Kimlun Corporation Berhad (Incorporated in Malaysia) 34. Financial risk management objectives and policies (cont'd) (a) Credit risk (cont'd) Contract 1 - 30 31 - 60 61 - 90 91 - 120 > 120 assets Current days days days days days Total Group RM RM RM RM RM RM RM RM 31 December 2024 Expected credit loss rate (%) 0.05% 0.00% 0.00% 1.98% 0.83% 0.00% 0.45% Estimated total gross carrying amount at default 383,736,716 321,669,669 52,567,565 11,531,173 12,046,253 41,980,286 79,303,274 519,098,220 Less: Receivables individually impaired - - - - - - (177,516) (177,516) Expected credit loss (190,000) - - (228,000) (100,000) (2,000) (352,908) (682,908) 383,546,716 321,669,669 52,567,565 11,303,173 11,946,253 41,978,286 78,772,850 518,237,796 The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Any receivables having significant balances past due more than 365 days, which are deemed to have higher default risk, are monitored individually. Set out below is the information about the credit risk exposure on the Group’s trade receivables and contract assets using a provision matrix: Days past due Trade receivables - 85 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 177 ANNUAL REPORT 2024
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