REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of HG Metal Manufacturing Limited (the “Company”)
and its subsidiaries (collectively, the “Group”) set out on pages 46 to 126 which comprise the balance sheets
of the Group and the Company as at 31 December 2015, the statements of changes in equity of the Group
and the Company and the consolidated statement of comprehensive income and consolidated cash flow
statement of the Group for the 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 judgment, 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 the
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.
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INDEPENDENT
AUDITOR’S REPORT
to the members of HG Metal Manufacturing Limited
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2015
