Annual Report 2012 - ecoWise Holdings Limited

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102ecoWise Holdings Limitedannual report 201231 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS16. LAND USE RIGHTSGroup2012 2011$’000 $’000CostAt beginning of the reporting year 1,136 1,123Effects of movements in exchange rates (7) 13At end of the reporting year 1,129 1,136Accumulated amortisationAt beginning of the reporting year 62 39Effects of movements in exchange rates (1) 1Amortisation for the year 23 22At end of the reporting year 84 62Carrying amountsAt beginning of the reporting year 1,074 1,084At end of the reporting year 1,045 1,074Land use rights relate to a land in The People’s Republic of China (“PRC”). The land use rights expire on 14June 2059 and are non-transferable. Amortisation of land use rights was charged as administrative expenses.
ecoWise Holdings Limitedannual report 201210331 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS17. INVESTMENTS IN SUBSIDIARIESCompany2012 2011$’000 $’000Unquoted equity shares, at cost 19,524 19,524Less: Allowance for impairment loss (1,450) (1,450)18,074 18,074Loans to subsidiaries 7,871 30625,945 18,380Movements in allowance for impairment loss:At beginning of the reporting year 1,450 1,350Impairment loss recognised – 100At end of the reporting year 1,450 1,450Loans to subsidiaries are unsecured and interest-free. The settlement of these amounts is neither plannednor likely to occur in the future. As these amounts are in substance, a part of the Company’s net investmentsin subsidiaries, they are stated at cost less impairment losses.
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