notes to the financial statements - Singapore Technologies ...

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174 SIMPLY SMARTERNOTES TO THE FINANCIAL STATEMENTS31 December 2011(Currency - Singapore dollars unless otherwise stated)14. Associates and jointly controlled entities (continued)All associates and jointly controlled entities that are required to be audited under the law in the country of incorporation are audited by KPMG LLP,Singapore, except for the following:Name of associate/jointly controlled entityName of auditing firmAerospace Engineering Services Pty LtdAerospace Engineering Services Pty Ltd Unit TrustST Aerospace (Guangzhou) Aviation Services Company LimitedComposite Technology International Pte LtdMadrid Aerospace Services S.L.Shanghai Technologies Aerospace Company LimitedTurbine Coating Services Pte LtdTurbine Overhaul Services Pte LtdTotal Engine Asset Management Pte. Ltd.GFM Electronics S.A. de C.V.iWOW Technology Pte LtdPM-B Project Management Business (Thailand) LtdWizVision Pte. Ltd.Beijing Zhonghuan Kinetics Heavy Vehicles Co. Ltd.CityCab Pte LtdNusantara Technologies Sdn. Bhd.Timoney Holdings LimitedNanoScience Innovation Pte LtdGFM Maquinaria, S.A.P.I. de C.V.KPMG, AustraliaKPMG, AustraliaKPMG, GuangzhouDeloitte and Touche LLP, SingaporeDeloitte S.L.KPMG, ShanghaiPricewaterhouseCoopers LLP, SingaporePricewaterhouseCoopers LLP, SingaporeErnst & Young LLP, SingaporePricewaterhouseCoopers, MexicoLW Ong & CoTonkla Miraculous Co., Ltd.R Chan & Associates PACCrowe Horwath China CPA Co., LtdDeloitte and Touche LLP, SingaporeSteven Chin & Co., MalaysiaKPMG, IrelandNSC & AssociatesPricewaterhouseCoopers, Mexico15. InvestmentsGroup2011 2010$’000 $’000Quoted equity investmentsEquity shares, at fair value (Available-for-sale)Non-related corporations 38,242 42,804Impairment losses on quoted investments (28,900) (28,900)9,342 13,904Unquoted equity investmentsEquity shares (Available-for-sale)Related corporations, at cost 5,000 4,999Non-related corporations, at cost 16,110 22,37321,110 27,372
SINGAPORE TECHNOLOGIES ENGINEERING LTD Annual Report 2011175NOTES TO THE FINANCIAL STATEMENTS31 December 2011(Currency - Singapore dollars unless otherwise stated)15. Investments (continued)Group2011 2010$’000 $’000Venture capital funds and limited partnership, at fair value 583 580Convertible loan to non-related corporations # 700 7001,283 1,280Total unquoted investments 22,393 28,652Impairment losses on unquoted investments (20,124) (26,366)2,269 2,286Total investments 11,611 16,190#This relates to a convertible loan extended by a subsidiary to an investee company at an interest rate of 1% (2010: 1%) per annum above bank prime rate.The subsidiary was granted an option by the investee company to be able to convert the loan into convertible redeemable preference shares in the investeecompany. The convertible loan has been fully impaired.During the year, pursuant to a share swap arrangement, a subsidiary received a quoted equity investment with a fair value of $1,444,000 in exchangefor an unquoted equity investment of $4,571,000 that was fully impaired in prior years. As at 31 December 2011, the quoted equity investment wasvalued at $1,248,000.For those unquoted investments where the fair value cannot be reliably estimated, the Group has no intention to dispose such investments at the balancesheet date.Impairment losses on unquoted investmentsMovements in impairment losses on unquoted investments during the year are as follows:GroupNote 2011 2010$’000 $’000At beginning of the year 26,366 26,923Charge to profit or loss 9 19 417Utilised (6,276) (500)Disposal – (325)Translation difference 15 (149)At end of the year 20,124 26,366
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