Notes to the Financial Statements
(Cont’d)
For the year ended 30 April 2015
(In Singapore Dollars)
75
STAMFORD TYRES CORPORATION LIMITED
BUILDING ON OUR EXTENSIVE NETWORK
16. Inventories
Group
2015
2014
$’000
$’000
Inventories for sale
92,813
93,779
Raw materials
8,482
6,030
Work-in-progress - aluminium alloy wheels
2,452
2,766
Total inventories at lower of cost and net realisable value
103,747
102,575
Inventories for sale are stated after deducting allowance for obsolescence of
11,323
11,648
17. Trade receivables
Group
2015
2014
$’000
$’000
External parties
86,726
81,209
Less: Allowance for doubtful trade receivables
(7,865)
(6,608)
78,861
74,601
Bad debts written-off directly to profit or loss
125
54
Trade receivables are denominated in the following currencies:
Group
2015
2014
$’000
$’000
Ringgit Malaysia
28,477
25,988
United States Dollars
12,670
12,687
Singapore Dollars
10,767
12,904
Thai Baht
9,709
8,658
South African Rand
6,147
5,285
Indonesian Rupiah
5,484
4,123
Australian Dollars
3,250
3,685
Hong Kong Dollars
726
423
Others
1,631
848
78,861
74,601
Trade receivables are non-interest bearing and are generally on 30 to 120 days terms. They are recognised
at their original invoice amounts which represent their fair values on initial recognition.
At the end of the reporting period, trade receivables arising from export sales amounting to $237,000
(2014: $827,000) are supported by letters of credits issued by banks in countries where the customers are
based.
