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1、AUDITORS REPORT ABC-SH(2006)AR NO.2001The Board of Directors of XXX:We have audited the accompanying balance sheets of XXX as of December 31, 2005, and the related statements of income from January to December ,2005.Theses financial statements are the responsibility of the companys management. Our r
2、esponsibility is to express an opinion on these financial statements based on our audits.We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
3、are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and discloses in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall
4、financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.In our opinion, the financial statements refereed to above present fairly, in all material respects, the financial position of XXXXX as of December 31 , 2005 and the results of its operations from
5、 January to December in conformity with the China Accounting Standard for Business Enterprises and the China Accounting System for Business Enterprises. We noticed that the company has applied for liquidation.It is in the process of liquidation. ABC CPAs Certified Public Accountants Registered in th
6、e Peoples republic of China Shanghai, office January 10, 2006II.Notes to Financial Statements for the Year Ended December 31,2005I. General informationXXXXX is invested by XXXXXX. Its establishment was approved by the Peoples Government of Shanghai on October 23,2004 and awarded business license by
7、the Commercial and Administrative Bureau of Shanghai on January 27,2005.Business license number:319499.Registered capital is USD200000. Business term is 20 years.Registered Address:Third floor, department A,number 213 ,TaiguRoad,Waigaoqiao free trade zone,Shanghai.Legal representative is TAN CHO KAN
8、G.Business scope:processing the automatic equipment, fabrication, selling the product. providing the revelant technological consulting services, storing(automatic equipment and their parts),distribution of business and after sales services,exhibition of some relevant product,technological trainning,
9、international trade,trade of transition,trade with the companies of the free trade zone,trade agency,agency for the companies who have the operating rights to import and export and the trade with the companies of none-free trade area,basic commercial processing and business commercial consulting ser
10、vices.Approved by the broad meeting，the company applied for liquidation on November 1,2005.It is in the procedure of liquidation now.II. Summary of Significant Accounting Policies and Estimates1. Basis of Financial Statement PreparationThe financial statements have been prepared in accordance with t
11、he China Accounting Standards for Business Enterprises, the China Accounting System for Business Enterprises and other related regulations.2. Fiscal YearThe Company adopts the calendar year as its fiscal year, from January 1 to December 31.3. Basis of AccountingThe Company adopts the accrual basis f
12、or its accounting treatments. The financial statements have been prepared on the historical cost basis of accounting.4. Reporting CurrencyThe Renminbi (RMB) is the reporting currency of the company. Transactions recorded in foreign currencies are converted into RMB at the mid of market exchange rate
13、 at the transaction date. The foreign currency balances of each foreign currency account are converted into RMB at the end of market exchange rate of the balance sheet date. The difference between the amount translated at the closing rate and the carrying amount should be treated as exchange gain or
14、 loss in the current period.5. Recognition of Cash equivalentsThe cash equivalents refer to an asset characterized by its short term, easy transformation to cash and low risk in value change. The cash and cash equivalents of our company including: cash, cash in banks, other cash and short-term inves
15、tment for less than three months.6. Fixed assets, Depreciation Fixed assets are assets with a useful life over one year, held for use in the production of goods or supply of services, for rental to others, or for administrative purposes, or there values are high are also included as fixed assets.Fixed assets are recorded at the historical cost on acquisition. The Company applies a straight-line depreciation method. The estimated residual value is 10% on the cost. The useful lives and annual depreciation rate of each category of
