Ecowise Annual Report 2007 - ecoWise Holdings Limited

Notes to FinancialStatements31 October 200715. INVESTMENTS IN SUBSIDIARIES (Cont’d)The subsidiaries held by the company and the subsidiary are listed below:Name of subsidiaries, country of incorporation, Cost in books Effective percentageplace of operations and principal activities of group of equity held by groupHeld by the company2007 2006 2007 2006$’000 $’000 % %Bee Joo Industries Pte Ltd (a) 2,155 2,155 100 100SingaporeProcessing and recycling of used copper slag,horticultural and other waste and operating ofbiomass cogeneration plantBee Joo Environmental Pte Ltd (a) 2,611 2,611 100 100SingaporeGeneral waste management servicesecoWise Solutions Pte Ltd (a) 140 140 100 100SingaporeDeveloping and commercialising ecology solutions,research and development of technologies relatingto environmental solutionsecoWise Resources Pte Ltd (a) 1,149 1,149 73 73SingaporeProcessing and recycling of horticultural and other wasteWatertech Pte Ltd (b) (c) – 520 – 100SingaporeDisposed of on 5 January 2007Environmental engineering servicesHeld by subsidiaryEco Environmental (S) Pte Ltd (a) 700 420 70 60SingaporeService provider for general waste disposal and recyclingecoWise Materials Pte Ltd (a)SingaporeIncorporated on 26 April 2007Management and recycling of industrial materials 2 – 100 –(a)(b)(c)Audited by RSM Chio Lim, a member firm of RSM International.Other auditor. Audited by firms of accountants other than member firms of RSM International of which RSM Chio Lim, Singapore is amember.Watertech Pte Ltd (“WT”) became a subsidiary on 1 June 2006 and its financial year ends on 31 December 2006. For the purpose ofgroup’s financial statements for financial year 2006, the unaudited financial statement as at 31 October 2006 was used. These werereviewed by RSM Chio Lim. WT was subsequently disposed on 5 January 2007.72 • ecoWise Holdings Limited • Annual Report 2007