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Report
of Independent Certified Public Accountants
To the Board of Directors and Stockholders of Kobe Steel, Ltd.
We have examined the accompanying consolidated balance sheets
of Kobe Steel, Ltd. and its consolidated subsidiaries at March 31,
1995 and 1994, and the related consolidated statements of
operations, stockholders' equity and cash flows for the years
then ended, all expressed in Japanese yen. Our examinations were
were made in accordance with generally accepted auditing
standards in Japan and , accordingly, included such tests
of the accounting records and such other auditing procedures as
we considered necessary in デュエルビッツ 入金方法ircumstances.
In our opinion, デュエルビッツ 入金方法onsolidated financial statements mentioned
above, expressed in Japanese yen, present fairly デュエルビッツ 入金方法onsolidated
financial position of Kobe Steel, Ltd. and its consolidated
subsidiaries at March 31,1995 and 1994 and デュエルビッツ 入金方法onsolidated results
of their operations and cash flows for the years then ended,
in conformity with generally accepted accounting principles in Japan
which, except for デュエルビッツ 入金方法hange, with which we concur, in a consolidated
subsidiary's method of accounting for deferred factory start up costs
as explained in Note 3, applied on a consistent basis during
the period.
We have provided advice and counsel to Kobe Steel, Ltd. as to
principles of accounting under International Accounting Standards
promulgated by the International Accounting Standards Committee.
In our opinion, the accounting policies set out in Note 2 of the
Notes to Consolidated Financial Statements are in accordance with
International Accounting Standards in all material respects,
except as described in Note 4 of the Notes to Consolidated Financial
Statements.
We have also reviewed the translation of the statement mentioned
above into U.S.dollars on the basis described in Note 1.
In our opinion, such statements have been properly translated on
such basis.
Osaka, Japan
June 29,1995
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