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BUSINESS COMBINATION

12 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

BUSINESS COMBINATION

16.	BUSINESS COMBINATION

The Company acquired 25% equity interest in Kayser Myanmar on June 9, 2014 at a consideration of $25 and further acquired 50% equity interest in Kayser Myanmar on March 9, 2015 at a consideration of $50. The provisional assets and liabilities of Kayser Myanmar had been recorded at fair values on the date of acquisition.

		$
Identifiable assets acquired, at fair value:
Cash and cash equivalents			56
Accounts receivable			293
Other assets			76
Property, plant and equipment			145
Long term payables			(545	)
Other liabilities			(2	)

			23

The non-controlling interest (25%) in Kayser Myanmar recognized at the acquisition date was measured by reference to the proportionate share of recognized amounts of net assets of Kayser Myanmar and amounted to $25.

		$
Goodwill arising on acquisition:
Cash consideration paid			50
Add: Non-controlling interests			25
Add: Interest in equity investee previously held			25
Less: Identifiable net assets acquired			(23	)

Goodwill arising on acquisition			77

		$
Net cash outflow arising on acquisition is determined as follows:
Cash consideration paid			(75	)
Bank balance and cash acquired			56

			(19	)

On January 12, 2017, the Company further acquired 9% equity interest of Kayser Myanmar at a consideration of $9 from the non-controlling interest. As at March 31, 2017, the Company held 84% equity interest in Kayser Myanmar.