INDEPENDENT AUDITORS' REPORT
To the Member of IPS Associates Asia Pte Ltd
We have audited the balance sheet of IPS Associates Asia Pte Ltd as of December
31, 1999, and the related profit and loss statement, statement of cash flows and
the statement of equity changes for the year then ended. These financial
statements are the responsibility of the company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards
in the United States of America. 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 statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of the Company at December 31, 1999 and the
results of its operations, its cash flows and the changes to the equity for the
year then ended in conformity with generally accepted accounting principles in
the United States of America.
Deloitte & Touche LLP
Certified Public Accountants
Singapore
June 15, 2000
