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DYNA-MAC HOLDINGS LTD.
2016 ANNUAL REPORT
57
Performance At A Glance
Financial Report
Corporate Governance and Transparency
Sustainable Growth
Year in Review
INDEPENDENT
AUDITOR’S REPORT
To the members of Dyna-Mac Holdings Ltd.
Report on the Audit of the Financial Statements
Our opinion
In our opinion, the accompanying consolidated financial statements of Dyna-Mac Holdings Ltd. (“the Company”) and
its subsidiaries (“the Group”) and the balance sheet of the Company are properly drawn up in accordance with the
provisions of the Companies Act, Chapter 50 (“the Act”) and Financial Reporting Standards in Singapore (“FRSs”)
so as to give a true and fair view of the consolidated financial position of the Group and the financial position of
the Company as at 31 December 2016 and of the consolidated financial performance, consolidated changes in equity
and consolidated cash flows of the Group for the financial year ended on that date.
What we have audited
The financial statements of the Company and the Group comprise:
• the consolidated balance sheet of the Group as at 31 December 2016;
• the balance sheet of the Company as at 31 December 2016;
• the consolidated statement of comprehensive income of the Group for the year then ended;
• the consolidated statement of changes in equity of the Group for the year then ended;
• the consolidated statement of cash flows of the Group for the year then ended; and
• the notes to the financial statements, including a summary of significant accounting policies.
Basis for Opinion
We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under
those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”)
Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together
with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code.
Material Uncertainty Related to Going Concern
We draw attention to Note 2 in the financial statements, which indicates that the Group incurred a net loss of
S$15,665,000 during the year ended 31 December 2016 and has a net order book of S$12,800,000 as at that date.
As stated in Note 2, the low order books and the uncertainty over the availability and timing of award of new
contracts indicate the existence of a material uncertainty which may cast significant doubt on the ability of the
Group to generate sufficient operating cash flows and continue as a going concern.
Should the Group be unable to continue as a going concern, adjustments will have to be made to the financial
statements to reflect the situation. The accompanying financial statements do not include the adjustments that
would result if the Group is unable to continue as a going concern.
Our opinion is not modified in respect of this matter.