SEO Version
46
bh global marine LIMITED
ANNUAL REPORT 2012
Report on the Financial Statements
We have audited the accompanying fnancial statements of BH Global Marine Limited (the “Company”) and its subsidiaries (the
“Group”) as set out on pages 47 to 101, which comprise the statements of fnancial positions of the Group and Company as at
31 December 2012, and the consolidated income statement, consolidated statement of comprehensive income, consolidated
statement of changes in equity and consolidated statement of cash fows of the Group and statement of changes in equity of the
Company for the fnancial year then ended, and a summary of signifcant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of 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 suffcient 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 fnancial 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 fnancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of
the 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 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 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 fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated fnancial statements of the Group and the statement of fnancial 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 state of affairs of the Group and Company as at 31 December 2012
and the results, changes in equity and cash fows of the Group and changes in equity of the Company for the fnancial year 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 subsidiaries
incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.
Baker Tilly TFW LLP
Public Accountants and
Certifed Public Accountants
Singapore
Date: 27 March 2013
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF BH GLOBAL MARINE LIMITED
Powered by FlippingBook Publisher