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10 Critical success factors

关键成功因素

The critical success factors of the project are as follows:

本项目关键成功因素如下所示：

11 Compliance with the Smart City Scheme

紧随智能城市计划

Mandatory requirements

强制要求 Mauritius Yihai Garden

毛里求斯银海花园项目

The smart city should

智能城市应符合以下要求

1 be developed on land of an extent of at least 21.100 hectares (50 arpents)

占地至少21.100公顷（50阿邪） Section 3.3, Land Specification

第3.3款，用地规范

2 adhere to the live, work and play concept and provide for a majority of the residential population to live and work in the same location

符合生活、工作与娱乐于一体的观念，为大部分居民提供生活与工作同时进行的场所 Section 3.4.

第3.4款 Project Specification Section 3.4.3. Project Details

项目规范第3.4.3款项目细节

3 incorporate within the development a mix of compatible land use including commercial, leisure and residential and consisting of a combination of office, light industrial, hotel, retail, public entertainment and housing so that the inclusive development achieves physical and functional integration and creates a pedestrian oriented urban environment

发展中融入混合协调土地用途，包括商业、娱乐和居住用途，结合办公、轻工业、酒店、零售业、公共娱乐与住房，这样的包容性发展实现了物理性与功能性的整合，创造以行人为导向的城市环境 Section 3.4.

第3.4款 Project Specification Section 3.4.3. Project Details

项目规范第3.4.3款项目细节

4 have at least 25 percent of the residential properties sold to citizens of Mauritius or members of the Mauritian Diaspora registered with the Board of Investment under the Mauritian Diaspora Scheme

按照毛里求斯侨民计划规定，将至少25%的居住用房地产售予毛里求斯公民或在投资发展委员会登记的毛里求斯侨民 Section 5.1 The demand

第5.1款需求

5 business facilities, with a mandatory innovation cluster

具有商务设施，强制创新群体 Section 3.4.4 Phased Development, Phase 1 (Work, Live, Play)

第3.4.4款分阶段发展，阶段1（工作、生活、娱乐）

6 residential properties on the condition that the land area planned for the construction of residential properties does not exceed 50 percent of the total land area

居住用房地产，按条件计划用于建居民用房的土地面积不能超过总面积的50% Section 3.3, Land Specification

第3.3款，用地规范

7 affordable housing units for the Mauritian nationals and Diaspora

毛里求斯公民和侨民支付得起的住房 Section 5.1 The demand

第5.1款需求

8 civic centres and leisure amenities

市民中心和休闲设施 Section 3.4.5 Other Project Highlights

第3.4.5款其他项目亮点

9 high-quality public spaces that help promote social interaction and a sense of community, including but not limited to gardens, open plazas, cycle routes and pedestrian precincts

有助于促进社交和集体感的优质公共空间，包括但不限于公园、露天广场、自行车道和行人专区 Section 3.4.5 Other Project Highlights

第3.4.5款其他项目亮点

10 day-to-day management services

日常管理服务 Section 8 Operational Plan

第8款实施计划

11 use of information and communication technology to sense, analyse and integrate the key information to provide intelligent urban management and services

使用信息技术和通讯技术对关键信息进行检测、分析与整合，提供智能化城市管理与服务 Section 8 Operational Plan

第8款实施计划

12 the use of technology products or practices resulting in substantial operational cost savings through reduced energy consumption and utility costs

使用技术产品或时间能减少能耗与效用成本，从而节约大量运营成本 Section 3.4.5 Other Project Highlights, Ecologically Sustainable Development

第3.4.5款其他项目亮点，生态可持续发展

13 Measures which to the extent possible –

一定程度上可采用的措施——

i. generate their own energy requirements through eco-friendly mechanisms such as solar plants and wind farms

i. 通过使用环保系统，如太阳能发电厂和风力农场来自产所需能量

ii. produce their own water needs; and

ii. 自我满足对水的需求；及

iii. are autonomous in their waste management systems.

iii. 废弃物管理系统自动化。 Section 3.4.5 Other Project Highlights, Ecologically Sustainable Development

第3.4.5款其他项目亮点，生态可持续发展

14 Social programmes and obligations

社会项目与义务 Section 8 Operational Plan

第8款实施计划

12 Financial forecasts for Phase 1 only

第一期财务预测

Project cost

项目成本

Cost breakdown

成本明细表 MUR′000

毛里求斯卢比（单位：千）

Construction Costs

建筑成本 7,350,000

Construction site and consultant fees

建筑场地及咨询费用 147,000

Site Preparation

场地准备 54,250

External works

外部工作 898,800

Other Costs

其他成本 183,400

Land

用地 541,000

Marketing costs

营销成本 320,950

Development and management costs

开发与管理成本 394,450

Architectural

建筑工程 241,500

Total project costs

项目成本总额 10,131,350

The figures were provided by Yihai Interanational Management Limited are reviewed by SIC to adjust for the Mauritian costs.

本数据由怡海国际投资管理有限公司提供，经SIC审查，调整为毛里求斯造价。

The project costs is financed as below:

项目成本资金如下：

Financed by:

资金支持由以下各方提供：

Share capital

股本 MUR′000

毛里求斯卢比（单位：千） % Holding

（%）持股率

SIC Land

SIC地块

541,000 30%

Yihai contribution

怡海投资 1,262,333 70%

Equity

股权 1,800,333 100%

Loan

贷款 1,310,000

Generated from operations

经营业务所产资金 7,000,000

Total

合计 10,131,350

• The SIC has agreed with the Yihai group to contribute 30% of total equity estimated at MUR 541M representing value of land.

SIC与怡海集团达成协议为怡海投资价值5.41亿毛里求斯卢比，约占总股本30%的地块。 Hence, Yihai will be contributing 70% (MUR 1.26Bn) which results to a total equity of MUR 10.13Bn in phase 1.

因此，怡海将出资70%（12.6亿毛里求斯卢比），由此第一期总股权将达100.3亿毛里求斯卢比。

• Yihai contribution consists of cash and materials.

怡海以现金和材料的形式出资。 Yihai will give MUR 440M resulting as agreed in the MoU in terms of cash and the remaining will be in terms of materials.

怡海将根据谅解备忘录中的协定以现金投资4.4亿毛里求斯卢比，其余份额将以提供材料的形式出资。 {}

• The remaining amount is to be financed through bank loan of MUR 1.61Bn and the rest MUR 8.5 Bn by cash generated form operations.

剩余金额将通过银行贷款16.1亿毛里求斯卢比提供，其他85亿毛里求斯卢比由经营业务产生。

Income and receipts

收入

• There are 2 major streams of revenue:

收入来源主要由以下两个方面组成： revenue from sale and rent of apartments and commercial complex.

销售收入及公寓和商业楼宇的租金收入。

Apartment Sales

公寓销售

• We have assumed 100% sales that is 800 apartments with the average selling price of being MUR 17,500,000 per apartment.

我们计划将800栋公寓以每栋1750万毛里求斯卢比的平均销售价格全部销售出去。

Commercial Rent

商业楼宇出租

• We have assumed a rental occupancy rate of 80% for the office complexes.

计划办公大楼租赁入住率达80%。 The rate at which office complex will be rented locally is MUR 350

per m2 per month.

当地办公大楼租金比率为每月每平方米350毛里求斯卢比。 The commercial property are estimated to be available as of financial year ending 30 June 2000.

商用地产预计于2000年6月30日财年结束时可用。

Sales revenue

销售收入

• Revenue is set to be MUR 14Bn over the next 5 years to June 2000 if we assume that all 800 apartments are sold at an average price of MUR

17,500,000.

如果800栋公寓以每栋1750万毛里求斯卢比的平均销售价格售罄，直至2000年的未来5年内我们的销售收入将达到140亿毛里求斯卢比。

Cost of Sales and Gross margin

销售成本与毛利润

• The cost of sales is forecast to be MUR 9.6Bn over the 5 years to June 2000. Gross margin is forecast to remain constant at 32% during the

period under review.

直至2000年的未来5年内，销售成本预计将达96亿毛里求斯卢比，探讨期限内的毛利率预计将保持为32%。

Operating Expenses and net margin

经营成本与净利润

• Operating Expenses consist mainly of Insurance, salaries amongst others.

除其他费用外，经营成本主要包括保险费和工资。 As sales of apartment completes, the operating costs accumulates

to MUR 1,516Bn over the 5 years.

若公寓销售完成，未来5年的经营成本累计将达15160亿毛里求斯卢比。 The net margin for Phase 1 is 7%.

第一期净利率为7%。

Investment property

投资性房地产

• Investment Property consists of the commercial property component of the project.

投资性房地产包括项目中的商用地产。 For the purposes of our business plan, we have apportioned the total project costs in terms of surface area to obtain the investment property.

为达业绩，我们以分配表面面积的形式将项目成本总额进行分配，以获得投资性房地产。

• The investment property will increase from MUR 52.2M in FY16 to MUR 284M in FY20 as the construction process completes.

如果建筑完成，投资性房地产将从2000财年的5220万毛里求斯卢比增至2000财年的2.84亿毛里求斯卢比。

Cash and Cash Equivalents

现金及现金等价物

• The cash remains in positive territory throughout the period under review as of 30th June 2000. The revenue of the company constitutes cash flow and trade receivables.

自2000年6月30日起的探讨期限内，资金保持上升状态。公司收入主要由资金流动与贸易应受款项构成。 The cash outflows includes loan repayment, loan interest, tax and contingencies.

资金流出包括偿还贷款、贷款、利息、纳税与意外开支。 The accumulated cash flow of

MUR 3 Bn in FY20 after the early repayment of the loan of MUR 1.31Bn taken in FY17.

提前偿还2000年的13.1亿毛里求斯卢比贷款后，2000财年的资金流量累计达30亿毛里求斯卢比。

Debt

债务

• A bridging loan of MUR 1.31 Bn is taken in FY 16 to make up for cash shortfall in the first months of the project.

2000财年进行了一项13.1亿毛里求斯卢比的渡性贷款，以弥补项目最初几个月的资金短缺。 The annual interest rate is

assumed to be 5% and term to maturity is 5 years.

贷款年利率为5%，偿还期限为5年。

Assumptions

假设

• Figures for project costs have been provided by Yihai and approved by SIC

项目成本数据已由怡海提供，经SIC批准

o The construction site and consultant fees is assumed to be 2% of the construction costs of MUR 147 M.

如果建筑场地及咨询费用占1.47亿毛里求斯卢比建筑成本的2%。

o The land is valued at MUR 541M for the whole project (Phase 1 to 3) but only 51 % will be used for Phase 1 and this has been reflected accordingly in the business plan.

整个项目的地块价值5.41亿毛里求斯卢比，但第一期仅占有51%，此已于商业计划中予以体现。

o The project has been assumed to be under the Smart City Scheme and so no Registration duty and Land transfer tax is levied.

如果本项目被认为隶属于智能城市计划，将不收取任何登记税和土地转让税。

o The construction phase is expected to last 36 months

本项目施工期预计持续36个月

o Sales is assumed to start in Jan 16 and the project is assumed to be constructed under the Property Development Scheme.

假设于1月16日起开始销售，并且项目在房地产开发计划下进行。

o Turnover consists of sales revenue and rental income from the commercial property

营业额主要由销售收入及商业楼宇的租金收入钩沉

o The average selling price per apartment is assumed to be MUR 17,500,000

假设每栋公寓平均售价为1750万毛里求斯卢比

o All apartments, i.e. 800 are assumed to be sold until 2000

假设至2000年为止，800栋公寓售罄

o The sale is assumed to be as follows over the 5 year period to 30 June 2000:

直至2000年6月30日的未来5年内，假设销售分布如下所示：

12/31/2000 6/30/2000 6/30/2000 6/30/2000 6/30/2000 6/30/2000

Sales %

销售占比（%） 20% 26% 30% 17% 7%

• We have assumed that 70% construction of one apartment is completed within 1 year and the payment terms are as per VEFA.

我们假设一栋公寓的建筑施工一年内完成70%，付款条件按VEFA规定。

• Commercial rental occupancy assumed to be 80% and rental is assumed to be MUR 350 per sqmt per month

商业租赁入住率假设为80%，租金为每月每平方米350毛里求斯卢比

• The commercial property is classified as investment property and the value calculated by apportioning in terms of surface area

商用地产属投资性房地产，通过以表面面积分配的形式对其进行估值

 VAT rate 15% and the USD/MUR rate set at 35.

增值税为15%，美元对毛里求斯卢比率为35。

 All payments assumed to be in cash so no creditors

所有付款方式假定为现金支付，因此无债权人

 The share capital contribution of Yihai through material purchase of MUR 1.2Bn split as follows:

通过购买价值12亿毛里求斯卢比材料，怡海占有的股本份额分为以下几个部分：

Split Amount (MUR′000)

分布金额（毛里求斯卢比单位：千）

FP 31 Dec 15

2000年12月31日财务状况 10% 82M

8200万

FY 16

2000财年 40% 329M

3.29亿

FY 17

2000财年 50% 411M

4.11亿

1.26Bn

12.6亿

 We have assumed that CSR is 2% of profit after tax.

假设CSR（企业社会责任）为税后利润的2%。 The assumption being that the profit after tax equals the chargeable income for the purposes of our business plan.

假定税后利息与我们商业计划目标中的应缴税所得相同。

 Social contribution is MUR 200,000 per apartment sold.

每销售一栋公寓的社会捐税为200,000毛里求斯卢比。

 Dividend payout:

股息分配： a distribution of MUR 17Bn is declared at the end of the construction phase in June 2000. SIC is to receive MUR 500M (USD 14.5M) representing 30% of share capital and the Yihai share of dividend of MUR 1.1Bn is carried forward as a creditor of the company to be discharged post Phase 1.

2000年6月，建筑期结束时宣布分派170亿毛里求斯卢比，SIC将收到5亿毛里求斯卢比（1450万美元），相当于30%的股本，怡海的11亿毛里求斯卢比股息红利会作为公司债权人进行结转，于项目第一期完成后清偿。

Balance sheet forecasts as at

资产负债预测，截至

Real Estate Project at Domaine Les Pailles

帕里斯民俗村房地产项目

Balance sheet forecasts as at

资产负债预测，截至

31-Dec-15

31/12/2000 30-Jun-16

30/6/2000 30-Jun-17

30/6/2000 30-Jun-18

30/6/2000 30-Jun-19

30/6/2000 30-Jun-20

30/6/2000

MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千）

Fixed Assets

固定资产

Investment Property

投资性房地产 52,264 137,949 223,633 259,187 284,430

Current Assets

流动资产

Work in progress

在建项目 600,513 2,000,632 2,261,751 1,938,323 794,921 -

Debtors

应收账款 - 771,750 1,265,250 1,265,250 525,000 372,750

WIP for land Phase 2 and 3

第2期与第3期的土地在建项目 265,000 265,000 265,000 265,000 265,000 265,000

VAT 9,713 20,234 31,635 44,004 57,585 72,774

Cash and bank balances

现金及银行结存 37,168 316,646 660,780 1,000,700 2,779,951 2,979,684

914,483 3,431,615 4,622,455 4,786,003 4,681,734 3,974,728

Current Liabilities

流动负债

Current Account with Yihai

怡海活期帐户 1,166,667 1,166,667 1,166,667

Bank overdraft

银行透支 - - - - - -

CSR Accrual

企业社会责任权责 - 11,564 20,158 19,711 4,652 1,440

Loans

贷款 216,655 300,778 317,218 333,447 -

-

- 228,219 321,936 1,500,595 1,500,766 1,168,100

Net current assets/(liabilities)

流动资产/（负债）净额 914,483 3,200,396 4,300,519 3,282,458 3,176,968 2,800,621

Total assets less current liabilities

总资产减流动负债 914,483 3,200,396 4,300,519 3,282,458 3,176,968 2,800,621

Capital and reserves

资本及储备

Share Capital

股本 1,003,233 1,392,167 1,800,333 1,800,333 1,800,333 1,800,333

Reserves

储量 (148,750) 417,885 1,400,619 700,776 932,733 1,000,288

914,483 1,810,002 3,200,952 2,500,100 2,736,000 2,800,621

Non-current liabilities

非流动负债

Loans

贷款 - 1,393,345 1,001,566 774,348 440,900 -

914,483 3,200,396 4,300,519 3,282,458 3,176,968 2,800,621

Income and Expenditure forecasts for the year ending

全年收入与开销预测

Yihai Garden Resorts Ltd

怡海花园度假村有限公司

Real Estate Project at Domaine Les Pailles

帕里斯民俗村房地产项目

Income and Expenditure forecasts for the year ending

全年收入与开销预测

App.

附录 31-Dec-15

31/12/2000 30-Jun-16

30/6/2000 30-Jun-17

30/6/2000 30-Jun-18

30/6/2000 30-Jun-19

30/6/2000 20

MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千）

Turnover

营业额 VII.D

七（D） - 2,572,500 4,217,500 4,217,500 1,750,000 1,242,500

Cost of sales

销售成本 IV.D

四（D） - (1,760,661) (2,886,526) (2,886,526) (1,197,729) (850,387)

Land transfer tax

土地转让税 X

十 - - - - - -

Gross profit

毛利润 - 811,839 1,330,974 1,330,974 552,271 392,113

Operating expenses

营业费用 (148,750) (168,490) (183,003) (199,425) (217,288) (239,773)

Social Contribution

社会捐税 (29,400) (48,200) (48,200) (20,000) (14,200)

Provision for Contingency

意外开支 - (35,000) (35,000) (35,000) (35,000) (35,000)

Profit before interest and tax

息税前利润 (148,750) 578,949 1,004,681 1,000,348 279,984 100,140

Finance costs

财务成本 (750) (56,789) (62,814) (47,374) (31,145)

Profit before tax

税前利润

(148,750) 578,199 1,000,892 985,535 232,610 71,995

Taxation

税收 XI

十一 - - - - - -

Profit after tax

税后利润

(148,750) 578,199 1,000,892 985,535 232,610 71,995

CSR

企业社会责任 (11,564) (20,158) (19,711) (4,652) (1,440)

Reserves for the year

年度准备金

(148,750) 566,635 987,734 965,824 227,957 70,555

Dividends

股息 (1,666,667)

Balance b/f

结转到下一年 - (148,750) 417,885 1,400,619 700,776 932,733

Balance c/f

上年结转 (148,750) 417,885 1,400,619 700,776 932,733 1,000,288

Cash flow forecasts for the year ending

全年资金流预测

31-Dec-15

31/12/2000 30-Jun-16

30/6/2000 30-Jun-17

30/6/2000 30-Jun-18

30/6/2000 30-Jun-19

30/6/2000 30-Jun-20

30/6/2000

MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千） MUR′000

毛里求斯卢比（单位：千）

Inflows

资金流入

Share capital

股本 522,233 328,933 411,167

Loan taken

贷款 1,610,000 - -

Receipts

收款账户 - 1,800,750 3,724,000 4,217,500 2,490,250 1,394,750

522,233 3,739,683 4,135,167 4,217,500 2,490,250 1,394,750

Outflows

资金流出

Project costs

项目成本 326,600 3,216,000 3,228,330 2,648,783 89,880 80,710

Tax

税收

paid Social Contribution

已付社会捐税 - 29,400 48,200 48,200 20,000 14,200

CSR

企业社会责任 - - 11,564 20,158 19,711 4,652

Loan repaid

已偿还贷款 216,655 300,778 317,218 774,348

Loan interest

贷款利息 750 56,789 62,814 47,374 31,145

Operating costs

营业成本 158,463 179,001 194,495 211,844 230,819 254,962

SIC Dividend

SIC红利 500,000 -

Contingency

意外开支 - 35,000 35,000 35,000 35,000 35,000

Land Transfer tax paid

已支付土地转让税 - - - - - -

485,005 3,460,200 3,791,003 3,828,577 760,000 1,195,000

Balance b/f

结转到下一年 - 37,168 316,646 660,780 1,000,700 2,779,951

Movement for the year

年度流转 37,168 279,477 344,134 388,923 1,730,249 199,732

Balance c/f

上年结转 37,168 316,646 660,780 1,000,700 2,779,951 2,979,684

Bank overdraft interest

银行透支利息率 15% - - - - - -

31/12/2000 30/00/2000 30/00/2000 30/00/2000 30/00/2000 30/00/2000

Revenue

收入 2,572,500 4,217,500 4,217,500 1,750,000 1,242,500

% Cash received in yr

全年现金收入（%） 70%

Cash Flow

现金流 1,800,750 3,724,000 4,217,500.00 2,490,250.00 1,394,750.00

Debtors

应收账款 771,750 1,265,250 1,265,250 525,000 372,750

Cumulative Debtors

累计应收账款 771,750 2,000,000 2,000,000 2,562,000 2,934,750

771,750 1,265,250.0 1,265,250.00 525,000.00 372,750.00

13. Conclusion

结论

 Based on the financial forecasts and the underlying assumptions, the Mauritius Yihai Garden project would be financially viable.

“基于财务预测及基本设定，毛里求斯怡海花园项目在财务上是可行的。 The forecasts indicate that profit after tax of MUR 1Bn will be reaped on a cumulative basis until June 2000. This is after allowing for a dividend payment to the tune of MUR 1,7Bn in June 2000.

预测表明截至2000年，本项目将累计收获税后利润达10亿毛里求斯卢比，将于2000年六月产生股息分红共计17亿毛里求斯卢比。

 The project is expected to accumulate MUR 3Bn in cash as at June 2000. A cash shortfall of about MUR 1.3Bn is expected in the year ending 30 June 2000 (first year of operations) during the construction phase which is to be bridged by a bank loan of MUR 1.3Bn.

截至2000年六月，本项目预计将累计30亿现金。截至2000年6月30日（经营第一年），建筑期间预计会产生约13亿毛里求斯卢比的资金短缺，将通过银行贷款13亿毛里求斯卢比进行弥补。 Once the sales are complete, the operations are forecast to generate enough cash to meet the company′s obligations as well as paying off the loan completely in the financial year ending June 2000.

销售完成后，预计经营收入将能提供足够现金，以满足公司履行义务及在2000六月财年结束时完全清偿贷款的需求。

 It is imperative that management ensures the sustainability of this project which lies on the following critical success factors:

管理需要保证项目的可持续性，这取决于以下几点关键成功因素：

o It is important that the promoters secure the numerous operators/occupiers for property at the set rates;

其中关键的一点就是创办人需按既定比率保证众多经营者/占有人的财产；

o Effective cost control on development, construction and management of the complex;

有效控制用于开发、建筑和管理楼宇的成本；

o Effective treasury management to optimise cash flows and hedge foreign exchange risks;

有效的资金管理，以优化资金流动及防止交易风险；

o Continuous upkeep of the infrastructure and amenities;

持续维护基础设施及便利设施；

14. Contacts

联系信息

Jean Noel Wong Partner

合伙人 Jean Noel Wong

Deloitte

德勒

7th Floor, Raffles Tower, 19 Cybercity, Ebène, Mauritius

Direct.:

直接联系电话： +230 400 5889 | Mobile:

+230 400 5889 | 移动电话： +230 423 5889 | Fax:

+230 423 5889 | 传真： +230 466 3330

jnwong@deloitte.com

Arno Dookun

Senior Manager - Financial and Strategy Consultant

高级经理——金融及战略顾问

Deloitte

德勒

7th Floor, Raffles Tower, 19 Cybercity, Ebène, Mauritius

Direct.:/ +230 400 5829 | Mobile:

直接联系电话：/ +230 400 5889 | 移动电话： +230 423 5829 | Fax:

+230 423 5889 | 传真： +230 466 3330

adookun@deloitte.com

This material has been prepared by Deloitte Mauritius on a specific request from you and contains confidential information.

根据您的特别要求，本材料由毛里求斯德勒提供，包含机密信息。 The information contained in this material is intended solely for you thereby, any disclosure, copy or further distribution of this material or the contents thereof is strictly prohibited.

本材料中包含的信息仅为您所用，禁止任何对本材料或材料内容进行泄露、复制或散发的行为。

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

德勒系指德勒有限公司旗下和其成员公司网络中的一个或多个公司，德勒有限公司是一家英国的私人担保公司，每一家公司都是独立法定实体。 Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

了解更多有关德勒有限公司及其成员公司的法律架构的信息，请访问www.deloitte.com/。

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries.

德勒跨行业为公众客户和个人客户提供审计、纳税、咨询及财务咨询方面的服务。 With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges.

其成员公司覆盖世界150多个国家和地区，形成全球互联的网络，德勒能为客户提供世界一流的优质服务，为客户提供能解决最复杂困难的商业挑战的深刻见解。 Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.

德勒在各地区拥有200,000专业人士，致力于达到最高的卓越服务标准。

© 2000 Deloitte Mauritius. Member of Deloitte Touche Tohmatsu Limited.

德勒有限公司成员。