GPERAK-AnnualReport2009 (1MB).pdf - Bursa Malaysia

annual report 2009 | Gula peraK BerHaD (8104-X)
INDEPENDENT AUDITORS’ REPORT to the members of
GULA PERAK BERHAD (incorporated in malaysia)
Report on the Financial Statements
We have audited the financial statements of GULA PERAK BERHAD, which comprise the balance sheets as of 31st March, 2009
of the Group and the Company and the income statements, statements of changes in equity and cash flow statements of the
Group and the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes,
as set out on pages 35 to 82.
Directors’ Responsibility for the Financial Statements
The directors of the Company are responsible for the preparation and fair presentation of these financial statements in accordance
with the Financial Reporting Standards and the Companies Act, 1965 in Malaysia. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are
free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and
making accounting estimates that are reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit and to report our opinion to you, as
a body, in accordance with Section 174 of the Companies Act, 1965 in Malaysia and for no other purpose. We do not assume
responsibility towards any other person for the contents of this report.
We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance 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 auditors’ 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 auditors consider internal control
relevant to the entity’s preparation and fair presentation of the financial statements 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 the directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements have been properly drawn up in accordance with the Financial Reporting Standards and
the Companies Act, 1965 in Malaysia so as to give a true and fair view of the financial position of the Group and the Company
as of 31st March, 2009 and the financial performance and cash flows of the Group and the Company for the year then ended.
Emphasis of Matter
Without qualifying our opinion, we draw attention to Note 2 in the Financial Statements which discloses the premise upon which
the Group and the Company have prepared its financial statements by applying the going concern assumption, notwithstanding
that the Group and the Company incurred a net loss of RM133,509,000 and RM134,588,000 respectively, during the financial
year ended 31st March, 2009 and have a net current liabilities of RM316,786,000 and RM281,807,000 respectively as of that date.
These conditions cast doubt about the Group’s and the Company’s ability to continue as a going concern. The directors are of
the opinion that the Group and the Company would be able to generate cash flows necessary for the Group and the Company
to operate profitably in the future upon the finalisation of the negotiations for variations of the terms of the Redeemable
Convertible Secured Notes 2003/2008 as mentioned in Note 27 to the Financial Statements and consequently, the realisation
of assets and settlement of liabilities will occur in the ordinary course of business. Accordingly, the financial statements do not
include any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities
that might be necessary should the Group and the Company be unable to continue as a going concern.
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