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164Notes to the Financial Statements for the Financial year ended 31st March, 20119 AVAILABLE FOR RE SALE FINANCIAL ASSETSUS$2010-11`2010-11US$2009-10`2009-10Unquoted equity investmentsAt the beginning of the year 2,062,069 94,050,967 1,919,777 91,016,628Fair Value gain transferred 6,779 309,190 142,292 6,746,064At end of the year 2,068,848 94,360,157 2,062,069 97,762,691The above available-for-sale financial assets represent 19% beneficial interest in Myanmar Tractors Limited, a related company incorporated under thelaws of Myanmar.The carrying amounts of available-for-sale financial assets approximate their fair values and are denominated in United States dollars.10 TRADE PAYABLESUS$2010-11`2010-11US$2009-10`2009-10Third parties 2,296,554 104,745,828 3,767,212 178,603,5212,296,554 104,745,828 3,767,212 178,603,521Trade payables are recognized at their original invoiced amounts which represent their fair values on initial recognition. Trade payables are considered tobe of short duration and are not discounted and the carrying values are assumed to approximate their fair values.The carrying amounts of trade payables approximate their fair values and are denominated in United States dollars.11 OTHER PAYABLESUS$2010-11`2010-11US$2009-10`2009-10Accruals for Operating Expenses 143,428 6,541,751 13,500 640,035Accruals for employee benefit expense 13,900 633,979 - -Advance from customers 883,147 40,280,335 261,352 12,390,698Advance from third party 3,500,000 159,635,000 - -Other creditors 858,608 39,161,111 478,359 22,679,000Amount owing to holding company 510,980 23,305,798 61,340 2,908,129Amount owing to related company 482,628 22,012,663 2,601,359 123,330,4306,392,691 291,570,637 3,415,910 161,948,293Advances from third party is non-trade in nature, interest-free, unsecured and repayable within the next twelve monthsThe amount owing to holding company and related company is non-trade in nature, interest-free, unsecured and repayable within the next twelve months.The carrying amounts of other payables approximate their fair values and are denominated in the following currencies:US$2010-11`2010-11US$2009-10`2009-10United States Dollar 6,373,553 290,697,752 3,415,910 161,948,293Singapore Dollar 19,138 872,884 - -6,392,691 291,570,637 3,415,910 161,948,293
Overview Performance Reviews Governance Financials165Annual Report 2010-11Notes to the Financial Statements for the Financial year ended 31st March, 201112 DEFERRED INCOME TAX LIABILITYUS$2010-11`2010-11US$2009-10`2009-10At the beginning of the year 3,000 136,830 - -Reversal of deferred income tax liability (3,000) (136,830) - -Charged to statement of comprehensive income(Note 18) 3,250 148,233 3,000 142,230At the end of the year 3,250 148,233 3,000 142,230The deferred income tax liability comprises of the excess net book value of plant and equipment over tax written down value.13 SHARE CAPITALUS$2010-11`2010-11US$2009-10`2009-10Issued and fully paid107,577 ordinary shares 708,012 3 32, 32,292,427, 708,012 33,566,849All issued ordinary shares are fully paid. There is no par value for these ordinary shares.The holder of ordinary shares is entitled to receive dividend as declared from time to time and entitled to one vote per share at meeting of thecompany. All shares rank equally with regard to the company’s residual assets.14 RESERVESUS$2010-11`2010-11US$2009-10`2009-10Fair value reserveBalance at beginning of the year 590,957 26,953,549 448,665 21,271,208Fair value gains on available 6,779 309,190 142,292 6,746,064for resale financial assets(Note 9)Balance at end of the year 597,736 27,262,739 590,957 28,017,271Currency translation reserveBalance at beginning of the year (3,457) (157,674) (3,457) (163,896)Retained ProfitsBalance at beginning of the year 8,745,369 398,876,280 6,814,128 323,057,808Profit for the year 1,867,770 85,188,990 1,931,241 91,560,136Balance at end of the year 10,613,139 484,065,270 8,745,369 414,617,944Total reserves 11,207,418 511,170,335 9,332,869 442,471,31915 OTHER INCOMEUS$2010-11`2010-11US$2009-10`2009-10Commission Income 7,785 355,074 268,981 12,752,389Foreign Exchange Gain - - 25,194 1,194,448Government grant 291 13,273 3,960 187,744Gain on sale of plant & equipment - - 3,507 166,267Interest Income 170,049 7,755,935 343,727 16,296,097Reversal of Inventory Allowance - - 279,374 13,245,121Others 11,454 522,417 2,000 94,820189,579 8,646,698 926,743 43,936,886
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