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SEE HUP SENG LIMITED
Annual Report 2012
71
Notes to the Financial Statements
31 DECEMBER 2012
10 Associated Companies
Group Company
2012 2011 2012 2011
S$’000 S$’000 S$’000 S$’000
Unquoted equity shares, at cost
At the beginning of the year 849 849 849 849
Additions during the year 1,500 – – –
At the end of the year 2,349 849 849 849
Impairment loss – – (849) (849)
Share of net post acquisition reserves (869) (849) – –
1,480 – – –
Name of Company
(Country of incorporation
and place of business) Principal activities
Group and
Company Cost
Percentage of
equity held
2012 2011 2012 2011
S$’000 S$’000 % %
* Guangzhou City South Grit blasting, 849 849 47 47
Special Coating tank cleaning
Company Limited and painting.
The People’s Republic
of China
** Serangoon EC Pte. Ltd.
Singapore
Real estate development 1,500 – 30 –
* Audited by BDO China Shu Lun Pan.
** Audited by De Associates.
Financial information in respect of the Group’s associates, before adjustment of Group’s proportionate of
ownership interest, is set out below:
2012 2011
S$’000 S$’000
Total Assets 200,378 4,743
Total Liabilities (196,861) (5,728)
Net assets/(liabilities) 3,517 (985)
Group’s share of associates’ net assets 1,475 –
Revenue 11,532 13,410
(Loss)/profit for the year (537) 124
Group’s share of associates’ loss for the year (20) –
The Group has not recognised its share of loss for the year of an associate amounting to S$213,000 (2011:
profit of S$59,000) because the Group’s cumulative share of losses exceeds its interest in that entity and the
Group has no obligation in respect of those losses. The cumulative unrecognised losses amount to S$499,000
(2011: S$286,000) at the balance sheet date.