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60Middle East Development Singapore Ltd.Annual Report 2008Notes to Financial Statements30 June 200812 PROPERTY, PLANT AND EQUIPMENT (Cont’d)CompanyMotorvehiclesPlant andequipmentTotal$ $ $Cost:At 1 July 2006 365,888 522,886 888,774Additions – 115,896 115,896Written off – (20,015) (20,015)At 30 June 2007 365,888 618,767 984,655Additions – 10,548 10,548Disposals – (1,641) (1,641)At 30 June 2008 365,888 627,674 993,562Accumulated depreciation:At 1July 2006 231,446 506,293 737,739Depreciation 68,328 21,730 90,058Eliminated on disposals – (19,928) (19,928)At 30 June 2007 299,774 508,095 807,869Depreciation 49,939 40,311 90,250Eliminated on disposals – (1,071) (1,071)At 30 June 2008 349,713 547,335 897,048Net book value:At 30 June 2008 16,175 80,339 96,514At 30 June 2007 66,114 110,672 176,786The carrying amount of the Group’s and the Company’s motor vehicles includes an amount of $101,938 (2007 :$99,808) and $8,900 (2007 : $53,989) secured in respect of assets held under fi nance lease (Note 17) respectively.13 INVESTMENTS IN SUBSIDIARIESCompany2008 2007$ $Amount due from a subsidiary (a) 1,256,247 1,256,247Unquoted equity shares, at cost 1,795,574 3,362,688Impairment loss (30,002) (1,597,114)3,021,819 3,021,821(a)The amount due from a subsidiary is deemed as part of net investment in the subsidiary.Movement in the provision for impairmentCompany2008 2007$ $Balance at beginning of year 1,597,114 1,597,114Provision during the year 30,002 –Amount written off during the year (1,597,114) –Balance at end of year 30,002 1,597,114
Middle East Development Singapore Ltd.Annual Report 2008 61Notes to Financial Statements30 June 200813 INVESTMENTS IN SUBSIDIARIES (Cont’d)The following is a listing of all the subsidiaries held by the Company:Name of subsidiaries, country ofincorporation and place of operationsHeld by the companyPercentageof equity heldProportion ofvoting power held2008 2007 2008 2007% % % %Principal activitiesHitchins International Pte Ltd (a)SingaporeHitchins Borneo Sendirian Berhad (c)BruneiMEDS Investment Pte Ltd (a)SingaporeMEDS Project Management Pte Ltd (a)Singapore100 100 100 100 Investment holding98 98 98 98 Inactive100 100 100 100 Trading in quotedinvestments andinvestment holding100 100 100 100 Project managementHeld by Hitchins International Pte LtdHitchins (F.E.) Marketing Pte Ltd (a)SingaporeHitchins–Da Sheng Holdings Pte Ltd (a)SingaporeCRG Contractors Pte Ltd (a)SingaporeRenesco Injection (Waterproofi ng)Pte Ltd (a)SingaporeAmpero (M) Sdn Bhd (b)MalaysiaHitchins (Malaysia) Sendirian Berhad (b)MalaysiaDaku Asia Pte Ltd (a) (d)Singapore100 100 100 100 Distribution of specialisedbuilding materials100 100 100 100 Investment holding andsupply of specialisedbuilding materials100 100 100 100 Provision of waterproofi ngworks and contractorsfor construction works inany kind100 100 100 100 Supply of specialisedbuilding materials andwaterproofi ng services100 100 100 100 Supply of specialisedbuilding materials100 100 100 100 Supply of specialisedbuilding materials100 75 100 75 Supply of specialisedbuilding materialsHeld by Hitchins – Da Sheng Holdings Pte LtdShanghai Hitchins Da ShengWaterproofi ng Materials Co., Ltd (b)People’s Republic of China100 100 100 100 Manufacture and supplyof specialised buildingmaterials(a)(b)Audited by Deloitte & Touche LLP, Singapore.Audited by overseas practices of Deloitte Touche Tohmatsu.
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