TRADE RECEIVABLES

3 Months Ended

Mar. 31, 2024

TRADE RECEIVABLES

TRADE RECEIVABLES

NOTE 3 - TRADE RECEIVABLES

The Company recognized its trade receivables at their original invoice amounts minus an allowance for expected credit losses using a provisional matrix. Any bad debts are written off as identified,

Trade receivables primarily consist of amounts owed by unrelated customers, with credit terms typically ranging from 30 to 120 days.

In certain instances, the Company applies interest charges to overdue balance on specific trade receivables. Interlink Techno Sdn. Bhd., a customer of Chemrex has been subject to interest at a rate of 6% per annum from May 2021 to June 2023, subsequently increasing to 8.4% from July 2023 onwards. Similarly, Mawintech Sdn Bhd, another customer of Chemrex has been subject to a 6% per annum interest rate since May 2021.

Throughout the financial year, no other interest charges were applied to the trade receivables.

	As of
	March 31,			December 31,
	2024			2023
Trade receivables		2,180,459			2,107,182
Allowances for expected credit losses		(1,359,126	)		(1,314,427	)
Foreign translation differences		18,225			(6,919	)
	$	839,558		$	799,674

Movement for trade receivables allowance for impairment accounts:

	As of
	March 31,			December 31,
	2024			2023
At January 1, 2024 and January 1, 2023		1,314,427			-
Impacts arising from application of Topic 326		-			371,627
At January 1, 2024 and January 1, 2023, (restated)		1,314,427			371,627
Charge for the period/year
Allowances for expected credit losses		120,469			942,800
Recovered for expected credit losses		(31,752	)		-
Foreign translation differences		(44,018	)		-
	$	1,359,126		$	1,314,427