FY 2011 Annual Report - Sheng Siong

60 Sheng Siong Annual Report 2011
Notes to the Financial Statements
7 Subsidiaries (Continued)
The subsidiaries of the Group are as follows:
Name of subsidiaries Principal activities
Sheng Siong
Supermarket Pte. Ltd. 1
CMM Marketing
Management Pte. Ltd. 1
Country of
incorporation
Effective equity interest
held by the Group
2011 2010
% %
Supermarket operations Singapore 100 100
Trading of general and
wholesale importers and
exports
Singapore 100 100
Sheng Siong (M) Sdn. Bhd. 2 Dormant Malaysia 100 100
1 Audited by KPMG LLP
2 Audited by other firm of certified public accountants
8 Inventories – Group
2011 2010
$’000 $’000
Goods for resale 36,427 26,405
In 2011, changes in goods for resale recognised in cost of sales amounted to $437,148,000. (2010:
$480,066,000)
9 Trade and other receivables
Group Company
2011 2010 2011
$’000 $’000 $’000
Trade receivables
Amounts due from affiliated companies:
2,066 1,232 –
– trade 31 89 –
– loans (non-trade) – 106 16,000
Dividends receivables from subsidiaries – – 27,500
Other receivables 881 434 225
Deposits 3,222 2,132 –
Loans and receivables 6,200 3,993 43,725
Prepayments 759 722 3
6,959 4,715 43,728
Non-trade amounts due from affiliated companies are unsecured, interest-free and repayable on demand. There
is no allowance for doubtful debts arising from the outstanding balances.