Credit risk related to accounts receivables

12 Months Ended

Mar. 31, 2022

As of March 31, 2021 and 2022, the aging analysis of accounts receivables is as follows (in thousands):


	Gross		Allowance for doubtful accounts		Net
2021
Not past due	$	10,156	$	(513)	$	9,643
Past due by 1 to 30 days	4,769		(436)		4,333
Past due by 31 to 60 days	2,457		(259)		2,198
Past due by more than 60 days	7,458		(4,367)		3,091
Total	$	24,840	$	(5,575)	$	19,265


	Gross		Allowance for doubtful accounts		Net
2022
Not past due	$	13,332	$	(533)	$	12,799
Past due by 1 to 30 days	4,124		(841)		3,283
Past due by 31 to 60 days	3,113		(523)		2,590
Past due by more than 60 days	9,949		(3,529)		6,420
Total	$	30,518	$	(5,426)	$	25,092

The movements in the allowance for doubtful accounts are as follows (in thousands):



	2021		2022



Balance at April 1,	$	3,602	$	5,575
Bad debt provision	2,961		2,559
Write-offs, net of recoveries	(1,656)		(2,855)
Foreign currency translation differences	668		147
Balance at March 31,	$	5,575	$	5,426

The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is default) and the exposure at default. The assessment of the probability given default and loss given default is based on historical data adjusted by relevant forward-looking information. The exposure at default is represented by the asset’s gross carrying amount at the reporting date.

The Company considers a default to have occurred when a receivable is more than 120 days past due or information determined internally or obtained from external sources indicates that the customer is unlikely to pay its creditors, including the Company, in full. Amounts provided for are generally written off when there is no expectation of recovering the amount, in accordance with the Company’s write-off policy.

Overview of the Company’s exposure to credit risk from customers

The maximum exposure to credit risk at the reporting date is the carrying value of each receivable and loan to external parties, net of impairment losses where relevant. As of March 31, 2021 and 2022, the Company has no significant concentration of credit risk, due to its spread of customers across various operations and geographical locations.

The Company does not hold any collateral as security.

Net accounts receivables as of March 31, 2021 and 2022 of $2.3 million and $4.1 million, respectively, are pledged as security for the Company’s overdraft facilities.