95
CO-OPERATIVE
NOTES TO FINANCIAL STATEMENTS
March 31, 2013
10. SUBSIDIARIES (cont’d)
2013
2012
%
%
Grocery Logistics of Singapore Pte Ltd Singapore
100
100
Warehousing and
distribution
AlphaPlus Investments Pte Ltd
Singapore
100
100
Investment holding
NewFront Investments Pte Ltd
Singapore
100
100
Investment holding
Cheers Holdings (2004) Pte Ltd
Singapore
100
100
Convenience store operator
Fairprice Training Services Pte Ltd
Singapore
100
100
Dormant
2013
2012
$’000
$’000
At beginning of the year
50,481 48,966
Allowance made during the year
62
1,515
At end of the year
50,543 50,481
Details of the Co-operative’s subsidiaries as at March 31, 2013 are as follows:
The receivables from subsidiaries include a principal amount of $28,600,000 (2012 : $13,600,000) advanced to a
subsidiary. This amount is unsecured, interest-bearing and not expected to be repaid within 12 months from the end
of the reporting period. The effective interest rate of the advance is approximately 3% per annum. The remaining
balance of $53,791,000 (2012 : $51,372,000) is unsecured, interest-free and not expected to be repaid within
12 months from the end of the reporting period.
The investment in certain subsidiaries is stated after allowance for impairment loss as the cost of investment in these
subsidiaries have been impaired in view of losses incurred by these subsidiaries in the past.
The following is an analysis of allowance for doubtful receivables:
Country of
Proportion
incorporation
of ownership
and
interest and voting
Name of subsidiary
operation
power held
Principal activities
