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FINANCIALS
REPORT OF THE INDEPENDENT AUDITORS
TO THE MEMBERS OF TRENCOR LIMITED
We have audited the annual financial statements
and group annual financial statements of Trencor Limited, as set
out under the Financials Menu, for the eighteen months ended
31 December 2001. These financial statements are the responsibility
of the company's directors. Our responsibility is to express an
opinion on these financial statements.
SCOPE
We conducted our audit in accordance with South
African Auditing Standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance that the financial
statements are free of material misstatement.
An audit includes:
- examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements;
- assessing the accounting principles used and significant estimates
made by management; and
- evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
AUDIT OPINION
In our opinion, the financial statements fairly present, in all
material respects, the financial position of the company and the
group at 31 December 2001 and the results of their operations and
cash flows for the period then ended, in accordance with South African
Statements of Generally Accepted Accounting Practice, and in the
manner required by the Companies Act in South Africa.
KPMG INC
REGISTERED ACCOUNTANTS AND AUDITORS
CHARTERED ACCOUNTANTS (SA)
CAPE TOWN
6 MARCH 2002
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