DEFINING DESIGN
QUALITY
72
15.
Investments in subsidiaries (cont’d)
Name of subsidiary
Country of incorporation and principal place of business
Principal activities
(Independent Auditor)
Percentage of
effective equity
interest held by
the Group
2014 2013
% %
Held through Kingsmen (North Asia) Limited (cont’d)
Kingsmen Macau Limited
(d)
92.20 92.20
Macau
Design and production of interiors, exhibitions, decorations and museums
(Not required to be audited by the law of its country of incorporation)
Held through Kingsmen Hong Kong Limited
Kingsmen (Shenzhen) Co Ltd.
(d)
88.51 88.51
People's Republic of China
Design and production of interiors, exhibitions, decorations and museums
(Shenzhen Tongde Certified Public Accountants)
(a)
Pursuant to the requirements of FRS 110 Consolidated Financial Statements, Kingsmen Middle East LLC was
accounted for as a 55.51% subsidiary of the Group with effect from 1 January 2014. Prior to the adoption of
FRS 110, Kingsmen Middle East LLC was treated as a 25% associate of the Group.
(b)
The Group holds an effective interest of 97.66% in K-Fix (Kunshan) Co Ltd., of which 70.00% is held through
Kingsmen Projects Pte Ltd and 27.66% is held through Kingsmen (North Asia) Limited.
(c)
Pursuant to Kingsmen Sdn Bhd’s disposal of a 40% equity interest in Kingsmen KEG Sdn Bhd in August 2014,
the Group’s effective interest in Kingsmen KEG Sdn Bhd decreased to 28.40%. Consequently, Kingsmen KEG
Sdn Bhd became an associate of the Group as disclosed in Note 16.
(d)
For the purposes of the preparation of the Group’s financial statements to comply with Singapore Financial
Reporting Standards, these subsidiaries are audited by RSM Nelson Wheeler.
Notes to the Financial Statements
31 December 2014
