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12. DEFERRED TAX ASSETS (CONT’D)
No deferred tax has been recognised for the following items:
Group
Bank
2013
2012
2013
2012
RM’000
RM’000
RM’000
RM’000
Unutilised tax losses
– bank
–
–
–
–
– subsidiary
67,289
67,289
–
–
67,289
67,289
–
–
Tax rate
25%
25%
25%
25%
16,822
16,822
–
–
The deductible temporary differences do not expire under current tax legislation unless there is a substantial change in
shareholders (more than 50%). If there is substantial change in shareholders, unutilised tax losses carried-forwards
amounting to RM67,289,000 (2012: RM67,289,000).
13. INVESTMENT IN SUBSIDIARIES AND JOINTLY CONTROLLED ENTITY
(a) Investment in subsidiaries
Group and Bank
2013
2012
RM’000
RM’000
Unquoted shares – at cost
73,419
73,419
Less: Allowance for diminution in value
(9,265)
(9,258)
64,154
64,161
The subsidiaries are as follows:
Principal
Country of
Effective ownership
activities
incorporation
interest (%)
2013
2012
Name of company
Malaysian Export Credit Insurance Berhad **
Dormant
Malaysia
100
100
Pengkalan Megaria Sdn Bhd
Dormant
Malaysia
100
100
Morning Glory Company Limited **
Dormant
Laos
100
100
** Not audited by Ernst & Young, Malaysia
Malaysian Export Credit Insurance Berhad, a wholly owned subsidiary of the Bank was formerly engaged in the provision
of export and domestic credit insurance facilities and guarantees. The Company is currently dormant.
Pengkalan Megaria Sdn Bhd, a wholly owned subsidiary of the Bank was set up to act as a trustee for a vessel which was
previously assigned as a collateral for a financing given by the Bank to a borrower. The Company is currently dormant.
EXIM Bank Annual Report 2013
135