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Independent Auditors’ Report
To the Members of Natural Cool Holdings Limited
NATURAL COOL HOLDINGS LIMITED
Annual Report 2011 41
Report on the fnancial statements
We have audited the accompanying fnancial statements of Natural Cool Holdings Limited (the “Company”)
and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as
at 31 December 2011, the income statement, statement of comprehensive income, statement of changes
in equity and cash fow statement of the Group for the year then ended, and a summary of signifcant
accounting policies and other explanatory information, as set out on pages 43 and 103.
Management’s responsibility for the financial statements
Management is responsible for the preparation of fnancial 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
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 judgement, 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 control 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 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 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 to give a true and fair view of the state of affairs of the Group and of the Company as at 31
December 2011 and the results, changes in equity and cash fows of the Group for the year ended on that
date.