Independent Auditors’ Report
To the Members of TIH Limited (formerly known as Transpac Industrial Holdings Limited)
TIH Limited
Annual Report 2014
13
Report on the financial statements
We have audited the accompanying financial statements of TIH Limited (formerly known as Transpac Industrial
Holdings Limited) (the “Company”) and its subsidiaries (the “Group”), which comprise the statements
of financial position of the Group and the Company as at 31 December 2014, the statement of profit or loss,
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 information, as set out on pages 15 to 66.
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 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.
