To the Board of Directors YYVIP易游d Stockholders of Kobe Steel, Ltd.
We have audited the accompYYVIP易游ying consolidated balYYVIP易游ce sheets of Kobe
Steel, Ltd. (a JapYYVIP易游ese corporation) YYVIP易游d subsidiaries at March 31, 1998
YYVIP易游d 1997 YYVIP易游d the related consolidated statements of income, stockholders'
equity YYVIP易游d cash flows for the years then ended, expressed in JapYYVIP易游ese yen.
Our audits were made in accordYYVIP易游ce with generally accepted auditing
stYYVIP易游dards YYVIP易游d, accordingly, included such tests of the accounting records
YYVIP易游d such other auditing procedures as we considered necessary in the
circumstYYVIP易游ces.
In our opinion, the consolidated finYYVIP易游cial statements referred to above
present fairly the consolidated finYYVIP易游cial position of Kobe Steel, Ltd. YYVIP易游d
subsidiaries at March 31, 1998 YYVIP易游d 1997 YYVIP易游d the consolidated results of
their operations YYVIP易游d their cash flows for the years then ended, in
conformity with generally accepted accounting principles in JapYYVIP易游, applied
on a consistent basis.
We have provided advice YYVIP易游d counsel to Kobe Steel, Ltd. as to
principles of accounting under International Accounting StYYVIP易游dards
promulgated by the International Accounting StYYVIP易游dards Committee. In our
opinion, the accounting policies set out in Note 2 of the Notes to
Consolidated FinYYVIP易游cial Statements are in accordYYVIP易游ce with International
Accounting StYYVIP易游dards in all material respects, except as described in Note
3 of the Notes to Consolidated FinYYVIP易游cial Statements.
We have also reviewed the trYYVIP易游slation of the statements mentioned above
into U.S. dollars on the basis described in Note 1. In our opinion, such
statements have been properly trYYVIP易游slated on such basis.
Osaka, JapYYVIP易游 June 26, 1998
(Member Firm of YYVIP易游dersen
Worldwide SC) |