6. Investment in subsidiaries (cont’d)
Name of subsidiaries
Principal activities
Country of
incorporation
Proportion
(%) of
ownership
interest
2015
%
2014
%
Held through subsidiaries (cont’d)
VOSTA LMG India Pvt. Ltd.
4
Designing, manufacturing
and trading of maritime
dredging equipment
India
100 100
Vosta LMG (Middle East)
JLT
4, (c)
Trading of maritime
dredging equipment
United Arab
Emirates
– 100
1
Audited by Ernst & Young LLP, Singapore
2
Audited by member firms of EY Global in the respective countries
3
Audited by other firms of auditors. These subsidiaries are not significant as defined
under Rule 718 of the Singapore Exchange Listing Manual.
4
Not required to be audited. These subsidiaries are not significant as defined under
Rule 718 of the Singapore Exchange Listing Manual.
(a)
90% owned by ASL Shipyard Pte Ltd, a wholly-owned subsidiary of the Company
(b)
The subsidiary is dormant during the year.
(c)
The subsidiary has been officially struck off.
As required by Rule 716 of the Listing Manual of the Singapore Securities Trading Limited,
the Audit Committee and the Board of Directors of the Company have satisfied themselves
that the appointment of different auditors for its subsidiaries would not compromise the
standard and effectiveness of the audit of the Group.
NOTES TO THE FINANCIAL
STATEMENTS
For the financial year ended 30 June 2015
ASL Marine Holdings Ltd. /Annual Report 2015
113
