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XXXXCorp.,Ltd.(
“theCompany”)isalimitedliabilitycompanyincorporatedin
XX
cityofthePeople
’sRepublicofChina
in
TheCompanyhasanapprovedoperating
,000,000.
TheparentcompanyoftheCompanyisQingdaoHaierInvestmentandDevelopmentCo.
Ltd..
Theapprovedscopeofbusinessoft
heCompanyanditssubsidiaries(together
“the
Group”)
includes
:
Processing
with
supply
material,
compensation
trading;
Import
andexportproduct;Householdappliancesmanufacturing,sales,warehousing,agent.
Registered
address
is
Haier
Road,
Haier
Industrial
Park,Qingdao
city,
Shandong
Province,China.
LegalRepresentativeisMianmianYang.
Governingstructureandorganizingstructure:Practicethesystemofthedirector-generalresponsibilityundertheleadershipoftheboardofdirectors(BOD).
ThesefinancialstatementswereauthorisedforissuebytheCompany’sresponsiblepersonsonXXXX2015.
BasisofPreparation
The
financial
statement
wasprepared
on
the
basis
of
sustainable
operation.
Accordingtotheactualtransactionsanditems,itwaspreparedinaccordancewith
the
enterprises
accounting
standards
issued
by
Ministry
of
Finance
basedonthe
followingsignificantaccountingpolicyandaccountingestimate.
StatementofCompliancewiththeAccountingStandardsforBusinessEnterprises
ThefinancialstatementsoftheCompanyfortheyearended31December2015arein
compliancewiththeAccountingStandardsforBusinessEnterprises,and
completelypresentthefinancialpositionoftheConsolidatedandtheCompanyasof
31December2015andoftheirfinancialperformance,cashflows
informationfortheyearthenended.
trulyand
and
other
SummaryofSignificantAccountingPoliciesandAccountingEstimates
(1)Accountingyear
TheCompany’saccountingyearstartson1Januaryandendson31December.
(2)Recordingcurrency
TherecordingcurrencyisRenminbi(RMB).
Foreigncurrencytranslation(a)Foreigncurrencytransactions
Foreign
currency
transactions
are
translated
into
RMBusing
the
exchange
rates
prevailingatthedatesofthetransactions.
Atthebalancesheetdate,
monetary
items
denominated
in
foreign
currencies
are
translated
into
RMBusing
thespot
exchange
rates
on
the
balance
sheet
date.
Exchange
differences
arising
fromthese
translations
are
recognised
in
profit
or
loss
for
the
current
period,
except
for
thoseattributable
to
foreign
currency
borrowings
that
have
been
taken
out
specifically
for
the
acquisition
or
construction
of
qualifying
assets,
which
arecapitalised
as
part
of
thecostof
those
assets.
Non-monetary
items
denominated
in
foreign
currencies
that
are
measured
at
historical
costs
are
translated
at
the
balance
sheet
date
using
the
spot
exchange
rates
at
the
date
of
the
transactions.
The
effect
of
exchange
rate
changesoncashispresentedseparatelyinthecashflowstatement.
(b)Translationofforeigncurrencyfinancialstatements
The
asset
and
liability
items
in
the
balance
sheets
for
overseasoperations
are
translatedatthe
’
equityitems,theitemsotherthan
“undistributedprofits
”
aretranslatedatthe
incomestatementsofoverseasoperationsaretranslatedatthespotexchangerates
of
the
transaction
differences
arising
from
the
above
translation
are
presentedseparatelyin
theowners’equit
are
translated
at
the
spot
exchange
rates
on
the
dates
of
the
cash
flows.
The
effect
of
exchange
rate
changes
on
cash
is
presented
separately
in
the
cash
flow
statement.
(4)Cashandcashequivalents
Cashandcashequivalentscomprisecashonhand,depositsthatcanbereadilydrawn
ondemand,andshort-termandhighlyliquidinvestmentsthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.
(5)
Financialassets
Financial
assets
are
classified
into
the
following
categories
at
initial
recognition:
financial
assets
at
fair
value
through
profit
or
loss,
receivables,
available-for-sale
financial
assets
andheld-to-maturity
investments.
The
classificationoffinancialassetsd
ependsontheGroup’sintentionandabilityto
holdthefinancialassets.
(a)Financialassetsatfairvaluethroughprofitorloss
Financialassetsatfairvaluethroughprofitorlossincludefinancialassetsheld
for
the
purpose
of
selling
in
the
shortterm.
Theyare
presented
as
financial
assetsheldfortradingonthebalancesheet.
(b)Receivables
Receivables,
including
accounts
receivable
andother
receivables,
are
non-
derivativefinancialassetswithfixedordeterminablepaymentsthatarenotquoted
inanactivemarket(Note4(6)).
(c)Available-for-salefinancialassets
Available-for-sale
financial
assets
are
non-derivative
financial
assets
that
are
eitherdesignatedinthiscategoryornotclassifiedinanyoftheothercategories
at
initial
recognition.
Available-for-sale
financial
assets
are
included
in
other
currentassetsonthebalancesheetifmanagementintendstodisposeofthemwithin
12monthsafterthebalancesheetdate.
(d)Held-to-maturityinvestments
Held-to-maturity
investments
are
non-derivative
financial
assets
with
fixed
maturity
andfixed
or
determinable
payments
that
management
has
the
positive
intention
and
ability
to
hold
to
maturity.
Held-to-maturity
investments
with
maturities
over
12
months
whenthe
investments
were
madebut
are
due
within
12
monthsatthebalancesheetdateareincludedinthecurrentportionofnon-current
assets;held-tomaturityinvestmentswithmaturitiesnomorethan12monthswhentheinvestmentsweremadeareincludedinothercurrentassets.
(e)Recognitionandmeasurement
FinancialassetsarerecognisedatfairvalueonthebalancesheetwhentheGroup
case
of
financial
assets
at
fair
value
through
profit
or
loss,
the
related
transactioncostsincurredatthetimeofacquisitionarerecognisedinprofitor
,transactioncoststhatare
attributable
to
the
acquisition
of
the
financial
assets
are
included
in
their
initially
recognised
amounts.
Financial
assets
are
derecognised
when
the
contractualrightstoreceivethecashflowsfromthefinancialassetshaveexpired,
orallsubstantialrisksandrewardsofownershipofthefinancialassetshavebeen
transferred.
Financial
assets
at
fair
value
through
profit
or
loss
andavailable-for-sale
financial
assets
are
subsequently
measured
at
fair
value.
Investments
in
equity
instrumentsaremeasuredatcostwhentheydonothaveaquotedmarketpriceinan
active
market
and
whose
fair
value
cannot
be
reliably
measured.
Receivables
and
held-to-maturity
investments
are
measured
atamortised
costusing
the
effective
interestmethod.
Gainsorlossesarisingfromchangeinthefairvalueoffinancialassetsatfair
dividends
received
during
the
period
in
which
such
financial
assets
are
held,
as
wellasthegainsorlossesarisingfromdisposaloftheseassetsarerecognisedin
profitorlossforthecurrentperiod.
Gainsorlossesarisingfromchangeinfairvalueofavailable-for-salefinancial
assetsarerecogniseddirectlyinequity,exceptforimpairmentlossesandforeign
exchange
gains
and
losses
arising
from
translation
of
monetary
financial
assets.
When
suchfinancial
assets
are
derecognised,
the
cumulative
gains
or
losses
previouslyrecogniseddirectlyintoequityarerecycledintoprofitorlossforthe
current
period.
Interests
on
available-for-sale
investments
in
debt
instruments
calculated
using
the
effective
interest
methodduring
the
period
in
which
such
investmentsareheldandcashdividendsdeclaredbytheinvesteeonavailable-for-saleinvestmentsinequityinstrumentsarerecognisedasinvestmentincome,whichisrecognisedinprofitorlossfortheperiod.
(f)Impairmentoffinancialassets
evidencethatafinancialassetisimpaired,animpairmentlossisprovidedfor.
Whenanimpairmentlossonafinancialassetcarriedatamortisedcosthasoccurred,
theamountoflossisprovidedforatthedifferencebetweentheasset
’scarrying
amountandthepresentvalueofitsestimatedfuturecashflows(excludingfuture
creditlossesthathavenotbeenincurred).Ifthereisobjectiveevidencethatthe
valueofthefinancialassetrecoveredandtherecoveryisrelatedobjectivelyto
aneventoccurringaftertheimpairmentwasrecognised,thepreviouslyrecognised
impairmentlossisreversedandtheamountofreversalisrecognisedinprofitor
loss.
If
there
isobjective
evidence
that
an
impairment
loss
on
available-for-sale
financialassetsincurred,thecumulativelossesarisingfromthedeclineinfair
valuethathadbeenrecogniseddirectlyinequityaretransferredoutfromequity
and
into
impairment
loss.
Foraninvestment
in
debt
instrument
classified
as
available-for-sale
on
which
impairment
losses
have
been
recognised,
if,
in
a
subsequent
period,
its
fair
value
increases
and
the
increase
can
be
objectively
relatedtoaneventoccurringaftertheimpairmentlosswasrecognisedinprofitor
loss,thepreviouslyrecognisedimpairmentlossisreversedintoprofitorlossfor
the
current
period.
For
aninvestment
in
an
equity
instrument
classified
as
available-for-saleonwhichimpairmentlosseshavebeenrecognised,theincreasein
itsfairvalueinasubsequentperiodisrecogniseddirectlyinequity.
Ifanimpairmentlossincurredonaninvestmentinanequityinstrumentnotquoted
inanactivemarketandwhosefairvaluecannotbereliablymeasured,theamountof
loss
ismeasured
asthe
difference
between
the
asset’s
carrying
amount
and
the
.
(6)Receivables
arisingfromsaleofgoodsorrenderingofservicesareinitiallyrecognisedatfairvalueofthecontractualpaymentsfromthebuyersorservicerecipients.
Therecognitionstandardandcalculationmethodofprovisionforthebaddebtofsinglesignificantamount:
On
balance
sheet
date,the
accountreceivable
s
with
the
ending
balance
greater
than
RMB10,000,000
are
classified
as
the
receivables
with
single
significant
proof
that
shows
devaluation
has
been
occurred,
the
depreciation
loss
should
be
defined
and
bad
debt
provision
should
be
calculated
according
to
the
difference
betweenthelowerpresentvalueoffuturecashflowsandthehigherbookvalueof
theitems.
Ifthedepreciationdoesnotoccurinthesingletest,onemoretestsneedtobe
performedaccordingtodifferentcreditassetportfolioswiththecharacteristicof
similarcreditrisks.
(b)
For
the
receivables
without
a
single
significant
amount,
however
having
definite
proofs
of
its
weak
collectability,
the
impairment
loss
should
be
defined
and
provision
for
bad
debt
shouldbecalculated.
The
re-collectable
amount
of
the
receivables
can
be
defined
by
the
actualfinancial
status
and
cashflowofthedebtunits.
(c)
Forthereceivableswithoutasinglesignificantamountorwithasinglelarge
amount
which
do
not
depreciate
after
single
tests
the
proportion
of
the
calculation
of
provision
for
bad
debts
for
different
portfolios
during
the
report
period
should
be
defined
by
the
current
condition
onthe
basis
of
the
actuallossprobabilityoftherecivablesporfolioswithsameages.
Thebasisforportfoliosdefinitionislistedasfollowed:
Porfolio1
thereceivablesfromrelevantparties
Porfolio2
thereceivablesofrentinsuranceand
maintenancereserve
Porfolio3theotherreceivablesapartfromtheab