Annual Report 2012 - ecoWise Holdings Limited

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138ecoWise Holdings Limitedannual report 201231 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS33. CAPITAL COMMITMENTSAt the end of the reporting year, the Group and the Company had the following capital commitments:GroupCompany2012 2011 2012 2011$’000 $’000 $’000 $’000Contracted but not recognisedAcquisition of property,plant and equipment 237 3,713 – –Authorised but not contractedCommitments to acquire equity interests – 3,994 – 3,99434. OPERATING LEASE COMMITMENTSThe Group leases various offices, land and factory premises, plant and machinery, workers’ quarters undernon-cancellable operating lease arrangements. The lease terms are between 1 to 10 years. Majority of thelease arrangements are renewable at the end of the lease periods at market rates.The future aggregate minimum lease payments under non-cancellable operating leases are as follows:GroupCompany2012 2011 2012 2011$’000 $’000 $’000 $’000Not later than one year 540 545 174 174Later than one year and not laterthan five years 810 825 85 242Later than five years 351 421 – –Operating lease expensesfor the reporting year 1,345 1,292 174 176
ecoWise Holdings Limitedannual report 201213931 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS35. EVENTS AFTER THE END OF THE REPORTING YEARSubsequent to the end of the reporting year, the following events took place:(a)In November 2012, the entire share capital of Sunrich Corporation Pte. Ltd. held through anotherwholly-owned subsidiary was transferred to the Company at a cash consideration of $100. SunrichCorporation Pte. Ltd. has also increased its issued and paid-up share capital from $100 to $1,000,000and changed its name to ecoWise RubberTech Pte. Ltd.(b)In December 2012, the Company incorporated a new wholly-owned subsidiary, ecoWise New EnergyPte. Ltd. which in turn entered into a conditional Sale and Purchase Agreement with SDPC Pte Ltdto acquire 100% equity interests in Hivern Investments Pte. Ltd. for a cash consideration of $90,000.(c)In December 2012, the Group incorporated a 65% held subsidiary, Chongqing eco-CTIG RubberTechnology Co., Ltd. in China to carry out total tyre management business. The Group’s initialinvestment in the subsidiary amounted to approximately $2,560,000.36. CHANGES AND ADOPTION OF FINANCIAL REPORTING STANDARDSFor the reporting year ended 31 October 2012, the following new or revised FRSs and INT FRSs wereadopted. The new or revised standards did not require any material modification of the measurement methodsor the presentation in the financial statements.FRS No. TitleFRS 1Presentation of Financial Statements Disclosures (Amendments to)FRS 24 Related Party Disclosures (revised)FRS 27 Consolidated and Separate Financial Statements (Amendments to)FRS 32 Classification Of Rights Issues (Amendments to) (*)FRS 34 Interim Financial Reporting (Amendments to)FRS 103 Business Combinations (Amendments to)FRS 107 Financial Instruments: Disclosures (Amendments to)FRS 107 Financial Instruments: Disclosures (Amendments to) – Transfers of Financial Assets (*)INT FRS 113 Customer Loyalty Programmes (Amendments to) (*)INT FRS 114 Prepayments of a Minimum Funding Requirement (revised) (*)INT FRS 115 Agreements for the Construction of Real Estate (*)INT FRS 119 Extinguishing Financial Liabilities with Equity Instruments(*)(*) Not relevant to the entity.
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Annual Report 2012 - ecoWise Holdings Limited

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