Cover 1 - Apollo Hospitals Dhaka

Financial Highlights & Auditors’ Report
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S. F. Ahmed & Co., Chartered Accountants
Bangladesh Representative of Ernst & Young Global
----Established: 1958
AUDITORS' REPORT TO THE SHAREHOLDERS OF STS HOLDINGS LIMITED
We have audited the accompanying financial statements of STS HOLDINGS LIMITED (the Company), namely
Statement of Financial Position as of 31 December 2011 and related Statement of Comprehensive Income, Cash Flow
Statement, Statement of Changes in Equity and the notes thereto for the year then ended. The preparation of these
financial statements and notes thereto, in due conformity with Generally Accepted Accounting Principles, procedures and
Accounting Standards as applicable in Bangladesh, are the responsibility of the Company’s management. Our responsibility
is to express an independent opinion on these financial statements based on our audit.
Basis of Opinion :
We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA), which fully comply with
International Standards on Auditing (ISA). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material mis-statement. An audit includes examining, on a test
basis, evidences supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by the management as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
Opinion :
In our opinion, the financial statements together with the notes thereto, prepared in accordance with Bangladesh Financial
Reporting Standards (BFRS), which fully comply with International Financial Reporting Standards (IFRS) give a true and
fair view of the state of the Company’s affairs as of 31 December 2011 and of the results of its operations and its cash
flows for the year then ended and comply with the Companies Act 1994 and other applicable laws and regulations.
We also report that:
a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary
for the purpose of our audit and made due verification thereof;
b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appeared from
our examination of those books;
c) the Company’s Statement of Financial Position, Statement of Comprehensive Income, Cash Flow Statement and
Statement of Changes in Equity dealt with by this report are in agreement with the books of account; and
d) the expenditure incurred and payments made were for the purpose of the Company's business.
S. F. Ahmed & Co.
Chartered Accountants
House-25, Road-13A, Block-D, Banani, Dhaka 1213, Bangladesh
&
House-21, Road-13, Sector-01, Uttara, Dhaka 1230, Bangladesh
Dated: 15 April 2012
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