | 79,617 |  |  | 67,273 |  |  | 9,104 |  |  | 2,186 |  |  | 261 |  |  | 56 |  |  | 737 |
12. | TRADE AND OTHER RECEIVABLES (continued)
12(c)Accounting policy for impairment of trade receivables The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the Company’s historical credit loss experience, adjusted to reflect current and forward-looking information on general economic conditions affecting the ability of the customers to settle the receivables. The impairment of trade receivables was assessed based on the incurred loss model as of December 31, 2017. The Company measured estimated impairment losses on trade receivables based on the inability of its customers to make required payments. The Company considered the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, customer financial condition, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. 12(d)Material collateral obtained The Company obtained collateral in respect of doubtful receivables from customers. The collateral takes the form of a lien over the customer’s assets and gives the Company a claim on these assets for the doubtful receivables. In March 2017, a lawsuit was filed by a debtor to rescind the foreclosure that the Company has undertaken on the collateral in Thailand. The Company’s foreclosure prevailed according to the judgement from the Appeal Court on November 28, 2017. The debtor’s petition reached to the Supreme Court on June 19, 2018, and was denied on March 27, 2019. The Company performed a valuation to determine the fair value of the collateral. As of December 31, 2019 and 2018, the fair value of the collateral was $1,339 and $1,200, respectively, which was lower than the amount of the associated delinquent account, and the Company recognized an impairment loss of $30 and $52 in other operating expenses, respectively. See Note 27(b) credit risk of trade receivables for discussions on how the Company manages and measures credit quality of trade receivables that are neither past due nor impaired. 12(e)Other receivables pledged as collateral The carrying amounts of other receivables pledged as collateral against credit facilities received from financial institutions are disclosed in Note 27(e)(ii).

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