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Old Chang Kee Ltd. • Annual Report 2012
Independent Auditors’ Report
For the fnancial period from 1 January 2011 to 31 March 2012
to the Members of Old Chang Kee Ltd.
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated fnancial statements of Old Chang Kee Ltd. (the “Company”) and its subsidiary
companies (collectively, the “Group”), set out on pages 34 to 77 which comprise the balance sheets of the Group and the Company
as at 31 March 2012, the statements of changes in equity of the Group and the Company and the consolidated statement of
comprehensive income and consolidated cash fow statement of the Group for the period then ended, and a summary of signifcant
accounting policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation of consolidated fnancial statements that give a true and fair view in accordance
with the provisions of the Singapore Companies Act (the Act) and Singapore Financial Reporting Standards, and for devising and
maintaining a system of internal accounting controls sufcient to provide a reasonable assurance that assets are safeguarded against
loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit
the preparation of true and fair proft and loss accounts and balance sheets and to maintain accountability of assets.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated fnancial statements based on our audit. We conducted our audit
in accordance with Singapore Standards on Auditing. Tose standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the consolidated fnancial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
fnancial statements. Te procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the consolidated fnancial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation of the consolidated fnancial statements that give a true and fair view in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
efectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated
fnancial statements.
We believe that the audit evidence we have obtained is sufcient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated fnancial statements of the Group and the balance sheet and statement of changes in equity of the
Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as
to give a true and fair view of the state of afairs of the Group and of the Company as at 31 March 2012 and the results, changes in
equity and cash fows of the Group and the changes in equity of the Company for the period ended on that date.
Report on Other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary companies
incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.
Ernst & Young LLP
Public Accountants and
Certifed Public Accountants
Singapore
15 June 2012