PERS Model financial statements - AXP Solutions

PERS Ref.
1.46(a) MODEL GROUP SDN. BHD. (Company No. 12345678-A)
(Incorporated in Malaysia)
AND ITS SUBSIDIARIES
1.8(e)
1.46(b),(c)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009
11.47(a) Details of the Company’s subsidiaries as at 31 December 2009 are as follows:
CA174(2)
(c)(i)
Name of Subsidiaries
Country of
Incorporation
Principal activities
Proportion
of ownership
interest
Proportion
of voting
power held
% %
AXP Holdings Sdn. Bhd. Malaysia Investment holding 100 100
AE R & D Sdn. Bhd. Malaysia Research & development 100 100
AE S & I Sdn. Bhd. Malaysia Marketing of software 100 100
AXP Technical Sdn. Bhd. Malaysia Publisher of newsletters 100 100
AXP Land Sdn. Bhd. Malaysia Property investment and
development
100 100
AXP Property Sdn. Bhd. Malaysia Property investment and
development
100 100
AXP Building Sdn. Bhd. Malaysia Construction contractor 100 100
AXP Aquaculture Sdn.
Bhd.
Malaysia Aquaculture products 100 100
AE (BVI) Limited * British Virgin
Island
Investment holding 100 100
AE S & I Pte. Ltd. * Republic of
Singapore
Marketing of software 100 100
AE S & I Limited *
AE S & I (NZ) Limited *
AE S & I (PRC) Co., Ltd. *
Hong Kong SAR
New Zealand
People’s Republic
of China
Marketing of software
Marketing of software
Marketing of software
100
80
60
100
80
60
AE S & I (UK) Limited * United Kingdom Marketing of software 90 90
AE S & I (America) Inc. * United States Marketing of software 90 90
AE S & I (Japan) Inc. * Japan Marketing of software 70 45
* The financial statements of these subsidiaries are audited by the associate firms of Auditors &
Co. in the respective countries.
11.47(b)(ii) Although the Group holds not more than half of the voting power in AE S & I (Japan) Inc., the
Company has the power to cast the majority of votes at meetings of the Board of Directors and the
control of the entity is by the Board. Thus, AE S & I (Japan) Inc. is controlled by the Company and
the financial statements of that company are included in the consolidated financial statements.
11.47(b)(iii) The Group owns 51% of equity interest in SERP (Asia-Pacific) Pte. Ltd., a company incorporated in
the Republic of Singapore. However, by virtue of an agreement with the other investor, the Group
does not have control nor significant influence over that company as the other investor has the
power to govern the financial and operating policies as well as the power to appoint or remove the
majority of the members of the Board of Directors and the control of the entity is by the Board.
Consequently, the investment is recognised as other investments of the Group.
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