annual report 2011 - Kian Ann Engineering Pte Ltd

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STATEMENT BY DIRECTORS We, Low Han Cheong and Law Peng Kwee, being two of the Directors of Kian Ann Engineering Ltd, do hereby state that, in the opinion of the Directors: (i) the accompanying statements of financial position, consolidated income statement, consolidated statement of comprehensive income, statements of changes in equity, and consolidated statement of cash flow together with notes thereto are drawn up so as to give a true and fair view of the state of affairs of the Group and of the Company as at 30 June 2011 and the results of the business, changes in equity and cash flows of the Group and the changes in equity of the Company for the year ended on that date, and (ii) at the date of this statement there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. On behalf of the Board of Directors, Low Han Cheong Director Law Peng Kwee Director Singapore 21 September 2011 24 KIAN ANN ENGINEERING LTD ANNUAL REPORT 2011
INDEPENDENT AUDITORS’ REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2011 TO THE MEMBERS OF KIAN ANN ENGINEERING LTD Report on the consolidated financial statements We have audited the accompanying financial statements of Kian Ann Engineering Ltd (the “Company”) and its subsidiaries (collectively, the “Group”) set out on pages 26 to 98, which comprise the statements of financial position of the Group and the Company as at 30 June 2011, 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 flow of the Group for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s responsibility for the consolidated financial statements Management is responsible for the preparation of consolidated financial 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 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 income statement and statements of financial position and to maintain accountability of assets. Auditors’ responsibility Our responsibility is to express an opinion on these consolidated 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 consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated 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 consolidated 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 consolidated 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 state of affairs of the Group and of the Company as at 30 June 2011 and the results, changes in equity and cash flows of the Group and the changes in equity of the Company for the 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. Ernst & Young LLP Public Accountants and Certified Public Accountants Singapore 21 September 2011 KIAN ANN ENGINEERING LTD ANNUAL REPORT 2011 25
Page 1 and 2: KIAN ANN ENGINEERING LTD ANNUAL REP
Page 3 and 4: OUR MISSION We are guided by our Fo
Page 5 and 6: UNDERCARRIAGE Undercarriage forms a
Page 7 and 8: HYDRAULIC SEAL KITS Kian Ann offers
Page 9 and 10: BOARD OF DIRECTORS 7 4 3 6 1. MR LO
Page 11 and 12: GROUND ENGAGING TOOLS (GET) GET pro
Page 13 and 14: 5-YEAR FINANCIAL SUMMARY RESULTS OF
Page 15 and 16: CORPORATE GOVERNANCE The Company is
Page 17 and 18: The NC, regulated by a set of writt
Page 19 and 20: (viii) Consider other matters as re
Page 21 and 22: The Company also adopts the materia
Page 23 and 24: FINANCIAL REPORT 22 Directors’ Re
Page 25: Directors’ interests in shares an
Page 29 and 30: CONSOLIDATED INCOME STATEMENT FOR T
Page 31 and 32: STATEMENTS OF CHANGES IN EQUITY FOR
Page 33 and 34: CONSOLIDATED STATEMENT OF CASH FLOW
Page 35 and 36: 2. Significant accounting policies
Page 55 and 56: 3. Property, plant and equipment (c
Page 57 and 58: 3. Property, plant and equipment (c
Page 59 and 60: 4. Investment properties (cont’d)
Page 61 and 62: 6. Goodwill 2011 $’000 Group 2010
Page 63 and 64: 7. Subsidiary companies (cont’d)
Page 65 and 66: 10. Inventories Group Company 2011
Page 67 and 68: 11. Trade and other receivables (co
Page 69 and 70: 14. Marketable securities 2011 $’
Page 71 and 72: 16. Trade and other payables (cont
Page 73 and 74: 17. Loans and borrowings (cont’d)
Page 75 and 76: 19. Share capital Group and Company
Page 77 and 78:
21. Revenue 2011 $’000 Group 2010
Page 79 and 80:
27. Taxation 2011 $’000 Group 201
Page 81 and 82:
30. Commitments and contingencies (
Page 83 and 84:
31. Financial risk management objec
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Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
32. Fair value of financial instrum
Page 95 and 96:
32. Fair value of financial instrum
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34. Capital management The primary
Page 99 and 100:
35. Segment information (cont’d)
Page 101 and 102:
STATISTICS OF SHAREHOLDINGS AS AT 2
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NOTICE OF ANNUAL GENERAL MEETING NO
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(b) unless varied or revoked by the
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KIAN ANN ENGINEERING LTD [Company R
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This page is intentionally left bla
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Kian Ann Building 7 Changi South La
Page 114 and 115:
TABLE OF CONTENTS HEADING PAGE NO.
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DEFINITIONS “Share Buyback” : B
Page 118 and 119:
LETTER TO SHAREHOLDERS 2.2 Rational
Page 120 and 121:
LETTER TO SHAREHOLDERS (d) Maximum
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LETTER TO SHAREHOLDERS 2.6.3 The li
Page 124 and 125:
LETTER TO SHAREHOLDERS On the basis
Page 126 and 127:
LETTER TO SHAREHOLDERS Notes: (1) N
Page 128 and 129:
LETTER TO SHAREHOLDERS Notes: (1) N
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LETTER TO SHAREHOLDERS 4. TAKE-OVER
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LETTER TO SHAREHOLDERS 4.2.2 Effect
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LETTER TO SHAREHOLDERS 9. DOCUMENTS
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annual report 2011 - Kian Ann Engineering Pte Ltd

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