View - Singapore Technologies Engineering

STATEMENT BY DIRECTORSAUDITORS’ REPORTTO THE MEMBERS OF SINGAPORE TECHNOLOGIES ENGINEERING LTDWe, Ho Ching and Boon Swan Foo, being directors ofSingapore Technologies Engineering Ltd, do hereby statethat in our opinion:(a) the financial statements set out on pages 118 to 175are drawn up so as to give a true and fair view of thestate of affairs of the Company and of the Group as at31 December 2000 and of the results of the businessOn behalf of the Board of DirectorsHO CHINGDirectorBOON SWAN FOODirectorSingapore6 January 2001and changes in equity of the Company and of the Groupand cash flows of the Group for the year ended on thatdate; and(b) at the date of this statement there are reasonablegrounds to believe that the Company will be able to payits debts as and when they fall due.We have audited the financial statements of SingaporeTechnologies Engineering Ltd and the consolidatedfinancial statements of Singapore TechnologiesEngineering Ltd and its subsidiaries as of 31 December2000 set out on pages 118 to 175.These financialstatements are the responsibility of the Company’sdirectors. Our responsibility is to express an opinion onthese financial statements based on our audit.Thefinancial statements for the year ended 31 December1999 were audited by another auditor whose reportdated 25 January 2000 expressed an unqualified opinionon those statements.We conducted our audit in accordance with SingaporeStandards on Auditing.Those Standards require that weplan and perform the audit to obtain reasonableassurance about whether the financial statements are freeof material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includesassessing the accounting principles used and significantestimates made by the directors, as well as evaluating theoverall financial statement presentation.We believe thatour audit provides a reasonable basis for our opinion.In our opinion,(a) the financial statements and consolidated financialstatements are properly drawn up in accordance with theprovisions of the Companies Act and Statements ofAccounting Standard in Singapore and so as to give a trueand fair view of:(b) the accounting and other records and the registersrequired by the Act to be kept by the Company and bythose subsidiaries incorporated in Singapore of which weare the auditors have been properly kept in accordancewith the provisions of the Act.We have considered the financial statements and, wherethey are required by the laws of the country ofincorporation, the auditors’ reports of all subsidiaries ofwhich we have not acted as auditors, being financialstatements included in the consolidated financial statements.Thenames of these subsidiaries are stated in Note9 to the financial statements.We are satisfied that the financial statements of thesubsidiaries that have been consolidated with the financialstatements of the Company are in form and contentappropriate and proper for the purposes of the preparationof the consolidated financial statements and we havereceived satisfactory information and explanations asrequired by us for those purposes.The auditors’ reports on the financial statements of thesubsidiaries were not subject to any qualification and inrespect of subsidiaries incorporated in Singapore didnot include any comment made under Section 207(3) ofthe Act.(i) the state of affairs of the Company and of the Groupas at 31 December 2000 and of the results and changes inequity of the Company and of the Group and cash flowsof the Group for the year then ended; and(ii) the other matters required by Section 201 of the Actto be dealt with in the financial statements and consolidatedfinancial statements;Arthur AndersenCertified Public AccountantsSingapore6 January 2001116 • visionauditors’ report • 117