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Victor Company of Japan, Limited52.
Independent Auditors’ Report
To the Board of Directors of Victor Company of Japan, Limited
We have audited the accompanying consolidated balance sheets of Victor Company of Japan, Limited and consolidated subsidiaries
as of March 31, 2004 and 2003, and the related consolidated statements of operations, stockholders’ equity and cash flows for
each of the three years in the period ended March 31, 2004, expressed in Japanese yen. These consolidated financial statements
are the responsibility of the Company’s management. Our responsibility is to independently express an opinion on these consolidated
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether 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. An audit
also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated
financial position of Victor Company of Japan, Limited and subsidiaries as of March 31, 2004 and 2003, and the consolidated
results of their operations and their cash flows for each of the three years in the period ended March 31, 2004, in conformity with
accounting principles generally accepted in Japan.
Without qualifying our opinion we draw attention to the following:
As discussed in Note 3, effective April 1, 2002, Victor Company of Japan, Limited changed the method of accounting for royalty
income and related expenses.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2004
are presented solely for convenience. Our audit also included the translation of yen amounts into U.S. dollar amounts and, in our
opinion, such translation has been made on the basis described in Note 1 to the consolidated financial statements.
Tokyo, Japan
June 29, 2004