Powering growth - Aztech Group Ltd - Investor Relations

78a z t e c h a n n u a l r e p o r t 2 0 0 9F i n a n c i a l S t a t e m e n t s12 INVESTMENT IN SUBSIDIARIES (cont’d)Proportion ofPlace of ownership interest Cost ofincorporation and voting power investmentName of company and operation held by the Group by the Company Principal activity2009 2008 2009 2008% % $’000 $’000AZ Iris Pte Ltd Singapore 100 100 - - Ownership and charteringof sea going vesselAZ Jasmine Pte Ltd Singapore 100 100 - - Ownership and charteringof sea going vesselAZ Sakura Pte Ltd Singapore 100 - - - Ownership and charteringof sea going vesselAZ Ivy Pte Ltd Singapore 100 - - - Ownership and charteringof sea going vesselAZ Marigold Pte Ltd Singapore 100 - - - Ownership and charteringof sea going vessel90,728 102,049* Less than $1,000.All the companies are audited by Deloitte & Touche LLP, Singapore except for the subsidiaries that are indicated as follows:(1)Audited by overseas practices of Deloitte Touche Tohmatsu.(2)Not required to be audited by law in its country of incorporation. The net tangible asset and pre-tax profits of the entities are less than 20% of the Group’sconsolidated NTA and pre-tax profits respectively. Their unaudited financial statements have been reviewed as part of the Group audit.(3)Not audited as the company is in the process of liquidation.(4)Deemed interest arose from financial guarantees provided by the Company to banks in respect of financing facilities granted to its subsidiaries and the share optionsgranted under ESOS 2000 by the Company to employees of its subsidiaries. Management has assessed that the fair value of the financial guarantees equivalent to1.0% (2008 : 1.0%) per annum of the amount of financing facilities guaranteed from the dates when the financing facilities were issued.(5)The company was newly incorporated on December 8, 2009 and there were no transactions from date of incorporation to the end of the reporting period. Itsunaudited financial statements has been reviewed as part of the Group audit.(6)On January 22, 2009, the company was disposed at the consideration of $2. At the date of disposal, the company did not own any assets.(7)This subsidiary was newly incorporated on May 27, 2009. All the companies under the Electronics segment, except for Aztech Systems GmbH, were subsequentlytransferred to Aztech Electronics Pte Ltd on July 1, 2009, as part of the Group’s internal organisation exercise.