Part I Sunny Ltd and Snowy Ltd own 51% and 49% respectively of the ordinary shares that carry equal voting rights at a general meeting of shareholders of Rainy Ltd. Snowy Ltd also holds debt instruments that are convertible into ordinary shares of Rainy Ltd. If the debt were to be converted, Snowy Ltd would hold 75% of the voting rights and Sunny Ltd's interest would be reduced to 25%. However, Snowy Ltd has not shown any intention to convert the debt to ordinary shares yet. Required: Determine whether Snowy Ltd is a parent of Rainy Ltd by referring to the primary criterion provided by IFRS 10 / AASB 10 Consolidated Financial Statements