Asia-Pacific Strategic Investments Limited - Annual Report 2021

Notes to the Financial Statements For the financial year ended 30 June 2021

18

Investments in subsidiary corporations (continued)

Significant restriction

Cash and cash equivalents of S$610,000 (2020: S$599,000) are held in PRC and are subject to local exchange control regulations. These local exchange control regulations provide for restrictions on remittance capital from the country, other than through normal dividends.

Carrying value of non-controlling interests

Group

2021

2020

S$’000

S$’000

4,316 1,767 6,083

Huzhou Agriculture Co Grand Canal Group

4,299 2,509 6,808

Huzhou Subsidiary Corporations

Summarised financial information of subsidiary corporations with material non-controlling interests

Set out below are the summarised financial information for Huzhou Agriculture Co and Grand Canal Group that has non-controlling interests that are material to the Group. These are presented before inter-company eliminations.

Summarised balance sheet

Huzhou Agriculture Co

Grand Canal Group

2021

2021

2020

2020

S$’000

S$’000

S$’000

S$’000

Current Assets Liabilities

19,996 (26,537) (6,541)

5,541

29,705 (25,568)

2,862

(23,740) (18,199)

(23,926) (21,064)

Total current net (liabilities)/assets

4,137

Non-current Assets

21,957

32,358 (6,575) 25,783

11,238

30,625

-

Liabilities

(22)

(598)

21,957 15,416

Total non-current net assets

11,216 15,353

30,027

Net assets

7,584

8,963

ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED

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