Stock Code: 200771 Stock ID: Hangqilun B Announcement No. 2016-38
Hangzhou Steam Turbine Co., Ltd.
Announcement on the Annual Write-offs Asset of year 2015
The members of the Board and the Company acknowledge being responsible for the
truthfulness, accuracy, and completeness of the announcement. Not any false record,
misleading statement or significant omission carried in this announcement.
The
6th
term of Board held its
28th
Meeting on March 17, 2016, The meeting examined the Proposal of the Write-offs Asset of the Company, This proposal was adopted with 11 votes in favor, 0 objection and 0 waive.The 2015 annual write-offs asset of the Company is RMB8.1796 million. According to “Stock Listing Rules” of Shenzhen Stock Exchange and “Regulation of Assets Depreciation Reserves and Write-offs Asset”of the Company, no submission will be required for this write-offs asset to be deliberated by theshareholder’s meeting of the Company. Now the specific situations are announced as follows:
I.Generalization of the Write-offs Asset Situation
1.The write-offs of receivables is RMB 5,695,365.27 , of which the write-offs of theCompany’s home office is RMB 4,739,521.34; Hangzhou Zhongneng Steam Turbine Power Co., Ltd. , the holding subsidiary of the Company, the write-offs of which was RMB563,008.93; Hangzhou Turbine Machinery Co., Ltd., the holding subsidiary of the Company, the write-offs of which was RMB33,935; Zhejiang Turbine Complete Set Technology Development Co., Ltd., the holding subsidiary of the Company, the write-offs of which was RMB184,000 ; Hangzhou Turbine Auxiliary Machinery Co., Ltd., the holding subsidiary of the Company, the write-offs of which was RMB174,900 ;.
(2)Other write-offs of receivables was RMB285,250 .
(3)Write-offs in product was RMB2,198,984.64 , which mainly involved with the occurred cost and expense of the 28 processing products in long-term pause or in terminating production.
II.Influence of the Write-offs Asset to theCompany’s Financial Condition
TheCompany’s write-offs asset has been withdrawn in full amount for bad-debt provision and
inventory falling price reserves, where no influence will be exerted to the current profit and loss.
III.Deliberation Procedure of the Write-offs Asset
The write-offs asset has been examined and adopted by the 28th meeting of the 6th board of
directors of the Company. According to “Stock Listing Rules”of Shenzhen Stock Exchange and
“Regulation of Assets Depreciation Reserves and Write-offs Asset”of the Company, no
submission will be required for this write-offs asset to be deliberated by theshareholder’s meeting of the Company
IV. The reasonableness explanation of the provision for impairment of assets by the board of directors
TheCompany’s board of directors considers that this write-offs asset complied with Accounting Standards for Business Enterprises and management system on theCompany’s write-offs asset, which truly reflected theCompany’s financial condition, where the write-offs basis is sufficient and whichwon’t involve with theCompany’s relate party.Therefore,theCompany’s board of directors agreed on this write-offs asset. The Company strictly complied with the relevant regulations of “Regulation of theCompany’s of the provision for impairment of assets and Write-offs Asset”to fulfill the deliberation procedure.
V. Independent Opinions of the Independent Directors for theCompany’s of the provision for impairment of assets
The company has carried out the Write-offs Asset of year 2015 by conforming to the Accounting Standards for Enterprises and relevant regulations, which was in line with thecompany’s actual situation and the company law, the articles of association and relevant regulation and laws, with standardized procedure for reviewing, and there was no situation that would jeopardize the interests of the company and the minority shareholders. The Write-offs Asset was agreed.
VI.Examination and Approval Opinions of the Board of Supervisor on theCompany’s of
provision for impairment of assets
TheCompany’s board of directors considers that this write-offs asset complied with Accounting Standards for Business Enterprises and management system on theCompany’s write-offs asset, which truly reflected theCompany’s financial condition, where the write-offs basis is sufficient and whichwon’t involve with theCompany’s relate party.Therefore,theCompany’s board of directors agreed on this write-offs asset.
VII. Documents for reference
1. Resolutions of the
28th
meeting of the
6th
Term of Board;
2. Resolutions of the 14th Meeting of the 6th Supervisory Committee
3. Independent Opinions of Independent Directors
The Board of Directors of
Hangzhou Steam Turbine Co., Ltd.
March 19, 2016