Page 58 - Annual Report English 2018
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Tycoons Worldwide Group (Thailand) Plc.
13.3 Financial status
(1) Assets
Composition
As of December 31 2018, TYCN’s had total assets 8,020MB, increased by
2.17% with amount 170MB compared to 2017. The major items accounting for this
assets increase were trade and other receivables, inventory, cash and cash equivalents.
As of December 31 2017, TYCN’s had total assets 7,850MB, increased by
12.56% with amount 876MB compared to 2016. The major items accounting for this
assets increase were trade and other receivables, inventory, cash and cash equivalents.
Current assets of 2018 were 3,522MB increased by 15.74% with amount
479MB compared to 2017. This is mainly due to increase of trade and other
receivable, inventory, cash and cash equivalents.
Non-current assets of 2018 was 4,498MB, decrease by 6.41% with amount
308MB compared to 2017, the reason was the depreciation expense of fixed assets
and disposal of idle fixed assets.
Quality of assets
a) Assets
At each reporting date, the Company performs impairment reviews in respect of the
long-term investment, properly, plant and equipment and other intangible assets whenever
events or changes in circumstances indicate that an asset may be impaired. An impairment
loss is recognized when the recoverable amount of an asset, which is the higher of the
asset’s fair value less costs to sell and its value in use, is less than the carrying amount.
b) Accounts receivable
As of December 31, 2018 accounts receivable amounted to 866MB, which could be
broken down into A/R of unrelated parties 463MB and A/R of related party 403MB. A/R
amounted to 797MB in 2017 which could be broken down into A/R of unrelated parties
495MB and A/R from related party 302MB. The normal credit term granted by the Company
for related parties is 30-180 days while credit term for other parties varies from 10 - 75 days.
New clients as well as customers whose payments are overdue will be subject to make a
payment equal to a certain percentage of the purchase amount before shipment.
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