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Audited Project Financial Statements
The audited project financial statements are documents owned by the borrower. The views expressed herein do not necessarily represent those of ADB’s Board of Directors, Management, or staff. These documents are made publicly available in accordance with ADB’s Public Communications Policy 2011 and as agreed between ADB, Baise Municipal Government and Baise University.
Project Number: 47009-002 Loan Number: 3215 Period covered: 6 July 2015 to 31 December 2016
People’s Republic of China: Guangxi Baise Vocational Education Development Project
Prepared by the Baise Municipal Government and Baise University
For the Asian Development Bank Date received by ADB: 28 June 2017
+ + K *4"A f 6Ji ik?,# tr F t+ ttAudit Office of Guangxi Zhuang Autonomous Region of the
People's Republic of China
Audit ort
ti H ,l'+R (2017 ) 42 +
GX AUDIT REPORT ( 2OT7 ] NO.42
ry.fl 4 tB: f,.i^\ff k+F-tlfr +kr wH 8 4fl it+tH. kRryflProject Name: Guangxi Baise Vocational Education Development
Project Financed by the Asian Development
Bank
ft. i't, t: 3215-PRC
Loan No. : 3215-PRC
qfl +ilti+1n: H ETiT4ljIA E rFfi'ikryfl r1F4frS4.4X t1-^8.
Project Entity: Leading Group Office for Project Utilized Foreign
Capital of Baise City
AitHt{: 2ors4t A 6a4-2oL64tz B rt n
Accounting Period: July 6,2015-December 3 l, 2016
bE1Ht
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Contentstl= -'I rlr & ril'q tyrF,glr........ .........1
I. Auditor's Opinion .................3
:. vt++v.hkrt++w.+p1t,i ......... .6
II. Financial Statements and Notes to the Financial Statements.................6
(-),fr++|fi* ........6
i, Balance Sheet ........6
(-)4E+E*. , ........8
ii. Summary of Sources and Uses of Funds by Project Component.....8
( = ) 9i',+tth,t+t"11'H)X,+". ........10
iii. Statement of Implementation of Financing Agreement.................10
( E ) +)XfiKF +R* . .. .. 1r
iv. Special Account Statement....... ........... 11
( E ) \t++W.Rlt1tir.. .. ... . 13
v. Notes to the Financial Statements......... ...............16
r . H it kq, fit t',1 F[.kHiX ..... le
III. Audit Findings and Recommendations. ............22
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H, if; : 86-771-s800259
ftH 86-771-s8 oo2s9
20
I. Auditor's Opinion
Auditor's Opinion
To Leading Group Office for Project Utilized Foreign Capital of Baise
City
We have audited the special purpose financial statements (from page 6
to page 18) of Guangxi Baise Vocational Education Development
Project Financed by the Asian Development Bank, which comprise the
Balance Sheet as of December 37,2016, the Summary of Sources and
Uses of Funds by Project Component, the Statement of Implementation
of Financing Agreement and the Special Account Statement for the
period then ended, and Notes to the Financial Statements.
The Responsibility of Project Entity and the Finance Department ofGuangxi ZhuangAutonomous Region for the Financial Statements
The preparation of the Balance Sheet, the Summary of Sources and Uses
of Funds by Project Component and the Statement of Implementation ofFinancing Agreement is the responsibility of your entity, while the
preparation of the Special Account Statement is the responsibility of the
Finance Departrnent of Guangxi Zhtang Autonomous Region, whichincludes:
i. Preparing and fair presenting the accompanying financial statements inaccordance with Chinese accounting standards and system, and the
requirements of the project loan agreement;
ii. Designing, implementing and maintaining the necessary internal
control to ensure that the financial statements are free from material
misstatement, whether due to fraud or eror.
Auditor' s Responsibilify
Our responsibility is to express an opinion on these financial statements
based on our audit. We conducted our audit in accordance with the
Government Auditing Standards of the People's Republic of China and
International Standards on Auditing. Those standards require that we
comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or eror. In making those risk assessments, the auditor
considers internal control relevant to the entities' preparation and fairpresentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity'sintemal control. An audit also includes evaluatingthe appropriateness ofaccounting policies used and the reasonableness of accounting estimates
made by management, as well as evaluating the overall presentation ofthe financial statements.
We believe that the audit evidence we have obtained is appropriate and
sufficient to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements identified in the first paragraph
present fairly, in all material respects, financial position of Guangxi
Baise Vocational Education Development Project Financed by the AsianDevelopment Bank as of December 37, 2016, its financial receipts and
disbursements, the project implementation and the receipts and
disbursements of the special account for the period then ended inaccordance with Chinese accounting standards and system, and the
requirements of the project loan agreement.
Other Matter
We also examined the withdrawal application No.B0001 to No.B0003
and the attached documents submitted to the Asian Development Bank
during the period. In our opinion, those documents comply with the
project loan agreement and can serve as basis for loan withdrawal.
The audit report consists of the Auditor's Opinion and two more parts
hereinafter: Financial Statements and Notes to the Financial Statements,
Audit Findings and Recommendations.
Aud uang Autonomous
Regi
June
lic of China
Address: No. 98, Minzu Avenue, Nanning, Guangxi, P.R. China
Postcode: 530022
Tel.: 86-771-5800259
Fax: 86-771-5800259
The English translation is for the convenience of report users; Please
take the Chinese audit report as the only offrcial version.
:. M+#.tX.M+#*FftltII. Financial Statements and Notes to the Financial Statements
(-) fr.#+'&*i. Balance Sheet
fra+'&tBALANCE SHEET
zorcFnAya(As of December 31, 2016)
4.fl &tfr: friil;t- k&ftft#.f EE-€Hit bk€ kEry.aProject Name: Guangxi Baise Vocational Education Development Project Financed by the Asian Development Bank
ffi#Hln: H6frfti)HErfit#4ar.1F4fr+A'9il1tlAB- Hfi41t: /.R,fi,LLead Offrce for Pro Utilized Fo I of Baise C Unit: R_N4B Yuan
fr + AffiApplication ofFund
lit^Line
No
yfr+tw.
Beginning Balance
W1+W.
Ending Balance
fr#*,8Sources of Fund
11t^LineNo
N4ilW.Beginning Balance
tEx&Endrng Balance
TFF+e r!. /4E XU E ll
Total Project ExpendituresI I 03,803,755 59
-. 4E +h+f.ai+Total Project
Appropriation Funds
28 I 07,082,830 0 l
r t1n&,EhFFixed Assets Transferred
2 1 2,250,807 9 I
-. IEEE+-5rntrfr+LtRProject Capital and CapitalSumlus
29
2'l+&+H4.Ai.tConstruction Expenditures
to be Disposed
3HS;tEIlEfflncluding: Grants
30
3 HHfSfrJnvestmenls Transferred-out
4 =. IFE.ffiffiaitTotal Project Loan
3t 86,538,692 I 5
4 tt+rtEConstrucrion in Progress
5 91.s52,947 68
r rn Elsfri#ffiTotal Project
Investment Loan
32 86.538,692 I s
-. ,e&EP+,in&F,f6fl,.rInvestment Loan Receivable
6(1) Erl-l#ffi
Foreign LoanJJ 86,538,692 l
flf :,&tliEP4fifrl1tt#i.Including: Asian Development
Bank Investment Loan
Receivable
7HH: tr#11trtstR1]lncluding. ADB
34 86,s38,692 I
=. ffi4i85/E+qH'(#HAppropriation of lnvestment
Loan
8(2) EA1S#r(
Domestic Loan35
H*:#'(.1U1ifrfiIncluding :Appropriation ofAsian Development Bank
Investment Loan
92 H1t{#fi
Other Loan36
E. +&i.t
Equipment10
w, Lt*ffi.^+*fr.8#.Appropriation ofInvestrnent Loan
3',7
H*:1*4lEt*t/tft*Including: Equipment Losses
in Suspense
il4H:#AI[1ifr#Including: Asian
Development Bank Loan
JO
r. ,tffiE#ai+Total Cash and Bank
t2 38,122,344 39n. #.!!ffi+fr+
Bond Fund39
t. +R1IEF}'Cash in Bank
l3 38,122,344 39
/\'. f+i+lFElHConstruction Expenditures
to be Offset
40
Hf :tHffiF#*Including: Special Account
l4 34,694,992.68t. lu.l-ttai+
Total Payable41 6.445,558 7i
2 '\#Cash on Hard
l5
4#:&,HIE1ifitFl,E,lncluding: Asian
Development Bank Loan
Interest Payable
42
fr* Co be continued)
i. fi.H&&&taitTotal Prepaid and Receivable
l6 58,155,108 87
ru.{.Jv1f fifiExHfi,Asian Development
Bank Loan
Commitment Fee
Payable
+J
f,H:&&u{ifiilfi1,8,Including: Asian Development
Bank Loan Interest Receivable
17
E.ffilz'{ififiH#AHfrAsian Development
Bank Loan Sewice Fee
Pavahle
44
&&ulifrtfrii$ftAsian Development Bank
Loan Commitment Fee
Receivable
l8 /\. *tfr+itOther Payables
45
&&u.1ifififr#frffiftAsian Development Bank
Loan Service- Fee
Receivable
19tL. Lgith.^fr.+
Appropriatron of Fund46
n. Hhin.+Marketable Securities
20+. EFt{t
Retained Eamings47 14,t27 92
/\. trtEP.+itTotal Fixed Assets
21
trtHErFlAFixed Assets, Cost
22
fil:Hit]TlELess: Accumulated
Depreciation
23
trEfrP}FEFixed Assets, Net
EIEftFiBiEFixed Assets Pending Disposal
25
1+ftjstEtHPtEtFixed Assets Losses in Suspense
26
E#5ffiei+Total Application of Fund
27 200,08r,208 85fr#*il,Eei+
Total Sources ofFund51 200,08r,208 85
(-) 4E+E*ii. Summary of Sources and Uses of Funds by Project Component
4 E + H_ * (-)SUMMARY OF SOURCES AND USES OF FUNDS
BY PROJECT COMPONENT IAH&a zorc 1p A sr a
(For the period ended December 3 1 , ZOrc )
4d Ltt: f,iAft k+R'nfrikf frH &,W"\Lb\H kRq.AProject Name: Guangxi Baise Vocational Education Development Project Financed by the Asian Development Bank
ffil\,H4-v: H6frftlHttrrf/friktrlarff4fr+A.2ilfu-^a- trfiHL-v:,\R,firrLeading Group Office for Project Utilized Foreisn Capital of Baise Unit: RMB Yuan
6HCunent Period
7-tl
Cumulalive
+ffii+tl]anCunent Period
Budget
+HX.EffiCunent Period
Actual
+ffift,tn*,Cunent
Period %
Comoleted
u E HitirlmLife of PAD
Hi+iEI6nCumulative
Actual
Hiti,frrrCumulative
% Completed
fr+*'tF.+itTotal Sources ofFunds
307,830,000 00 )93,621 ,522 16 62 90Vo 641,948,000 00 193,621,s2216 30 16%
trp,n#E{rgrEfitIntemational Financine
132,813,000 00 86,538,692 I 5 65 160k 3 1 0,000,000 00 86,538,692 15 21 92yo
t w.nlfrti+fll1ADB
1 32,8 I 3,000 00 86,538,692 I 5 6s 16% 3 I 0,000,000 00 86,538,692 1 5 21 92Yo
-. man#Counterpart Financing
175,017,000 00 107,082,830 01 6t 18% 331,948,000 00 r 07,082,830 01 3226%
HAjEHAi+ (ti4H A6)Total ApplJcation ofFunds (by
Proiect Component)
307,830,000 00 r 03,803,75s 59 3372% 641,948,000 00 1 03,803,755 59 t6 t1%
r re H4.q)Ufl H,E Aru liF.AUhImproving TVET Qualiry and
CapaciW Development
r l,284,000 00 22,61 I ,400 00
z iH**,fflrtrt3itChengbi New Campus Construction
255,3 l 6,000 00 101,1 14,904 88 39 60% 510,746,700 00 10t,t 14,904 88 19 80%
3 +EaqRuAE0U*f&+HX^r6Promoting T\IET Innovation and
Relevance
2,356,000 00 4,792,600.00
4IfrE*ffiHErSiEEE+Consulting Services for Project
Imolementation Manasement
1 ,798,000 00 467,673 08 2601% 3,s96,000 00 46'7,673 08 r3 01%
s.tr1itlJ,E,trEulfiADB Loan Interest and
Commitment Charges
3,782,000 00 1,229,221 63 32 50% 20,779,300 00 1,229,221 63 5 92%
6.EA€iAtrfl.E,Loan Interest
7,502,000 00 99r,956 00 1322% l 6,864,000.00 991,9s6.00 5 88%
7.T.E|frnfrNon Predictable Fee
25,792,000 00 62,558.000 00
EJ+Difference
89,817,766 57 89,817,766 s7
I &qiffA.1rChange rn Receivables
58,t 55,108 87 5 8, I 55, I 08.87
2 Nfi*k*tL,Change in Payables
-6,445,558 77 -6,44s,ss8;77
3. frfifr#N4tChange in Cash and Bank
38,122,344.39 38,122,344 39
4{uOther
-14,127.92 -14,127 92
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( E ) +trITKPflTiv. Special Account Statement
+HFKP##SPECIAL ACCOUNT STATEMENT
A4l&ezorc+nA3tfl(For the period ended December 31, 2016)
$,fl&tfr: vrir\ftk*eftfritiwFefrHit fr P +RtuLfri: *tr1+w+HtuWflatR,a\abKH KRry.A H?dB',HT{T
Project Name: Guangxi Baise Vocational Depository Bank: Nanning Taoyuan Branch,
Education Development Project Financed by china construction Bank
the Asian Development Bank ,EK ? : a50501604550000000I 6
ftik?: 3215-PRC AccountNo. :45050160455000000016
LoanNo.321s-PRC Hfiffi*: *nffiffiH4n: f@,Li,*.HjetrItrrT currency:USD
Prepared by: The Finance Deparfinent of
Guangxi ZruangAutonomous Region
ll
^*tfi, +ffi+=,HKF{tltEfi
Part A-Account Activity for !he Cunent Period
+. E^
Amount
il+il^ffiBegrnning Balance
000
Htr[Add:
6trtr1iE+t"E.A4Total Amount Deposited tllis Period by Asian Development Bank
12,29'7 ,146 94
+trft,E,qi ,H. hfr (ft ^+
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Total Interest Eamed this Period ifDeposited in Special Account1,470 49
^tr4e+*t Hr:tr,H,an
Total Amount Refunded this Period to Cover lneligible Expenditures
ffiD,Deduct:
+Hi4-t,H.*rTotal AmountWithdrawn this Period
7,297,146 94
+ffi *E+6& t.{n&+ frlEE+ fr n HTotal Service Charges this Period if not Included in Above Amount Withdrawn
30 00
H*AMEnding Balance
5,001,440 49
(frlifo be continued)
B *[,}. €HIKFiEfiPart B-Account Reconciliation
+finAmount
I w11E1^E#t,8ffiAmount Advanced by Asian Development Bank 5,000,000 00
ttf,D,
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2 Itrltfrts-+RliE&,#,*n
Total Amount Recovered by Asjan Development Bank
3 +ffi HX€,ffi rM. F E lhH#.1+fi^
Outstanding Amount Advanced to the Special Account at the End ofthis period 5,000,000 00
4 +ffiKFffiXAAFEnding Balance of Special Account 5,00r,440 49
jEXn,
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s &E+ff HX E +i€*ffi.K'lE i{*E+l'+ffiAmount Claimed but not yet Credited at the End of this Period
!1lEtj5
Application No
#$fr
Amount
6 EUE+HH1I E,1,(i1E itrt +iE+E[K#$IAmount Withdrawn but not yet Claimed at the End of thts Period
7 nv+,ffi?;tly.,9t (tuxa# 5.fr 6 Eqtr)Cumulative Sewtce Charges (If not Included in Item 5 or 6)
30 00
Rr),Deducc:
8 f!,E.rtt,\ (# +ffi [Ktr*[r])Interest Eamed (IfIncJuded in Spectal Account)
1,4'70 49
Total Advance to the Special AccountAccounted for at the End ofthis Period5,000,000 00
t2
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v. Notes to the Financial Statements
Notes to the Financial Statements
1. Project overview
The Loan No. of Guangxi Baise Vocational Education Development ProjectFinanced by the Asian Development Bank is 3215-PRC. It aims to promotethe economic development of Baise city, enterprise transformation, and createa high quality, flexible and fast-responding multilayer vocational educationsystem that satisff local enterprises'needs through the project implementation.The contents of this project include the engineering of Improving TVETQuality and Capacity Development; Chengbi New Campus Construction;Promoting TVET Innovation and Relevance; Consulting Services for ProjectImplementation Management. The Project Agreement was signed on March19,2015 and came into effect on July 6,2075. The account of the project willbe closed before June 30, 2020. The total investment plan of the project wasRMB641,948,000 yuffi, which the total Asian Development Bank loanamount was USD50,000,000, equivalent to RM8310,000,000 yuan.
2. Consolidation Scope of the Financial Statements
Consolidation scope of the financial statements covers the financial statementsof Project Management Office of Baise City, Baise University and the SpecialAccount set in the Finance Department of Guangxi Zhuang AutonomousRegion.
3. Accounting Policies
3.1 The Financial Statements of the project were prepared according to therequirements of Accounting Methods for the World Bank Financed Project(Caijizi [2000] No. 13).
3.2In accounting practice, the Gregorian calendar year is adopted as the fiscalyear from January 1 to December 31. The accouting period of this project onthis report was from July 6, 2015 to December 31,2016.
3.3 The accrual basis and the debit/credit double entry bookkeeping method
16
are adopted. RMB is used as the recording cuffency of bookkeeping.
3.4 The exchange rate adopted in the financial statements was the exchangerate on December 31, 2016 of the People's Bank of China, which is USDI:RMB6.9370 ytan.
4. Explanation of Subjects
4.1 Total Project expenditures
The project expenditure in 2016 was RMB103,803,755.59 yuffi, and thecumulative expenditures were RMB103,803,755.59 yuan, which accountedfor 16.l7Yo of the total investment plan.
4.2 Cash and Bank
on December 3r, 2016, the balance was RMB38,122,344.39 yuan with anincrease of RMB38,|22,344.39 yuan compared to last year. The funds in theSpecial Account were converted to RMB3 4,694,992.6g yuan.
4.3 Prepaid and Receivable
The balance on December 31, 2016 was RMB58,155,10g.97 yuan, whichincluded mainly the prepaid project payment in engineering, advance paymentof labor insurance premium for construction engineering, and migrantworkers'wage guarantee, and etc.
4.4 Project Appropriation Funds
The balance on December 3r,2016 was RMB107,082,830.01 yuan.The total planned counterpart funds of this project were ru,m::1,94g,000.00yuan. By the end of December 31,2016, RMBro7,og2,g30.01 yuan of thecounterpart funds had been allocated, which accounted for 32.26Yo of theplan.
4.5 Project Loan
The balance on December 31, 2016 was RMB86,538,692.15 ytan, includingthe ADB loan of USDL2,47 4,944.81, equivalent to RMB86,5 3g,692.1 5 yuan.
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By the end of December 37, 2016, accumulated uSD12,474,944.81 of theADB loan had been withdrawn, accounting for 24.95% of the total, which thewithdrawal for civil works was rJ5D7,272,149.37, accounting for 19.84% ofthe category plan; the withdrawal for consulting services for projectimplementation management was USD25,597.57, accounting for 4.4I% of thecategory plan; the withdrawal for interest and commitment charges wasUSD177,I97.87, accounting for 5.29% of the category plan; the withdrawalfor imprest fund was USD5,000,000.00.
4.6Payable
The balance on December 3r,2016 was RMB6,445,558.77 ytan, which wasmainly outstanding payable guarantee money of constructions and works.
4.7 Retained Earnings
The balance on December 3r, 2016 was RMBl4,l27.92 yuotr, which wasmainly interest earned of bank deposit.
5. Special Account
The Special Account of this project is set in Nanning TaoyuanBranch, ChinaConstruction Bank, with the account number of 45050160455000000016, andUSD as currency Unit. The initial Deposit of the Special Account wasUSD5,000,000.00. The beginning balance of the period was USD0.00 and thereimbursement in the period was USD12,297,746.94. The interest earned onthis period was USD1 ,470.49 and the disbursement was rJ5D7,297,746.94.Thus, the ending balance was USD5,001 ,440.49.
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