inter roller fa final

Notes to the Financial Statements11 Property, plant and equipment (cont’d)Notes:(a)The leasehold properties, all held by either the Company or by wholly-owned subsidiary companies,comprise:Address Held by Title Land Area Description20 Benoi Inter-Roller Lease term of 16,388 sq.m. Factory premisesCrescent, Engineering 30 years for production andJurong Limited expiring on office useSingapore1.11.2019 with629983 an option fora further termof 30 yearsPTD 2447 IR Engineering Lease term of 31,591 sq.m. Leasehold propertiesMukim of Sdn Bhd 93 years for production andApi-Api, expiring on office usePontian, Johore, 15.12.2088Malaysia(b)In 2004, the leasehold property at 20 Benoi Crescent, Jurong, Singapore 629983 was revalued by thedirectors at $10,500,000 based on a valuation at open market value on an existing use basis by DTZDebenham Tie Leung (SEA) Pte Ltd on 31 December 2004. The deficit on revaluation of $1,582,692 wascharged to revaluation reserve.(c) In 2004, the leasehold property at PTD 2447, Pontian, Malaysia was revalued by the directors at $7,088,980(RM16,486,000) based on a valuation at open market value on an existing use basis by Colliers JordanLee & Jaafar on 5 November 2004. The surplus on revaluation has been credited to revaluation reserveamounting to $551,365 (RM1,282,245) after having set-off against a revaluation deficit of $123,162(RM280,872) previously charged to the income statement.(d)(e)(f)If the above leasehold properties in Singapore and Malaysia had been carried at cost less accumulateddepreciation, the carrying values for the Group would be $11,504,933 (2003 - $8,851,754) and that forthe Company would be $5,126,567 (2003 - $4,845,240).The leasehold property at Pontian, Malaysia is mortgaged for a long-term loan from a financial institution(Note 8).The two parcels of freehold land held by the wholly owned subsidiary company, IR Engineering Sdn Bhd,comprise:58 inter-roller engineering limited annual report2004