Financial information

Financial Statements and Related Announcement :: Auditor’s Comments on the Accounts

LIFEBRANDZ LTD.

(company registration number 200311348E)

(Incorporated in the Republic of Singapore)

OPINION OF THE STATUTORY AUDITORS ON THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED JULY 31, 2021

In accordance with Rule 704 (4) of the Listing Manual – Section B: Rules of Catalist of the Singapore

Exchange Securities Trading Limited (the “SGX-ST“), the Board of Directors (the”Plank“) of LifeBrandz Ltd. (the”Society“and with its subsidiaries, the”Group“), wish to do

inform that with regard to the audited financial statements of the Group for the year ended July 31, 2021 (“FY2021“) (the “Audited financial statements“), the Company’s independent auditor, Mazar LLP (the”Independent auditors“) expressed a qualified opinion.

An extract of the qualified opinion as well as the basis of the qualified opinion in the

The Statutory Auditors’ report is presented below in italics:

Qualified opinion

We have audited the financial statements of LifeBrandz Ltd. (the “Company”) and its subsidiaries (the “Group”) which include the statements of financial position of the Group and of the Company as at July 31, 2021, the consolidated accounts of income or loss and other items of comprehensive income, changes in the Group’s equity and cash flows for the year ended on that date, and the notes to the financial statements, including a summary of the main accounting policies.

In our opinion, except for the possible effects of the matter described in the Basis for qualified opinion section of our report, the accompanying consolidated financial statements of the Group and the statement of financial position of the Company are properly prepared in accordance with the provisions of the Companies Act, Chapter 50 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS (I) s”) in order to give a true and fair view of the situation consolidated financial statements of the Group and of the Company as of July 31, 2021 and of the financial performance, changes in shareholders’ equity and cash flows of the Group for the year ended on that date.

Basis for qualified opinion

During the fiscal year ended July 31, 2021, the Group sold all of its subsidiaries in Japan (“transferred subsidiaries”). During our audit of the accompanying financial statements for the year ended July 31, 2021, we were unable to obtain sufficient and appropriate audit evidence on the result of discontinued operations and the gain on disposal recorded. in other operating income resulting from the disposal of two of the divested subsidiaries, namely Sync Co., Ltd. and e-Holidays Co., Ltd., as management was unable to provide us with the relevant and relevant records and supporting documents that we requested to perform our audit on the aforementioned divested subsidiaries. We understood from management that it had encountered significant difficulties in recovering the files and documents resulting from the sale of these subsidiaries in Japan during the fiscal year ended July 31, 2021. Consequently, we were unable to determine whether adjustments to these amounts in the declarations group accounts were not necessary and verify the relevance and completeness of the corresponding information notes.

We conducted our audit in accordance with Singapore Auditing Standards (“SSA”). Our

the responsibilities under these standards are described in more detail in the auditors responsibilities for the audit of the financial statements section of our report. We are independent from the Group in

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in accordance with the Code of Professional Conduct and Ethics of the Accounting and Business Regulatory Authority (“ACRA”) for Public Accountants and Accounting Entities (the “ACRA Code”) as well as ethical requirements that are relevant to our audit of the fi nancial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to form a qualified opinion.

Prior to the disposal of the aforementioned subsidiaries in Japan during the fiscal year ended July 31, 2021, management made efforts to obtain relevant financial information and accounting records from these subsidiaries for recognition in the Group’s consolidated financial statements. for fiscal year 2021. However, following the disposals, management was denied access by management of these entities to other financial information and accounting records of these entities for audit purposes. As a result, management is unable to provide the independent auditors with relevant and relevant supporting documents and documents requested by them for the purposes of the audit.

Shareholders of the Company are encouraged to read the independent auditors’ report and audited financial statements in its annual report for fiscal year 2021, which is released today via SGXNet.

By order of the Council

Lam Siew Kee

Executive Chairman and Chief Executive Officer

November 10, 2021

This announcement has been reviewed by the Company’s sponsor, SAC Capital Private Limited (the “Sponsor“). This announcement has not been reviewed or approved by the Singapore Exchange Securities Trading Limited (the”SGX-ST“) and SGX-ST assumes no responsibility for the content of this advertisement, including the accuracy of any statements or opinions made or reports contained in this advertisement.

The contact person for the Sponsor is Ms. Lee Khai Yinn (Tel: (65) 6232 3210), at 1 Robinson Road, # 21-00 AIA Tower, Singapore 048542.

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Disclaimer

LifeBrandz Ltd. published this content on November 10, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 10 November 2021 09:44:07 UTC.


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