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ASL Marine Holdings Ltd.
Annual Report 2016
Report on the Financial Statements
We have audited the accompanying financial statements of ASL Marine Holdings Ltd. (the “Company”)
and its subsidiaries (collectively, the “Group”) set out on pages 64 to 165, which comprise the statements
of financial position of the Group and the Company as at 30 June 2016, the statements of changes in
equity of the Group and the Company and the consolidated income statement, consolidated statement of
comprehensive income and consolidated statement of cash flows of the Group for the financial year then
ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with the provisions of the Singapore Companies Act, Chapter 50 (the “Act”) and Singapore
Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls
sufficient 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 financial statements and to maintain accountability of assets.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation of financial 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 effectiveness 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 financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the consolidated financial statements of the Group and the statement of financial position
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
financial position of the Group and of the Company as at 30 June 2016 and of the financial performance,
changes in equity and cash flows of the Group and the changes in equity of the Company for the financial
year ended on that date.
INDEPENDENT AUDITOR’S REPORT
To the members of ASL Marine Holdings Ltd.
