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Independent Auditors’ ReportTo the Members of Myanmar Tractors LimitedWe have audited the accompanying financial statements of theCompany, which comprise the balance sheet as at March 31, 2009and the income statement, statement of changes in equity and cashflow statement for the year then ended, and a summary of significantaccounting policies and other explanatory notes.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentationof these financial statements in accordance with the provisions ofthe Myanmar Companies Act (Act) and generally accepted financialreporting standards. This responsibility includes:(a) devising and maintaining a system of internal accountingcontrols sufficient to provide a reasonable assurance thatassets are safeguarded against loss from unauthorized use ordisposition; and transactions are properly authorized and thatthey are recorded as necessary to permit the preparation oftrue and fair profit and loss accounts and balance sheets and tomaintain accountability of assets;(b) selecting and applying appropriate accounting policies; and(c) making accounting estimates that are reasonable in thecircumstances.Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statementsbased on our audit. We conducted our audit in accordance withInternational Standards on Auditing. Those standards require thatwe comply with ethical requirements and plan and perform the auditto obtain reasonable assurance whether the financial statementsare free from material misstatement.An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. Theprocedures selected depend on the auditor’s judgment, includingthe assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those riskassessments, the auditor considers internal control relevant to theentity’s preparation and fair presentation of the financial statementsin order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinionon the effectiveness of the entity’s internal control. An audit alsoincludes evaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimates made bymanagement, as well as evaluating the overall presentation of thefinancial statements.We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.OpinionIn our opinion,(i) the financial statements are properly drawn up in accordancewith the provisions of the Act and International FinancialReporting Standards so as to give a true and fair view of thestate of affairs of the Company as at 31st March, 2009 and theresults, changes in equity and cash flows of the Company for theyear ended on that date; and(ii) the accounting and other records required by the Act to be keptby the Company have been properly kept in accordance with theprovisions of the Act.Place : MyanmarDate : 28th April, 2009.U Tin Win GroupCertified Public Accountants