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Notes to the Financial Statements10 Subsidiary companies2004 2003The Company $ $Unquoted equity investments, at cost 4,695,849 4,552,449Impairment losses (1,353,155) (1,353,155)3,342,694 3,199,294Amounts owing by subsidiary companies (non-trade) 8,548,776 4,686,682Exchange difference on translation of the net investmentin IR Engineering Sdn Bhd (954,962) (954,962)10,936,508 6,931,014Loans owing to subsidiary companies 2,977,709 1,016,606The amounts owing by the subsidiary companies are long-term loans and are an extension of the Company’s netinvestment in the subsidiary companies. They are unsecured, interest-free and are not expected to be repaid withinone year. The loans owing to subsidiary companies are unsecured, interest-free and have no fixed terms of repayment.The subsidiary companies are:Country ofEffectiveName of incorporation Cost of percentagesubsidiary company /Principal investment of equity held Principal activitiesplace of 2004 2003 2004 2003business $ $ % %Inter-Roller Investments Singapore 1,181,263 1,181,263 100 100 Securities investmentPte LtdInter-Roller Engineering Singapore 1,336,583 1,336,583 100 100 InfrastructualServices Pte Ltdengineering(formerly known asservicesRefine TechnologyPte Ltd)Pteris Pte Ltd Singapore 300,000 300,000 100 100 Investment holding.(dormant)*IR Engineering Malaysia 1,734,603 1,734,603 100 100 Manufacture ofSdn Bhdmaterial handlingsystems andequipment* #I R (Middle East) LLC Dubai, 143,400 - 100 - Engineering worksUAE* Audited by member of Grant Thornton International.# 51% of the equity is held in trust for the Company by a United Arab Emirates national.inter-roller engineering limited annual report2004 55