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SINGAPORE SHIPPING CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2016
The financial statements were authorised for issue by the Board of Directors on 14 June 2016.
1. DOMICILE AND ACTIVITIES
Singapore Shipping Corporation Limited (the “Company”) is incorporated in Singapore and listed on
the Singapore Exchange Securities Trading Limited. Its registered office is at 200 Cantonment Road,
#09-01 Southpoint, Singapore 089763.
The principal activity of the Company is that of investment holding. The principal activities of the Group
consist of:
•
investment holding;
•
ship owning and ship management;
•
shipping agency and terminal operations; and
•
warehousing and logistics services.
The consolidated financial statements relate to the Company and its subsidiaries (together referred to
as the “Group” and individually as “Group entities”) and the Group’s interests in associated company
and joint venture.
2. BASIS OF PREPARATION
(a) Statement of compliance
The financial statements have been prepared in accordance with the Singapore Financial Reporting
Standards (“FRSs”).
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis except as otherwise stated
in the notes below.
The financial statements have been prepared on a going concern basis. As at 31 March 2016, the
Group’s current liabilities exceeded current assets by US$1,221,000 (2015: US$5,404,000). Based on
estimated cash flows from the Group’s portfolio of vessels, management believes that the repayment
of its bank borrowings will occur as required and that the shortfall in net current liabilities will be met
from cash flows from operating activities.
