| Financial Statement And Related Announcement | |
| * Asterisks denote mandatory information | |
| Name of Announcer * | ASIA POWER CORP LTD |
| Company Registration No. | 199701487C |
| Announcement submitted on behalf of | ASIA POWER CORP LTD |
| Announcement is submitted with respect to * | ASIA POWER CORP LTD |
| Announcement is submitted by * | Tian Aimin |
| Designation * | Executive Director and Chief Executive Officer |
| Date & Time of Broacast | 11-Apr-2012 18:43:02 |
| Announcement No. | 00185 |
| Price Sensitivity | Yes |
| >> Announcement Details | |
| The details of the announcement start here ... |
| For the Financial Period Ended * | 31-12-2011 |
| Description | AUDITORS' QUALIFIED OPINION ON FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2011 ---------------------------------------------------------------------------------------------------------- Pursuant to Rule 704(5) of the Listing Manual of Singapore Exchange Securities Trading Limited, the Board of Directors of Asia Power Corporation Limited and its subsidiaries (the "Group") wishes to announce that the independent auditors, Messrs Deloitte & Touche LLP ("Deloitte"), has issued a modified independent auditors' report in respect of the audited financial statements of the Group for the financial year ended 31 December 2011 ("FY2011"). The basis of the qualified opinion relates to an associate of the Group, Xi'an Zhouzhi Fengyuan Hydropower Development Co., Ltd ("Zhouzhi Fengyuan"). The Group's investment in Zhouzhi Fengyuan as at 31 December 2011 was RMB33,054,000 with a share of profit after tax of RMB2,709,000 for FY2011. The financial statements of Zhouzhi Fengyuan were audited by another firm of auditors. The Group holds a 20.15% equity interest in Zhouzhi Fengyuan through its subsidiary, Xi'an Kaixin Enterprise Co., Ltd. The Group had tried its best to exercise influence over Zhouzhi Fengyuan in requesting for Zhouzhi Fengyuan's assistance in the Group's audit for FY2011. However, as the Group has no control over Zhouzhi Fengyuan, the Group was only able to obtain approval from Zhouzhi Fengyuan's management to provide the audit working papers of Zhouzhi Fengyuan's statutory auditors to Deloitte for its review but did not obtain approval to grant access for Deloitte to perform additional auditing procedures as required under Singapore Standard on Auditing 600 - Special Considerations - Audits of Group Financial Statements. Hence, Deloitte did not have access to the accounting books and records of Zhouzhi Fengyuan for the performance of alternative procedures as the Group's auditors. Deloitte's audit opinion is therefore qualified as Deloitte was not able to obtain sufficient appropriate audit evidence in respect of the carrying amount of the Group's investment in Zhouzhi Fengyuan as at 31 December 2011 and the Group's share of profit after tax of Zhouzhi Fengyuan for FY2011. The nature and contents of the qualification are contained in the attached Independent Auditors' Report. By Order of the Board Tian Aimin Executive Director and Chief Executive Officer 11 April 2012 |
| Attachment(s) | 20120411_184302_A03_25EFD3A8B70629CD482579DB003B7E01.1.pdf |
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