To the Board of Directors and Stockholders of Kobe Steel, Ltd.
We have audited the accompanying non-consolidated balance sheets of
Kobe Steel, Ltd. (a Japanese corporation) at March 31, 1998 and 1997, and
the related non-consolidated statements of income, stockholders' equity
and cash flows for the years then ended, expressed in Japanese yen. Our
audits were made in accordance with generally accepted auditing standards
and, accordingly, included such tests of the accounting records and such
other auditing procedures as we considered necessary in the circumstances.
In our opinion, the non-consolidated financial statements referred to
above present fairly the non-consolidated financial position of Kobe
Steel, Ltd. at March 31, 1998 and 1997 and the non-consolidated results of
its operations and cash flows for the years then ended in conformity with
generally accepted accounting principles in Japan, applied on a consistent
basis.
We have also reviewed the translation of the statements 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 26, 1998
(Member Firm of Andersen
Worldwide SC) |