Contents - Tung Lok Restaurants 2000 Ltd

Notes to Financial Statements9 JOINT VENTUREGroupCompany2002 2001 2002 2001$ $ $ $Unquoted equity shares, at cost 1,000,000 495,000 1,000,000 495,000Share of loss (1,514,786) (807,403) - -Net (514,786) (312,403) 1,000,000 495,000PercentagePlace ofof equityincorporation/ Principal held byName of company operation activities Cost the group2002 2001 2002 2001$ $ % %Club Asiana Pte Ltd Singapore Restauranteur - 495,000 - 55Imperium Fine Dining Singapore Restauranteur 1,000,000 - 50 -Restaurant andEntertainment Pte LtdTotal 1,000,000 495,000Club Asiana Pte Ltd became a wholly owned subsidiary of the group during the financial year when the companyacquired the remaining shares from the other joint venture party.Although the group had an effective equity interest of more than 50% in Club Asiana Pte Ltd in 2001, the investmentin the joint venture company was structured in such a manner that the group and the joint venture partner had jointcontrol over the operations of the entity.Under the joint venture agreement, the joint venture parties agree to provide their proportional share of the fundingrequirement to the joint venture company.The joint venture company is audited by Deloitte & Touche, Singapore.The group’s proportionate share of the assets, liabilities and operating results of the joint venture company are as follows:Assets and Liabilities2002 2001$ $Total assets 1,617,218 1,310,717Less: Total liabilities (2,132,004) (1,623,120)Net investment (514,786) (312,403)Net resultsSales 2,708,600 635,681Cost of operations (4,822,596) (1,443,084)Loss before tax (2,113,996) (807,403) 52