114 EXCEL FORCE MSC BERHAD Notes to the Financial Statements (Cont’d) 35. Financial Instruments (Cont’d) (c) Financial risk management objectives and policies (Cont’d) (i) Credit risk (Cont’d) Credit risk concentration As at the end of financial period, the Group and the Company have 3 customers (31.12.2021: 4 customers) and 3 customers (31.12.2021: 4 customers) that accounted for approximately 56% (31.12.2021: 63%) and 59% (31.12.2021: 65%) of all receivables outstanding. (ii) Liquidity risk Liquidity risk refers to the risk that the Group or the Company will encounter difficulty in meeting its financial obligations as they fall due. The Group’s and the Company’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Group’s and the Company’s funding requirements and liquidity risk are managed with the objective of meeting business obligations on a timely basis. The Group finances its liquidity through internally generated cash flows and minimises liquidity risk by keeping committed credit lines available. The following table analyses the remaining contractual maturity for financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group and the Company can be required to pay. On demand or within 1 year 1 to 2 years Total contractual cash flows Total carrying amount RM RM RM RM Group 30.6.2023 Non-derivative financial liabilities Trade payables 352,851 - 352,851 352,851 Other payables 2,845,407 - 2,845,407 2,845,407 Lease liabilities 539,741 105,640 645,381 632,211 3,737,999 105,640 3,843,639 3,830,469 31.12.2021 Non-derivative financial liabilities Trade payables 369,234 - 369,234 369,234 Other payables 4,125,128 - 4,125,128 4,125,128 Lease liabilities 363,074 332,818 695,892 672,117 4,857,436 332,818 5,190,254 5,166,479
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