TUNG LOK RESTAURANTS (2000) LTD / Annual Report
2016
76
Notes to the financial statements
For the financial year ended 31 March 2016
16.
Interest in subsidiaries (cont’d)
(C)
Disposal of a subsidiary (cont’d)
Pursuant to the Disposal, TLG has during the previous financial year fully impaired the trade receivables and
shareholder loans extended to PT Ming of $205,797 and $2,263,231 respectively.
Following the de-consolidation, the net impact on the profit or loss arising from the Disposal recorded in the
previous financial year was as follows:
Group
2015
$
Gain on disposal of a subsidiary (Note 5)
2,204,597
Allowance for doubtful debt – trade receivables (Note 12)
(205,797)
Allowance for doubtful debt – shareholder loans (Note 13)
(2,263,231)
(2,469,028)
Net loss
(264,431)
17.
Joint venture
Group
2016
2015
$
$
Unquoted equity shares, at cost
800,000
800,000
Share of post-acquisition reserves
276,696
(9,348)
Total
1,076,696
790,652
Details of the joint venture of the Group are set out below:
Name of Joint venture
Country of
incorporation/
operation
Principal activities
Proportion of equity
held by the Group
2016
2015
% %
Held by Tung Lok Millennium Pte Ltd
T & T Gourmet Cuisine Pte Ltd
(1)
Singapore
Food manufacturer
50
50
(1)
Audited by Ernst & Young LLP, Singapore.
