Annual Report 2011/12 - International Entertainment Corporation

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Notes to the Consolidated Financial StatementsFor the year ended 31 March 201234. DISPOSAL OF A SUBSIDIARY (Continued)Notes:(i) The amount represented the fair value of the contingent consideration provision in relation to the tax indemnity for a period of 5years commencing from 5 November 2010. A contingent consideration provision of HK$16,600,000 has been provided in otherpayables and accrued charges in the consolidated statement of financial position at 31 March 2012 and 2011 and adjusted tothe gain on disposal of a subsidiary recognised during the year ended 31 March 2011.(ii)The difference between cash consideration received and adjusted cash consideration is refundable to Power Link, as such, theamount is included in other payables and accrued charges in the consolidated statement of financial position as at 31 March2011 and refunded to Power Link during the year ended 31 March 2012.Fortune Gate is an investment holding company which only owns an investment in an associate. The disposal ofFortune Gate had no material impact on the cash flows of the Group.35. RELATED PARTY TRANSACTIONS(a) Apart from the related party transactions as disclosed in notes 26 and 29, the Group entered into the followingtransactions with related parties during the year:2012 2011HK$’000 HK$’000Accommodation and beverages income (Note i) 360 383Purchase of goods (Note ii) 592 –Rental expenses (Note iii) 1,992 1,894Notes:(i)(ii)(iii)Accommodation and beverages income were received from a subsidiary indirectly controlled by CTF during the year.The amount represented the purchase of goods from a subsidiary indirectly controlled by CTF Capital during the yearended 31 March 2012.A company, which is an associate of CTF, leased office premises to the Group.(b) Compensation of key management personnelThe remuneration of Directors and other members of key management of the Group are disclosed in note 12.The remuneration of Directors and key management personnel of the Group is based on the performanceand experience of individuals and is determined with reference to the Group’s performance, the remunerationbenchmark in the industry and the prevailing market conditions.International Entertainment Corporation - Annual Report 2011/12 87
Notes to the Consolidated Financial StatementsFor the year ended 31 March 201236. PARTICULARS OF PRINCIPAL SUBSIDIARIES OF THE COMPANYDetails of the Company’s principal subsidiaries at 31 March 2012 and 31 March 2011 are as follows:Name of subsidiaryPlace/countryof incorporationor registration/ Form of businessoperations structureClass ofshares heldPaid upissued capitalProportion of nominal value ofissued capital held by the CompanyDirectlyIndirectly2012 2011 2012 2011% % % %Principal activitiesLucky Genius Limited BVI Limited company Ordinary USD1 100 100 – – Investment holdingFortune GrowthOverseas LimitedMaxprofit InternationalLimitedBVI Limited company Ordinary USD1 100 100 – – Investment holdingBVI Limited company Ordinary USD100 – – 51 51 Investment holdingStarcharm Limited BVI Limited company Ordinary USD1 – – 51 51 Investment holdingFlexi-Deliver Holding Ltd. BVI Limited company Ordinary USD1 – – 51 51 Investment holdingCTF Hotel andEntertainment, Inc.CTF Properties(Philippines), Inc.Philippines Limited company Ordinary Peso10,468,600 – – 51 51 Investment holdingPhilippines Limited company Ordinary Peso10,468,600 – – 51 51 Investment holdingMarina Square Properties,Inc.Philippines Limited company Ordinary Peso2,722,930,653 – – 51 51 Property investmentNCHI Philippines Limited company Ordinary Peso621,444,867 – – 51 51 Hotel ownerFuture Growth Limited Hong Kong Limited company Ordinary HK$2 100 100 – – General administrationfor the GroupVMS Private InvestmentPartners VIII Limited(“VMS”) (Note)BVI Limited company Class BClass AUSD9,500USD500100–––––––Investment holdingNote:On 2 September 2011, the Group subscribed 9,500 Class B shares of USD1 each, which represents 100% of Class Bshares in VMS. 500 Class A shares of USD1 each were issued to an independent third party. Class A share is a voting, nonparticipatingshare and only entitled to 15% of the dividend distributed by VMS. Class B share is a voting, participating shareto the assets of VMS and entitled to 85% of the dividend distributed by VMS. Both Class A share and Class B share have thesame voting right.None of the subsidiaries of the Company had issued any debt securities at the end of the year or during the year.The above table lists the subsidiaries of the Company which, in the opinion of the Directors, principally affectedthe results for the year or formed a substantial portion of assets and liabilities of the Group. To give details of othersubsidiaries would, in the opinion of the Directors, result in particulars of excessive length.88International Entertainment Corporation - Annual Report 2011/12
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Annual Report 2011/12 - International Entertainment Corporation

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