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NOTES TO THE FINANCIAL STATEMENTS 31 March 2010 32. INTERESTS IN SUBSIDIARIES (continued) Name * Place of incorporation/ registration and operations PRC/Mainland China Nominal value of issued ordinary/ registered share capital Percentage of equity attributable to the Company 2010 2009 Principal activities HK$2,100,000 54 54 Retailing and distribution of casual apparel and accessory 2,100,000 * Not audited by Ernst & Young Hong Kong or other member firm of the Ernst & Young global network. The above table lists the subsidiaries of the Company which, in the opinion of the directors, principally affected the results for the year or formed a substantial portion of the net assets of the Group. To give details of all subsidiaries would, in the opinion of the directors, result in particulars of excessive length. 33 CONTINGENT LIABILITIES (a) At the end of the reporting period, contingent liabilities not provided for in the financial statements were as follows: Bank guarantees given in lieu of property rental deposits Guarantees of banking facilities granted to an associate Guarantees of banking facilities granted to subsidiaries Group Company 2010 2009 2010 2009 HK$’000 HK$’000 HK$’000 HK$’000 4,517 2,567 – – 12,500 12,500 12,500 12,500 32. * 33. (a) – – 4,786,830 4,322,470 TEXWINCA HOLDINGS LIMITED ANNUAL REPORT 2010 111
NOTES TO THE FINANCIAL STATEMENTS 31 March 2010 TEXWINCA HOLDINGS LIMITED ANNUAL REPORT 2010 33 CONTINGENT LIABILITIES (continued) (a) At the end of the reporting period, contingent liabilities not provided for in the financial statements were as follows: (continued) (b) (c) As at 31 March 2010, the banking facilities granted to subsidiaries with guarantees given to the banks by the Company were utilised to the extent of approximately HK$1,474,788,000 (2009: HK$506,511,000) and the banking facilities granted to an associate with guarantees given to the banks by the Company was not utilised (2009: Nil). A subsidiary of the Group in Taiwan is currently subject to a claim from the National Tax Authority of Taiwan for the underpayment of business tax on sales made through certain local stores in Taiwan during the period from November 1998 to December 2002 together with penalties, of NTD50,219,000 in aggregate (equivalent to HK$11,840,000). Further to the appeal made by the subsidiary in July 2009, the Supreme Administrative Court of Taiwan turned down the appeal from the subsidiary in November 2009. Based on the result of the appeal, the subsidiary has made a provision of HK$11,840,000 (2009: Nil) for the claim during the year. During the year ended 31 March 2007, the Hong Kong Inland Revenue Department (the “IRD”) initiated a review on the tax affairs for the past years of certain subsidiaries of the Group. In March 2007, protective tax assessments totalling HK$322,038,000 for the year of assessment 2000/2001 have been issued by the IRD. In March 2008, February 2009 and January 2010, protective tax assessments totalling HK$224,000,000, HK$275,000,000 and HK$578,000,000 for the years of assessment 2001/2002, 2002/2003 and 2003/2004, respectively, have been issued by the IRD. Objections have been raised by the Group against the protective tax assessments. The directors of the subsidiaries believe that there are valid grounds to object the tax claimed. Subsequent to the objections, the IRD agreed to hold over the tax claimed completely subject to the purchase of tax reserve certificates in the sum of HK$40,000,000, HK$35,000,000, HK$25,000,000 and HK$25,000,000 for the years of assessment 2000/2001, 2001/2002, 2002/2003 and 2003/2004, respectively. In view that the tax review is in progress, the outcome of the case is still uncertain . Up to the date of approval of these financial statements, the directors of the subsidiaries consider that adequate tax provisions have been made in the financial statements. 33. (a) (b) (c) 1,474,788,000 506,511,000 50,219,000 11,840,000 11,840,000 322,038,000 224,000,000 275,000,000578,000,000 40,000,00035,000,000 25,000,000 25,000,000 112
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CONTENTS 02 Corporate Information
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CORPORATE INFORMATION HEAD OFFICE
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FINANCIAL AND OPERATIONAL HIGHLIGHT
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MANAGEMENT’S DISCUSSION AND ANALY
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REPORT OF THE DIRECTORS The board
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REPORT OF THE DIRECTORS SHARE CAPI
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REPORT OF THE DIRECTORS BIOGRAPHIC
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REPORT OF THE DIRECTORS DIRECTORS
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REPORT OF THE DIRECTORS SHARE OPTI
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REPORT OF THE DIRECTORS SHARE OPTI
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REPORT OF THE DIRECTORS SUBSTANTIA
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REPORT OF THE DIRECTORS CONTINUING
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CORPORATE GOVERNANCE REPORT INDEPE
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CORPORATE GOVERNANCE REPORT NOMINA
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CORPORATE GOVERNANCE REPORT INVEST
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INDEPENDENT AUDITORS’ REPORT An
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CONSOLIDATED STATEMENT OF COMPREHEN
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CONSOLIDATED STATEMENT OF FINANCIAL
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CASH FLOW
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COMPANY STATEMENT OF FINANCIAL POSI
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NOTES TO THE FINANCIAL STATEMENTS
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Page 62 and 63: NOTES TO THE FINANCIAL STATEMENTS
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