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ANNUAL REPORT 2011/2012
1 General
The Company is incorporated in Singapore with limited liability. The fnancial statements are
presented in Singapore dollars, which is the functional currency of the Company. The fnancial
statements were approved and authorised for issue by the board of directors on 12 June 2012.
The principal activities of the Group consist of investment holding, hotel owning and management,
travel agency, trading and property investment and development.
The principal activity of the Company is that of an investment holding company. It is listed on
the Singapore Exchange Securities Trading Limited. Its registered offce and principal place of
business is at 200 Cantonment Road, #09-01 Southpoint, Singapore 089763. The Company is
domiciled in Singapore.
2 Summary of Significant Accounting Policies
Accounting Convention
The fnancial statements have been prepared in accordance with the Singapore Financial
Reporting Standards (“FRS”) as well as all related Interpretations to FRS (“INT FRS”) as issued
by the Singapore Accounting Standards Council and the provisions of the Singapore Companies
Act, Chapter 50. The fnancial statements are prepared on a going concern basis under the
historical cost basis except where any FRS requires another measurement basis (such as fair
value and/or amortised cost for fnancial assets and liabilities or lower of carrying value and fair
value less costs to sell for non-current assets held for sale) as disclosed where appropriate in the
accounting policies set out below.
Changes and Adoption of New/Revised Financial Reporting Standards
With effect from 1 April 2011, the Group has adopted all the applicable new and revised
accounting standards that are mandatory for fnancial year beginning on or after 1 January 2011.
The adoption of these standards and interpretations has no signifcant impact on the Group with
the exception of the following:
From 1 April 2011, the Group has applied the revised FRS 24 Related Party Disclosures (2010)
to identify parties that are related to the Group and to determine the disclosures to be made
on transactions and outstanding balances, including commitments, between the Group and its
related parties. FRS 24 (2010) improved the defnition of a related party in order to eliminate
inconsistencies and ensure symmetrical identifcation of relationships between two parties.
Notes to the Financial Statements