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32 GoodLand Group Limited
Independent Auditors’ Report
To the Members of Goodland Group Limited (Incorporated in Singapore)
30 September 2012
We have audited the accompanying fnancial statements of Goodland Group Limited (the “Company”) and its
subsidiaries (collectively referred to as the “Group”), as set out on pages 33 to 80, which comprise the balance sheets
of the Company and of the Group as at 30 September 2012, and the consolidated statement of comprehensive
income, consolidated statement of changes in equity and consolidated statement of cash fows of the Group for the
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 these 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.
Auditors’ 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 controls 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 controls. 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 balance sheet 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 the Company as at 30 September 2012 and the
results, changes in equity and cash fows of the Group 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.
Moore Stephens LLP
Public Accountants and
Certifed Public Accountants
Singapore
27 December 2012