Annual Report 2012 - ecoWise Holdings Limited

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106ecoWise Holdings Limitedannual report 201231 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS17. INVESTMENTS IN SUBSIDIARIES (CONTINUED)Name of SubsidiaryCountry ofIncorporation/Place of OperationsPrincipal ActivitiesHeld by subsidiaries (Continued)Gulf Rubber (M) Sdn. Bhd. (a) Malaysia Retreading of tyres, dealing inrubberised products and investmentholdingEffectivePercentage ofEquityHeld by Group2012 2011% %84 59Gulf Rubber Suntex Sdn. Bhd. (a) Malaysia Trading of retread tyres and relatedrubberised products71 49Saiko Rubber (Malaysia) Sdn. Bhd. (a) Malaysia Manufacturing and trading of rubberisedproducts and investment holding51 36Sun Rubber Industry Sdn. Bhd. (a) Malaysia Manufacturing and trading of rubberisedproducts and investment holding100 70Sun Rubber Marketing Sdn. Bhd. (a) Malaysia Dormant 100 70Sun Tyre & Auto ProductsMalaysia Trading of new and retread tyres andSdn. Bhd. (a) related rubber products100 70Sun Tyre Industries Sdn. Bhd. (a) Malaysia Retreading of tyres, dealing inrubberised products and investmentholding100 70Sunrich Marketing Sdn. Bhd. (a) Malaysia Trading of retread tyres and relatedrubberised products100 70Trakar Suntex Sdn. Bhd. (a) Malaysia Trading of retread tyres and relatedrubberised products43 30Winner Suntex Sdn. Bhd. (a) Malaysia Trading of retread tyres and relatedrubberised products75 53
ecoWise Holdings Limitedannual report 201210731 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS17. INVESTMENTS IN SUBSIDIARIES (CONTINUED)(a)Audited by member firms of RSM International. RSM Chio Lim LLP in Singapore is the auditor for all significantSingapore-incorporated subsidiaries. RSM Robert Teo, Kuan & Co. is the auditor for all Malaysia-incorporatedsubsidiaries. RSM China CPA Firm, Shanghai International Division, is the auditor for all significant subsidiariesestablished in the PRC.(b)For the purpose of consolidation, the unaudited management financial statements at 31 October 2012 have beenused. The impact arising from the use of the subsidiaries’ unaudited management financial statements is notexpected to be significant to the financial statements of the Group.(c)This entity is consolidated because the Group is able to govern the financial and operating policies of the entity byvirtue of an agreement with other shareholders of the entity although the Group does not own, directly or indirectlythrough subsidiaries, more than half of the voting power of the entity.(d)In the process of de-registration.17A. Acquisition of a SubsidiaryIn December 2011, the Group acquired 80% equity interests in Ecogreen Products and Services Sdn. Bhd.for cash consideration of $1,000.The fair values of identifiable assets and liabilities of Ecogreen Products and Services Sdn. Bhd. at the dateof acquisition are as follows:Fair values$’000Cash and cash equivalents 3Trade and other payables (2)Net identifiable assets 1The net cash inflows upon acquisition are as follows:2012$’000Cash consideration paid (1)Less: Cash and cash equivalents acquired 3Net cash inflows upon acquisition 2
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