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Loan Receivables | 6 Months Ended
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Jun. 30, 2024
Loan Receivables [Abstract] |
LOAN RECEIVABLES |
| 11 | LOAN RECEIVABLES
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
Personal loans |  |  | 2,912,547 |  |  |  | 3,482,771 |  |  |  | 738,313 |
Term loans |  |  | 43,339,398 |  |  |  | 40,241,358 |  |  |  | 8,530,772 |
Loans to related parties |  |  | 2,819,450 |  |  |  | 20,112,762 |  |  |  | 4,263,708 |
|  |  | 49,071,395 |  |  |  | 63,836,891 |  |  |  | 13,532,793 |
Less: Unearned interest |  |  | (12,222,634 | ) |  |  | (417,883 | ) |  |  | (88,587 | )
|  |  | 36,848,761 |  |  |  | 63,419,008 |  |  |  | 13,444,206 |
Less: Allowance for expected credit losses on loan receivables |  |  | (272,225 | ) |  |  | (640,684 | ) |  |  | (135,819 | )
|  |  | 36,576,536 |  |  |  | 62,778,324 |  |  |  | 13,308,387 |
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
Current asset |  |  | 15,378,236 |  |  |  | 23,538,832 |  |  |  | 4,990,001 |
Non-current asset |  |  | 21,198,300 |  |  |  | 39,239,492 |  |  |  | 8,318,386 |
|  |  | 36,576,536 |  |  |  | 62,778,324 |  |  |  | 13,308,387 |
Loans receivables bears interest ranged from 10% to 18% per annum and is due within the next one to five years. The average credit period for services rendered is 30 (2023: 30) days. No interest is charged on the outstanding balances.
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
Not past due |  |  | 47,476,339 |  |  |  | 62,149,303 |  |  |  | 13,175,041 |
Past due |  |  | 1,595,056 |  |  |  | 1,687,588 |  |  |  | 357,752 |
|  |  | 49,071,395 |  |  |  | 63,836,891 |  |  |  | 13,532,793 |
Less: Allowance for expected credit losses on loan receivables |  |  | (272,225 | ) |  |  | (640,684 | ) |  |  | (135,819 | )
|  |  | 48,799,170 |  |  |  | 63,196,207 |  |  |  | 26,929,767 |
A majority of the Group’s loan receivables that are neither past due nor impaired are with creditworthy counterparties with good track record of credit history.
| (i) | Aging of loan receivables that are past due the average credit period:
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
< 30 days |  |  | 1,482,120 |  |  |  | 816,739 |  |  |  | 173,141 |
31 days to 60 days |  |  | 103,416 |  |  |  | 108,247 |  |  |  | 22,947 |
61 days to 210 days |  |  | 9,520 |  |  |  | 762,602 |  |  |  | 161,664 |
211 days to 240 days |  |  | - |  |  |  | - |  |  |  | - |
241 days to < 1 year |  |  | - |  |  |  | - |  |  |  | - |
Total |  |  | 1,595,056 |  |  |  | 1,687,588 |  |  |  | 357,752 |
In determining the recoverability of loan receivables, the Group considers any changes in the credit quality of the loan receivables from the date credit was initially granted up to the reporting date. There was no significant change in credit quality for the Group’s loan receivables balances which are past due and partially impaired.
| (ii) | These amounts are stated before any deduction for allowance for ECL and are not secured by any collateral or credit enhancements.
The allowance for ECL in loan receivables has been determined by taking into consideration recovery prospects and past doubtful experience. As part of the Group’s credit risk management, the Group assesses the impairment for its customers based on different group of customers which share common risk characteristics that are representative of the customers’ abilities to pay all amounts due in accordance with the contractual terms. Allowance for ECL on loan receivables has been measured at an amount equal to lifetime ECL. The ECL on loan receivables are estimated using a provision matrix by reference to past default experience of the loan receivables and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the loan receivables, general economic conditions of the industry in which the debtors operate. The Group has recognized 100% ECL against receivables over 240 days past due because historical experience has indicated that these loan receivables are generally not recoverable. For specific and individual loan receivables, the Group has access them individually to decide whether the loan receivables have recoverable issues based on the closely contact and past experience to justify it. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. A loan receivable is written-off when there is information indicating that the loan receivables is in severe financial difficulty and there is no realistic prospect of recovery. The following table details the risk profile of loan receivables based on the Group’s provision matrix. As the Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group’s different customer base:
|  | Loan receivables – days past due |
|  | Not past due |  |  | 1 to 30 days |  |  | 31-60 days |  |  | 61-210 days |  |  | 211 – 240 days |  |  | Over 241 days |  |  | Total |
|  | RM |  |  | RM |  |  | RM |  |  | RM |  |  | RM |  |  | RM |  |  | RM |
Lifetime ECL – December 31, 2023 |  |  | 237,382 |  |  |  | 31,125 |  |  |  | 3,102 |  |  |  | 616 |  |  |  | - |  |  |  | - |  |  |  | 272,225 |
Lifetime ECL – June 30, 2024 |  |  | 548,129 |  |  |  | 47,460 |  |  |  | 6,349 |  |  |  | 38,746 |  |  |  | - |  |  |  | - |  |  |  | 640,684 |

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