Yinson Annual Report 2021

259 ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2021 Name of subsidiaries Countries of incorporation Proportion (%) of ownership interest Principal activities 2021 2020 Held through Yinson Offshore Services Sdn. Bhd.: (continued) Yinson Indah Limited (vii) Labuan 100 100 Dormant Yinson Offshore Marine Limited (vii) (In liquidation) Labuan 100 100 Dormant Yinson Offshore Services Limited (vii) (In liquidation) Labuan 100 100 Dormant (i) Audited by member firms of PricewaterhouseCoopers International Limited, which are separate and independent legal entities from PricewaterhouseCoopers PLT. (ii) Audited by audit firms other than PricewaterhouseCoopers. (iii) Subsidiaries newly incorporated during the current financial year. (iv) Companies not required to be audited under the laws of the country of incorporation. (v) Company not required to be audited due to status being in member's voluntary winding-up. (vi) Auditors yet to be appointed as at 31 January 2021. (vii) The reclassification or reorganisation of these companies in the Group are as disclosed in Note 46(a). (viii) The Group has concluded that it controls Yinson Energy Sdn. Bhd., even though it holds 30% equity interest in this subsidiary. Based on an agreement signed between the shareholders, the Company has majority representation on the Board of Directors, which is responsible for directing the relevant activities. All decisions of the Board of Directors only require a simple majority vote to be passed. (ix) The Group has concluded that it controls Yinson Operations & Production West Africa Limited, even though it holds 40% equity interest in this subsidiary. Based on an agreement signed between the shareholders, the Company has majority representation on the Board of Directors, which is responsible for directing the relevant activities. All decisions of the Board of Directors only require a simple majority vote to be passed. (x) Companies liquidated during the current financial year. (xi) YR Bhadla Pte. Ltd. (formerly known as Yinson Renewables (S) Pte. Ltd.) ("YRBPL") had on 26 March 2020 completed the Phase 1 acquisition of 37.5% equity interest in Rising Sun Energy Pvt Ltd ("RSE") and its subsidiaries namely Rising Bhadla 1 Pvt Ltd and Rising Bhadla 2 Pvt Ltd. Subsequently on 23 December 2020, YRBPL had completed the Phase 2 acquisition of an additional 57.5% equity interest in RSE. As a result, RSE became an indirect 95% owned subsidiary from a previously jointly controlled entity. 19. Investment in subsidiaries (continued) (a) Details of subsidiaries are as follows: (continued)