78
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
16.
Investments in subsidiaries
(continued)
Details of subsidiaries are as follows: (continued)
Name of companies
Principal activities
Country of
business/
incorporation
Effective
equity holding
2014
%
2013
%
Held by Subsea
Unidive Offshore Pte Ltd
(e)
Inactive
Singapore
100
100
Unidive Marine Services
(Malaysia) Sdn Bhd
(c)
Underwater commercial
diving services provider
Malaysia
100
100
Industrial Rope Access Pte
Ltd
(e)
In the process of strike off
Singapore
100
100
Held by S&W
Changshu Honghua Equipment
Co., Ltd
(f) (g) (h)
Inactive
China
100
100
S&W Process Equipment
(Changshu) Co Ltd
(f) (g) (h)
Fabrication of heat exchanger,
pressure vessel, air cooler
heat exchanger and skid
packager
China
100
100
(a)
Audited by Nexia TS Public Accounting Corporation, Singapore.
(b)
Audited by Riyanto, SE, AK, Indonesia.
(c)
Audited by SSY Partners, Malaysia, a member firm of Nexia International.
(d)
Audited by MHMY Auditors, Sultanate of Oman.
(e)
Not required to be audited under the laws of the country of incorporation. Audited by Nexia TS Public Accounting
Corporation, Singapore for consolidation purposes.
(f)
Audited by Shanghai Nexia TS CPAS, China, a member firm of Nexia International
(g)
Deemed to be a subsidiary as the Group has control over the entity.
(h)
Audited by Nexia TS Public Accounting Corporation, Singapore for consolidation purpose
(i)
In accordance to Rule 716 of The Singapore Exchange Securities Trading Limited – Listing Rules, the Audit Committee
and Board of Directors of the Company confirmed that they are satisfied that the appointment of different auditors for
its subsidiaries and significant associated companies would not compromise the standard and effectiveness of the
audit of the Company.
Significant restrictions
Cash in bank of $821,000 are held in the People’s Republic of China and are subject to local
exchange control regulations. These local exchange regulations provide for restrictions on remitting
capital from the country, other than through normal dividends.
Carrying value of non-controlling interests
2014
2013
$’000
$’000
Vac-Tech Engineering Pte Ltd (representing 30% non-controlling interests)
3,024
2,285
Other subsidiary with immaterial non-controlling interests
229
229
Total
3,253
2,514
