Notes to the Financial Statements
(Cont’d)
For the year ended 30 April 2015
(In Singapore Dollars)
ANNUAL REPORT 2015
72
BUILDING ON OUR EXTENSIVE NETWORK
13. Investment in subsidiaries (cont’d)
Movement in allowance for doubtful non-trade receivables accounts:
Company
2015
2014
$’000
$’000
At 1 May
3,365
5,157
Allowance/(write-back of) the financial year
134
(1,792)
At 30 April
3,499
3,365
For the year ended 30 April 2015, an impairment loss of $134,000 (2014: write-back of impairment loss of
$1,792,000) was recognised in profit or loss of the Company subsequent to a debt recovery assessment
performed on amounts due from subsidiary companies as at 30 April 2015 and 2014, respectively.
The loan to a subsidiary company is unsecured, bears fixed interest at 2.89% (2014: 2.89%) per annum, with
no repayment terms and is repayable only when the cash flows of the subsidiary company permits. The
amount is not expected to be repaid in the next twelve months as the subsidiary company cannot repay
this loan to the Company until the subsidiary company has repaid certain term loans it obtained from the
banks (Note 27).
Details of the subsidiary companies are set out in Note 40.
14. Joint venture companies
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Tyre Pacific (HK) Limited
13,729
13,640
1,571
1,571
Falken Tyre India Private Limited
2,168
2,471
4,996
4,996
15,897
16,111
6,567
6,567
Movement in investment in joint ventures during the year:
Group
2015
2014
$’000
$’000
Balance at beginning of the year
16,111
17,533
Share of total comprehensive income
89
(718)
Dividends received
(670)
(163)
Exchange and other adjustments
367
(541)
Balance at end of the year
15,897
16,111
