COVERSHEET for AUDITED FINANCIAL STATEMENTS: semi els}2[o]°] 7° ]°]> Company wate cRIETY]s | TOTES TL REIS RESELL PRINCIPAL OFFICE (No /Street/Barangay/City/Town/Province) SOUNDS GUOOCEDCDCESDOsOOuoUOuL TT lerlelelsis? [ele TtleleLT [alee] leh ly ei eects! etre Yt BETS) COMPANY WFORATION spigaiiaes a iia greystoncasia@ gmail com (02) 952-5572 ae sonnel tonto I us i Nels Deed CONTACT PERSON INFORMATION Ti ci TO Gorn aeeianies porns penn aae ee Ant Cid wisonatedee | [ amidn [ CONTACT PERSONS ADDRESS 74 Marga Sr, Copolle, Based iy Cer a Coin Bel Oo eer the Commi tin ty (3) alec days ram the acaence there wih ifaraon and compete cortct dts of he ew contac person designated "2 Al Boees must be propery and completa cp. Faro do so shal caus delay ping the corporat’ ecards with tne Commission andr nomreci of Nac of Defieeies. Further, reece of Notice of Deeiences sal ot excuse the caxperatin fr aby fr ts defies.GREYSTONE ASIA RESOURCES INC. Financial Statements December 31, 2015 (with Comparative Figures in 2014) and Report of Independent AuditorGREYSTONE ASIA RESOURCES INC. Ground Floor Building II, Peterbilt Compound, Veterans Center, Taguig City STATEMENT OF MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS ‘The management of GREYSTONE ASIA RESOURCES INC. is responsible for the preparation and fair representation of the financial statements for the years ended December 31, 2015 and 2014 in accordance with the prescribed financial reporting framework indicated therein, This responsibility includes designing and implementing intemal controls relevant 10 the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances, ‘The Board of Directors reviews and approves the financial statements and submits the same to the shareholders. Charisse P. Bacurio, the independent auditor appointed by the stockholders, has examined the financial statements of the company in accordance with the Philippine Standards on ‘Auditing, and in its report to the shareholders or members, has expressed her opinion on the fairness of presentation of upon completion of such examination. GREYSTONE ASIA RESOURCES INC. MARIA THERESITA E. PATULA Ne Manu Gidwani ‘otary Public Chairman Seta No of Commission rmsior expires oo teres No B3S7T— IBP No. R ND. Gidwani Chief Executive Officer 4 bhde> nesh Gidwani Chief Financial Officer poco: =? BURST pacer un’ Sahel LiCHARISSE PAREDES BACURIO Certified Pubic Accountant Bk 3 Lot31, Vicenza 4, Citta Iola Subd., Brgy. Mambog 3, Bacoor, Cavite, 4102 REPORT OF INDEPENDENT AUDITOR The Stockholders and Board of Directors Greystone Asia Resources Inc. Ground Floor Bldg. II Peterbilt, Veterans Center, Taguig City Report on the Financial Statements have audited the accompanying financial statements of Greystone Asia Resources Inc., which ‘comprise the statement of financial position as at December 31, 2015, and the statement of income, statement of change in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. ‘Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Philippine Financial Reporting Standards for Small and Medium-sized Entities (PFRS for SMEs), and for such internal contro! as management determines is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error. Auditor's Responsibility My responsibility is to express an opinion on these financial statements based on my audit. 1 conducted my audit in accordance with Philippine Standards on Auditing. ‘Those standards require that [ comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. ‘An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe 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 error. In making those risk assessments, the auditor considers intemal control relevant to the entity’s preparation and fair presentation 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’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting ‘estimates made by management, as well as evaluating the overall presentation of the financial statements I believe thatthe audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.Opinion In my opinion, the financial statements present fairly, in all material respects, the financial position of Greystone Asia Resources Inc. as at December 31, 2015, and its financial performance and its cash flows for the year then ended in accordance with Philippine Financial Reporting Standards for Small and Medium-sized Entities statements taken as a whole. Other Matters ‘The financial statements of Greystone Asia Resources Inc. as at and for the year then ended December 31, 2014 was audited by another auditor who expressed an unqualified opinion on those financial statements on March 28, 2015. Report on the Supplementary Information Required Under Revenue Regulations 19-2011 and 15-2010 ‘My audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole, The supplementary information required under Revenue Regulations 19-2011 and 15-2010 for purposes of filing with the Bureau of Interial Revenue is presented by the management of Greystone Asia Resources Inc. in a separate schedule and is not a required part of the basic financial statements. The information has been subjected to the auditing procedures applied in our audit of the basic financial statements. In my opinion, the information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Charisse P. Bacurio CPA Certificate No. 116026 BIR Accreditation No. 09-005781-1-2013, ‘November 14, 2013, valid until November 13, 2016 BOA Accreditation No. 5320, valid until December 31, 2018 ‘Tax Identification No. 242-198-560-000 PTR No. 0798998, January 11, 2016, Bacoor City, Cavite April 12, 2016GREYSTONE ASIA RESOURCES INC. Statement of Financial Position (vith Comparative figures in 2014) December 31 2018 2014 ASSETS Current Assets Cash (Note 4) 3,906,280 P1,470.075 Trade and other receivables (Note 5) 10,429,883, 5,828,964 Inventories (Note 6) 33,970,312 9,390,562 Erepeyaiests aed Giles coment sowie (oie 7) <0 0 a eee BAe ‘Total Current Assets 30,878,705 16,786,981 Noncurrent Assets Property and equipment - net (Note 8) 3.397.481 912,169 TOTAL ASSETS 54,776,186 __P17,699,110 LIABILITIES AND EQUITY Current Liabilities Trade and other payables (Note 9) P28857325 5,104,958 ‘Advances from officers (Note 12) 21,760,000 11,428,362 Income tax payable ‘505,201 153,175 ‘Total Current Liabilities 51,122,526 16,686,395 Equity Capital stock (Note 10) 500,000 500,000 Retained earnings (Note 10) 3,153,660. 512.715 Total Equity 3,653,660. T012,715 TOTAL LIABILITIES AND EQUITY 54,776,186 __P17,699,110. ‘See accompanying Notes to Financial Statements. 2 nm 8 sGREYSTONE ASIA RESOURCES INC. ‘Statement of Income (ith Comparative Figures in 2014) Years Ended December 31 2015 2014 SALES 67,133,544 789,073,691 COST OF GOODS SOLD (Note 6) 52,618,278 77,018,683 GROSS PROFIT 14,515,266 12,055,008 OPERATING EXPENSES Salaries and wages 2,863,239 1,781,317 Freight out 1,846,738 3,709,297 and promotions 931,860 210,627 ‘Transportation and travel 871,380 466,414 Other services 565,115 - Depreciation (Note 8) 564,768 416,719 Rental 517,500 270,000 Communication, light and water 368,486 186,174 ‘Taxes and licenses 348,673 100,564 Representation 335,668 248,726 Employee benefits 328,198 229,641 Fuel and oil 233,586 103,702 Repairs and maintenance 189,474 25,108 Supplies 135,220 60,264 Insurance 66,122 48.283 Bank Charges 19970 17527 ‘Commissions - 793,676 Interest = 1,090,727 Professional fees - 196,085 Miscellaneous $56,489 184.843, 10,742,486 10,139,694 INCOME BEFORE INCOME TAX 3,772,780 1,915,314 PROVISION FOR INCOME TAX (Note 11) 1,131,835, 574,594 NET INCOME FOR THE YEAR, 1,340,720 ‘See accompanying Notes to Financial Statements.GREYSTONE ASIA RESOURCES INC. Statement of Changes in Equity (with Comparative Figures in 2014) Retained Capital Stock Earnings, Total Balances at December 31, 2013, 500,000 (P828,005)__(P328,005) Net income for the year = ___1,340,720___1,340,720 Balances at December 31, 2014 500,000 512,715 1,012,715 [Net income forthe year = + 2,640,945 2,640,945 Balances at December 31, 2015 P500,000__P3,153,660__P3,653,660. ‘See accompanying Notes to Financial Statements.GREYSTONE ASIA RESOURCES INC. ‘Statement of Cash Flows (with Comparative Figures in 2014) Years Ended December 31 2015 2014 (CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax 3,772,780 P1,915314 ‘Adjustments for: iation (Note 8) 564,768 416,719 ‘Operating income before working capital changes 4337.58 7,332,033, Increase in ‘Trade and other receivables (4,600,889) (5,008,946) Inventories (24,579,750) (6,357,339) ‘Prepayments and other current assets 2,474,920) (60,816) ‘Trade and other payables 23,752,467 1398497 Net cash provided from operations S65 544) 0,595,571) Income tax paid (779,809) (421,419) [Net cash flows provided from operating ecivities (348,353) (10,117,990) CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment 8.550.080) (468,588) ‘CASH FLOWS FROM FINANCING ACTIVITIES Increase in advances from officers 10,331,638 ___11,428,362 INCREASE IN CASH 2,436,205, 841,684 CASH AT BEGINNING OF YEAR 4,470,075 628,391 CASH AT END OF YEAR #3,906280___P1,470.075 ‘See accompanying Notes to Financial StatementsGREYSTONE ASIA RESOURCES INC. Notes to Financial Statement December 31, 2015 (sth Comparative Figures in 2014) Corporate Information Greystone Asia Resources Inc. (the Company) was registered with the Securities and Exchange Commission (SEC) on March 18, 2013. ‘The Company is engaged in specific project importing services, catering needs for construction material and equipment sourced abroad ‘The registered ofice address of the Company ie Ground Floor Bldg. I Peterbilt, Veterans Center, raguig. ‘The Company had 34 employees as of December 31, 2015. ‘The financial statements of the Company were authorized for issue by the Board of Directors (BOD) on April 2, 2016. ‘Summary of Significant Accounting Policies, ‘The principal accounting policies applied in the preparation of these financial statements are set cout below: ‘Basis of Preparation The accompanying financial statements of the Company have been prepared on a historical cost basis and are presented in Philippine pesos. All amounts are rounded to the nearest peso, except when otherwise indicated ‘The accompanying financial statements have been prepared on a going concer basis, which contemplate the realization of assets and settlement of liabilities inthe normal course of business ‘Statement of Compliance ‘The Company's financial statements have been prepared in accordance with the Philippine Financial Reporting Standards for Small and Medium-sized Entities (PFRS for SMES). Cash Cash includes cash on hand and in banks. Interest income earned on bank accounts is presented net of final tax. t ‘Trade receivables, which are based on the normal credit terms and do not bear interest, are recognized and carried at original invoice amounts. Where credit is extended beyond normal credit terms, receivables are measured at amortized cost using the effective interest method, At the end of each reporting period, the carrying amounts of the trade and other receivables are reviewed to determine whether there is any objective evidence that the amounts are not recoverable. If 0, an impairment los is recognized immediately in the statement of income. If there is objective evidence that an impairment loss on trade and other receivables has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate (Le, the effective interest rate computed at initial recognition). The carrying amount of the asset shall be reducedther directly or through the use ofan allowance account. ‘The amount of the loss shall be recognized in statement of income. Inventories Inventories are stated atthe lower of cost or net realizable value (NRV). Cost is determined using moving average method. Costs comprise of purchase price, including duties, transport and ‘handling costs, and other incidental expenses incurred in bringing the inventories to its present location and condition. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and any accumulated ‘impairment loss. The initial cost of property and equipment comprises its purchase price and other directly attributable costs of bringing the asset to its working condition and location for its tended use. Such cost includes the cast of replacing part of such property and equipment when that cost is incurred if the recognition criteria are met Depreciation of the property and equipment is calculated on a straight-line basis over the estimated useful lives as follows: Number of Category ‘Years ‘Transportation equipment 5 Office furniture and equipment 35 Warehouse equipment 35 ‘Leasehold improvement 3 If there is an indication that there has been a significant change in depreciation rate useful life or residual value of an asset, the depreciation ofthat asset is revised prospectively to reflect the new expectations ‘An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising from derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in statement of income in the year the asset is derecognized, Asset Impairment ‘At each reporting date, property and equipment, and investment property are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset (or ‘group of related assets) is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognized immediately in statement of income. fan impairment loss subsequently reverses, the carrying amount of the asset (or group of related assets) is increased to the revised estimate ofits recoverable amount, but notin excess of the ‘amount that would have been determined had no impairment loss been recognized for the asset (or group of related assets) in prior years. A reversal of an impairment loss is recognized immediately in statement of income. ‘Trade and Other Payables ‘Trade payables are obligations on the basis of normal credit terms and do not bear interest.Equity Capital stock is recognized as issued when the stock is paid for or subscribed under a binding subscription agreement and is measured at par value. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of past event, its probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount ofthe ‘obligation, If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflets the current market assessments of the time value of money and, where appropriate, the risks specific othe liability ‘Where discounting is used, the increase in the provision due to the passage of time is recognized as an interest expense ‘Transactions in foreign currencies are recorded using the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are restated using ‘the closing rate of exchange at the end of the reporting period. All differences are taken to the statement of income ‘Revenue Revenue is recognized to the extent that itis probable that the economic benefits will low to the Company and the revenue can be reliably measured. The following specific recognition criteria ‘must also be met before revenue is recognized: Goods Revenue from the sale of goods in the course of ordinary activities is measured atthe fair value of ‘the consideration received or receivable, net of returns and allowances, trade discounts and ‘volume rebates. Revenue is recognized when the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measure reliably. Ifit is probable that discounts will be granted and the amount can be measured reliably, then the discount is recognized as a reduction of revenue asthe sales are recognized. ‘The timing of transfers of risks and rewards varies depending on the individual terms of the contract of sale but usually occurs when the customer receives the product Interest Income Interest is recognized as the interest accrues on a time proportion basis taking into account the effective yield on the asset. Cost of Goods Sold Cost of goods sold includes the purchase price of the products sold, as well as costs that are directly attributable in bringing the inventories to its intended condition and location. Vendor returns and allowances are generally deducted from the cost of merchandise sold. Operating Expenses (Operating expenses constitutes costs of administering the business. These are recognized as expenses when itis probable that a decrease in future economic benefits related to a decrease in ‘an asset or an increase in a liability has occurred and the decrease in economic benefits can be ‘measured reliably.Income Tax ‘Current tax assets and liabilities fr the current and prior periods are measured atthe amount ‘expected to be recovered from or paid to the taxation authority. ‘Deferred tax is recognized on differences between the carrying amounts of assets and liabilit ‘the financial statements and their corresponding tax bases (known as temporary differences). Deferred tax inbilites are recognized forall temporary differences that are expected to reduce taxable profit in the future. Deferred tax assets are measured at the highest amount that, on the basis of current or estimated future taxable profit, is more likely than not tobe recovered. The net carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect the current assessment of future taxable profits. Any adjustment is recognized in statement of income. ‘Deferred tax is calculated at the tax rates that are expected to apply to the taxable income of the periods in which it expects the deferred tax assets to be realized or the deferred tax liability tobe settled, on the basis of tax rates that have been enacted or substantively enacted by the end of the reporting period. A valuation allowance is provided, on the basis of past years and future expectations, when itis not probable that taxable profits will be available against which the Future income tax deductions can be utilized. Contingencies ‘Contingent liabilities are not recognized in the financial statements. These are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote, Contingent ‘assets are not recognized in the financial statements but disclosed when an inflow of economic benefits is probable. ‘Events After the Reporting Period ‘Post year-end events that provide additional information about the Company's position atthe end of the reporting period (adjusting events) are reflected in the financial statements. Post year-end ‘events that are not adjusting events are disclosed in the notes to financial statements when material 3° Significant Accounting Judgments, Estimates and Assumptions [In preparation ofthe financial statements in conformity with PFRS for SME's requires ‘management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The estimates and assumptions used in the accompanying, financial statements are based on management's evaluation of relevant facis and circumstances a8 of the date ofthe financial statements. Actual results could differ from such estimates Judgments “Management makes judgments in the process of applying the Company's accounting policies Judgments that have the most significant effect on the reported amounts in the financial ‘statements are discussed below. Going Concern ‘The mansgement of the Company has made an assessment of the Company's ability to continue 1s a going concern and is satisfied that the Company has the resources to continue in business for the foreseeable future. Furthermore, the Company is not aware of any material uncertainties that ‘may cast significant doubts upon the Company's ability to continue as going concer, Therefore, the financial statements continue to be prepared on a going concern basis.The key sources of estimation uncertainty atthe reporting date that have significant risk of causing material adjustment tothe carrying amounts of assets and liabilities within the next financial year are discussed below. Obsolescence of Inventories ‘The Company recognizes allowance on inventory obsolescence when inventory items are letified as obsolete. Obsolescence is based on the physical and intemal condition of inventory items. Obsolescence is also established when inventory items are no longer marketable. Obsolete ‘00ds when identified are charged to statement of income and are writen off. The Company reviews on a monthly basis the condition of its inventories. The assessment ofthe condition of the inventory either increases or decreases the expenses or total inventories. During the year, the Company has not determined obsolete inventories. Impairment of Trade and Other Receivables ‘The Company assesses impairment of its trade and other receivables whenever events or changes in circumstances indicate that the carrying amount of receivables may nat be recoverable. During the year, the Company has not determined any impairment in trade and other receivables. Impairment of Property ana Equipment ‘The Company assesses impsirment of its property and equipment whenever events or changes in circumstances indicate thatthe carrying amount of an asset may not be recoverable ‘During the year, the Company has not determined any impairment indicators on its property and. ‘equipment. 4 Cash 2018 2014 Petty cash fund 1P5,000 5,000 ‘Logistics cash fund 15,000 15,000 Cash in banks 3,886,280 1,450,075 73,906,280 1,470,075, ‘Cash in banks earned interest atthe respective bank deposit rates, 3. Trade and Other Receivables 2015 2014 Trade 179,950,697 3,884,290 Advances to officers and employees 479,156 1,944,674, Sceances to officers and employees SS 1944574 a a6 Inventories 2018 2014 Beginning inventories 'P9,390,562___‘B1,033,223 Purchases 77,198,028 79,769,637 Cost of goods available for sale 86,588,590 80,802,860 Cost of goods sold (52,618,278) (71,412,298) Ending inventories #33,970,312_P9,390,562 In 2014, cost of goods sold includes labor and overhead amounting to #2,073,338 and 695,760, respectively. 7. Prepayments and Other Current Assets 2018 2014 7 ts tt Prepayments PISI,200 Pa3,750 Input VAT 2,093,560 Others 327,500 53,590 P2,572.260 397,340, 3” Property and Equipment ‘Tramporation Office Furniture Warehouse __Leaschold Equpmen ani Equipment Equipment _ improvement Tou om Balances at bepimang of year 877,800 Poezz72 = PIS7S00 = RI9.9O_PLSI7-I74 Additions 3071021 319376 1124s, 47,138 3,380,080 Bates ater ——— rst St gs gk Accumulated depreciation ‘Balances at beginning of year 219450 125s 99.315 184322 613308, 33, 135271 61.088 54931 568.768 Balances at end of year 352958, 247.429 70.833 239.253 1180075. Netbook values: ast December 31,2014 658.380 PIsO.14 __PS125 45.580 P9269 5 3t December 31,2015 P3415363 334219 109.612 37.787 _ 3 5978 3. Trade and Other Payables 2015 2014 Trade F28857,325 4,443,358 Unearned income 661,500 ¥2i IS ___ PS, 104,85810. Equi Capital Stock 2015 2014 ——— 2014 ‘Common stock - PI00 par value per share ‘Authorized - 20,000 shares ‘Subscribed common stock - 20,000 shares +F2,000,000 2,000,000 ‘Subscription receivable - 15,000 shares (1,500, (1,500,000) Issued and outstanding - 5,000 shares P500,000 750,000 Retained Earnings ‘On April 12, 2016, the BOD approved the increase in authorized capital stock by 20,000,000 divided into 200,000 shares at par value of P100 per share. 11. Income Tax ‘The current provision for income tax represents regular corporate income tax in 2015 and 2014 ‘amounting to 1,131,835 and P574,594, respectively. 12, Related Party Transactions ‘Transactions between related parties are based on terms similar to those offered to non-related Parties. Parties are considered to be related if one party has the ability, directly or indirectly, to ‘control the other party or exercise significant influence over the other party in making financial ‘and operating decisions and the parties are subject to common control or common significant influence. Related parties may be individuals or corporate entities. ‘The Company, in the normal conduct of business, has transactions with its major stockholders consisting mainly of noninterest-bearing advances and payable on demand amounting to about P21.8 million in 2015 and about P14 million 2014, for working capital purposes.CHARISSE PAREDES BACURIO Certified Public Accountant 8k 3 Lot 31, Vicenza 4, Citta tata Subd, Brgy. Mambog 3, Bacoor, Cavite, 4102 ree ee REPORT OF INDEPENDENT AUDITOR ‘The Stockholders and Board of Directors Greystone Asia Resources Inc. Ground Floor Bldg. II Peterbilt, Veterans Center, Taguig City | have audited the financial statements of Greystone Asia Resources Inc. as of and for the year ‘ended December 31, 2015, on which I have rendered the attached report dated April 12, 2016. In compliance with Securities Regulation Code Rule 68, I am stating that the above Company has five (5) stockholders owning one hundred or more shares, Charisse P. Bacurio CPA Certificate No. 116026 BIR Acereditation No, 09-005781-1-2013, November 14, 2013, valid until November 13, 2016 BOA Accreditation No, $320, valid until December 31, 2018 ‘Tax Identification No. 242-198-560-000 PTR No. 0798998, January 11, 2016, Bacoor City, Cavite April 12, 2016 f i wk 18 2016CHARISSE PAREDES BACURIO Certified Public Accountant 8k 3 Lot 31, Vicenza 4, Citta tai Subd., Bray. Mambog 3, Bacoor, Cavite, 4102 REPORT OF INDEPENDENT AUDITOR ON SUPPLEMENTARY SCHEDULES ‘The Stockholders and Board of Directors Greystone Asia Resources Inc. Ground Floor Bldg. Il Peterbilt, Veterans Center, Taguig City Thave audited in accordance with Philippine Standards on Auditing, the financial statements of Greystone Asia Resources Inc. as of and for the year ended December 31, 2015, and have issued a report dated April 12, 2016. The audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Reconciliation of Retained Earnings Available for Dividend Declaration in Annex A is the responsibility of the Company’s management. The schedule is presented for purposes of complying with Securities and Exchange Commission Memorandum Circular No. 11, and is not part of the basic financial statements. The schedule have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, fairly state, in all material respects, the information required to be set forth therein in relation to the basic financial statements taken as a whole. Charisse P. Bacurio CPA Certificate No. 116026 BIR Accreditation No. 09-005781-1-2013, November 14, 2013, valid until November 13, 2016 BOA Accreditation No. 5320, valid until December 31, 2018 ‘Tax Identification No. 242-198-560-000 PTR No. 0798998, January 11, 2016, Bacoor City, Cavite April 12, 2016 Rs 2016GREYSTONE ASIA RESOURCES INC. Ground Floor Bldg. II Peterbilt, Veterans Center, Taguig City Reconciliation of Retained Earnings Available for Dividend Declaration December 31, 2015 512,715 640,945 Unappropriated retained earnings as January 1, 2015 Net income actually earned in 2015 Retained earnings as at December 31, 2015 available for dividend declaration ___ 3,153,660 b0€. no: MARIA IRERE iin, PAGE NO; Serial Ni Public BOOK NO; _ Commis nner so? — SERIES OF "9 No RolotAtomey's NOREPage lof 1 ~~ TIN Branch Code : RDO Code: Name of Taxpayer : Tax Type: Tax Return Period : Bank : Filing Reference Number = ment Transaction mber : BancNet Confirmation Number: Payment Instruction Date : ‘Tax Amount Due: Actual Tax Amount Paid : ‘Transaction Date : User Name : ‘Transaction Status : Contact hetps://www.bancnetonline.com/apps'servlevServletFront GREYSTONE ASIA RESOURCES INC. IT 12312015 East West Bank 121600015058922 162849498 303967 04/13/2016 Php 505,201.00 Php 505,201.00, 04/13/2016 05:16:20 PM STONEOS Approved 4/13/2016