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ANNUAL REPORT 2013
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Willas-Array Electronics (Holdings) Limited (the “Company”)
and its subsidiaries (the “Group”) which comprise the statements of financial position of the Group and the Company as
at March 31, 2013, and the statement of comprehensive income, statement of changes in equity and statement of cash
flows of the Group and the statement of changes in equity of the Company for the year then ended, and a summary of
significant accounting policies and other explanatory notes, as set out on pages 43 to 134.
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
International Financial Reporting Standards (“IFRSs”) and for devising and maintaining a system of internal accounting
controls sufficient to provide 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 profit and loss accounts and balance sheets and to maintain accountability of assets.
AUDITORS’ 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.