Notes to the Financial Statements - Swissco Holdings Limited

Notes
to the Financial Statements
For the financial year ended 31 December 2009
15. Investments in subsidiaries (continued)
(a)
(b)
(c)
Audited by PricewaterhouseCoopers LLP, Singapore.
Not required to be audited under the laws of the country of incorporation.
No audit was performed for the current financial year as the subsidiary is in the process of voluntary liquidation. Previously
audited by R Chan & Co, Singapore.
16. Investment in an associated company
Group
Company
2009 2008 2009 2008
$ $ $ $
Equity investment at cost 210,653 210,653
Beginning of financial year – 210,653
Share of profits/(losses) 46,536 (210,653)
End of financial year 46,536 –
The summarised financial information of the associated company is as follows:
- Assets 10,274,103 4,936,671
- Liabilities (10,179,132) (5,378,670)
- Revenue 3,114,685 658,494
- Net profit/(loss) 776,191 (1,111,124)
Share of an associated company’s
contingent liabilities incurred jointly with
other investors – –
Contingent liabilities for which the Group is
severally liable – –
Details of the associated company are as follows:
Name of company
Principal activities
Country of
incorporation /
place of
business
Equity holding
2009 2008
% %
PT Swissco Indonesia (a) Ship owner and ship operator Indonesia 49 49
(a)
Audited by Johan Malonda Astika & Rekan
Swissco International Limited Annual Report 2009
60