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HANSK NEW MATERIALS TECHNOLOGY

CORPORATION
QUEZON CITY - PHILIPPINES

FINANCIAL STATEMENTS
DECEMBER 31, 2015

AND

AUDITORS REPORT
Ma. Paz D. Ingal
___________________________________________________________________________
_
Certified Public Accountant

Report of Independent Auditor

The Stockholders and Board of Directors


HANSK NEW MATERIALS TECHNOLOGY CORPORATION
Ermin Garcia cor. Stanford Streets
Cubao, Quezon City, Metro Manila

We have audited the accompanying financial statements of HANSK NEW MATERIALS


TECHNOLOGY CORPORATION which comprise the balance sheet as at December 31, 2015
and 2014, and the income statement, statement of changes in equity and cash flows for the
year then ended.

Managements 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. This responsibility
includes designing, implementing and maintaining internal control relevant to the preparation
and fair presentation of the financial statements that are free from material misstatements,
whether due to fraud or error, selecting and applying appropriate accounting policies and
making accounting estimates that are reasonable in the circumstances.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with Philippine Standards on Auditing. Those standards
require that we comply with ethical Technology Standards, Integrity, Independence.
Competence requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatements.

Scope

An audit involves performing procedure to obtain audit evidence about the amounts and
closures in the financial statements. The procedures selected depend on the auditors
judgment, including the assessment of the risk of material misstatements of the financial
statements, whether due to fraud or error. In making those risk of assessments, the auditors
consider internal control relevant to the entitys preparation and fair presentation of the financial
statements in order to design the audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the entitys 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
___________________________________________________________________________
_
Unit 1607 World Trade Exchange Bldg., 215 Juan Luna St., Binondo,
Manila; Tel. 241-1780

Opinion
In our opinion, the financial statements, give the true and fair view of the financial position of
HANSK NEW MATERIALS TECHNOLOGY CORPORATION as of December 31, 2015 AND
2014, and of its financial performance and its cash flows for the years then ended in
accordance with Philippine Financial Reporting Standards.

MA. PAZ D. INGAL


CPA Certificate No. 40963
Tax Identification No. 109-904-640
PRC/BOA No. 0959, Valid Until December 31, 2016
BIR AN: 06-006129-001-2015, Valid Until March 24, 2018
PTR No. 4979353, January 12, 2016, Manila

April 8, 2016
___________________________________________________________________________
_
Unit 1607 World Trade Exchange Bldg., 215 Juan Luna St., Binondo,
Manila; Tel. 241-1780

Ma. Paz D. Ingal


___________________________________________________________________________
_
Certified Public Accountant

SUPPLEMENTAL WRITTEN STATEMENT

The Stockholders and Board of Directors


HANSK NEW MATERIALS TECHNOLOGY CORPORATION
Ermin Garcia cor. Stanford Streets
Cubao, Quezon City, Metro Manila

I have examined the financial statements of HANSK NEW MATERIALS TECHNOLOGY


CORPORATION for the year ended December 31, 2015, on which I have rendered the
attached report dated April 8, 2016.

In compliance with SRC Rule 68, I am stating that the said company has a total number of FIVE
(5) stockholders owning one hundred or more shares each.

MA. PAZ D. INGAL


CPA Certificate No. 40963
Tax Identification No. 109-904-640
PRC/BOA No. 0959, Valid Until December 31, 2016
BIR AN: 06-006129-001-2015, Valid Until March 24, 2018
PTR No. 4979353, January 12, 2016, Manila
April 8, 2016

___________________________________________________________________________
_
Unit 1607 World Trade Exchange Bldg., 215 Juan Luna St., Binondo,
Manila; Tel. 241-1780

HANSK NEW MATERIALS TECHNOLOGY CORPORATION


BALANCE SHEETS
DECEMBER 31, 2015 AND 2014

2015 2014

ASSETS

Current Assets
Cash on hand and in banks P 6,314 P 340,412
Accounts receivable 0 0
Inventories (Estimate) 67,216 0

Total Current Assets 73,530 340,412

Non Current Assets


Property and equipment net of accumulated depreciation 87,295 0
Rental deposits 30,000 30,000

Total Non-Current Assets 117,295 30,000

TOTAL ASSETS P 190,825 P 370,412

LIABILITIES AND STOCKHOLDERS EQUITY

Current Liabilities
Accounts payable P 0 P 0
Advances from Officers & Stockholders 244,515 0

Total Current Liabilities 244,515 0


Total Liabilities 244,515 0

Stockholders Equity (53,690) 370,412

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY P 190,825 P 370,412

HANSK NEW MATERIALS TECHNOLOGY CORPORATION


INCOME STATEMENT
FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014

2015 2014

INCOME P 27,000 P 0

COST 19,967 0

GROSS PROFIT 7,033 0

OPERATING EXPENSES 431,13


5 129,588

INCOME (LOSS) (424,102) ( 129,588)

PROVISION FOR INCOME TAX 0 0

NET INCOME (LOSS) P (424,102) P ( 129,588)


See accompanying Notes to Financial Statements.
HANSK NEW MATERIALS TECHNOLOGY CORPORATION
STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014

2015 2014

CAPITAL STOCK P 500,000 P 500,000

DEPOSIT FOR FUTURE STOCK SUBSCRIPTION 0 0

DEFICIT
Balance at beginning of year (129,588) 0
Net income (loss) (424,102) (129,588)

Balance at end of year (553,690) (129,588)

P ( 53,690) P 370,412
See accompanying Notes to Financial Statements.
HANSK NEW MATERIALS TECHNOLOGY CORPORATION
SCHEDULE OF OPERATING EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2015

Salaries, wages and allowances P 77,000

Depreciation 0

SSS and Philhealth premium contributions 0

Rental 120,000

Taxes and Licenses 197,150

Gasoline Expense 0

Telephone and communications 11,990

Representation 0

Transportation 0

Miscellaneous Expense 24,995


TOTAL P 431,135

HANSK NEW MATERIALS TECHNOLOGY CORPORATION


SCHEDULE OF COST OF GOODS SOLD
FOR THE YEAR ENDED DECEMBER 31, 2015

Inventories, Beg P 0

Purchases 87,183

Total Available 87,183

Less: Inventories, End 67,216

Cost of Goods Sold 19,967

TOTAL COST OF GOODS SOLD P 19,967


HANSK NEW MATERIALS TECHNOLOGY CORPORATION
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2015

1. CORPORATE INFORMATION

The Company was incorporated and registered with the Securities and Exchange
Commission (SEC) on May 8, 2014. Its primary purpose is to engage in, conduct and carry
on the business of buying and selling, distributing, marketing at wholesale in so far as may
be permitted by law.

The Company started its normal commercial operations on July 15, 2014.

The registered office address of the Company is at Ermin Garcia cor. Stanford Streets,
Cubao, Quezon City.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted in preparing the financial statements of the
Company are as follows:

Accounting Convention
The accompanying financial statements have been prepared under the historical cost
convention.

Revenue Recognition
Revenue from rendering of services that are of short duration is recognized when the
services are completed. Revenue from rendering of services is recognized by reference to
the stage of completion of the transaction at the balance sheet date determined by work
performed, services performed to date as a percentage of total services or. the proportion
of that cost incurred to date bear to the estimated total cost of the transaction and the
amount of revenue, stage of completion, and costs of the transaction (including future costs
to complete) can be measured reliably. Interest revenue is recognized on a time-proportion
basis using the effective interest rate. Rental revenue is recognized on a time-proportion
basis. Revenue is measured at the fair value of the consideration received or receivable,
taking into account the amount of any trade discounts and volume rebates allowed by the
entity.

Property and Equipment


Property and equipment are stated at cost less accumulated depreciation and any
accumulated impairment losses. Depreciation is provided on gross carrying amounts in
equal annual installments over the estimated useful lives of the assets. When assets are
sold or retired, their cost and accumulated depreciation are eliminated from the accounts
and any gain or loss resulting from their disposal is included in the statements of income.

Fully depreciated assets still in use are retained in the financial statements.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Depreciation is computed using the straight line-method over the estimated useful life of
assets as follows:

Years
Leasehold Improvements 3-4
Office and Furniture Equipment 3-4
Transportation equipment 4

The useful life of an item of property, plant and equipment is reviewed periodically, and if
expectations are significantly different from previous estimates, the depreciation charge for
the current and future periods are adjusted.

Asset Impairment
The carrying amounts of the Companys noncurrent assets are reviewed at each balance
sheet date to determine whether there is any indication of impairment. If any such
indication exists, the assets recoverable amount is estimated. An impairment loss
recognize in the statement of operations whenever the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount.

Income Tax
The income taxes are accounted using the asset and liability method that requires the
recognition of taxes payable or refundable for the current year and deferred tax liabilities
and assets for the future tax consequence of events that have been recognized in the
financial statement or tax returns. The measurements of current and deferred tax liabilities
and assets are based on provisions of the enacted tax laws; the effects of future changes in
tax laws or rates are not anticipated. The measurement of deferred tax assets is reduced, if
necessary, by the amount of any tax benefits that, based on available evidence, are not
expected to be realized. A deferred tax liability is recognized for all taxable temporary
differences.

Accounting Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires the directors to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates. Apart from
those involving estimations, management has made judgments in the process of applying
the entitys accounting policies that have the most significant effect on the amounts
recognized in the financial statements.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Liabilities and Provisions


A liability and provision is recognized when there is a present obligation (legal or
constructive) as a result of a past event, it is 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 of the obligation. It is measured at the amount
payable.

Cash
Cash for the cash flow statement includes cash and cash equivalents less bank overdrafts.

Fair Value of Financial Instruments


The carrying values of cash, accounts receivable, other current financial assets, accounts
payable and other current financial liabilities approximate their fair values due to the short-
term maturity of these instruments. The fair value of long-term debt was not determined as
there are no significant items as at the end of the year. Those financial assets and liabilities
that have a fixed maturity are measured at amortized cost using the effective interest rate
method. Those that do not have a fixed maturity are measured at cost. All financial assets
are subject to review for impairment.

Credit Risk on Financial Assets


Financial assets that are potentially subject to concentrations of credit risk consist
principally of cash, trade and other accounts receivable. The directors believe that the
financial risks associated with these financial instruments are minimal. The cash and cash
equivalents are placed with high credit quality institutions. An ongoing credit evaluation is
performed of the debtors financial condition and maintains a provision for impairment
based upon the expected collectibility of all accounts receivable. There is no significant
concentration of credit risk, as the exposure is spread over a large number of
counterparties and customers

3. CASH AND CASH EQUIVALENTS

This account consists of:

Cash in bank P 6,314


Petty Cash Fund 0

P 6,314

Cash in banks earn interest at the respective bank deposit rates.

4. INVENTORIES

This account is only an estimate since costs can not be determine as of this time:

Inventories P 67,216

P 67,216
5. DEPOSIT FOR SUBSCRIPTION TO INCREASE AUTHORIZED CAPITAL STOCK

This account represents the excess of the agreed price (as appraised by an independent
appraiser) of the property and equipment owned by the major stockholder which he
transferred/ assigned to the Company as his subscription to the Companys capital stock.
However, the value of the transferred property and equipment exceeded generally the
present authorized capital stock. The excess is temporarily carried in the books of accounts
as Deposit on Subscriptions to the Increase in Authorized Capital Stock account and shall
be converted to the paid up capital upon approval of the application for the increase in
authorized capital stock of the Company, which at balance sheet date has yet to be filed
with SEC.

6. REGISTRATION WITH GOVERNMENT AGENCIES

The Company is registered with the following government agencies:

a. Securities and Exchange Commission

b. Bureau of Internal Revenue

7. APPROVAL OF FINANCIAL STATEMENTS

The financial statements were approved by the Board of Directors and authorized for
issue on April 8, 2016.
HANSK NEW MATERIALS TECHNOLOGY CORPORATION
CASHFLOW STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2015

CASH FLOWS FROM OPERATING ACTIVITIES

Net Income (Loss) P (424,102)


Adjustments to reconcile net loss to
net cash provided by operating activities:
Depreciation 0
Changes in operating assets and liabilities: -
Decrease (increase) in:
Receivables -
Inventories (67,216)
Increase (decrease) in:
Trade payables

Net cash used in operating activities (491,318)

CASH FLOWS FROM INVESTING ACTIVITIES

Additions to property and equipment net 87,295

Net cash used in investing activities 87,295

CASH FLOWS FROM FINANCING ACTIVITIES

Advances from shareholder 244,515

Cash provided by financing activities 244,515

NET INCREASE (DECREASE) IN CASH (334,098)

CASH AT THE BEGINNING OF THE YEAR 340,412

CASH AT END OF THE YEAR P 6,314


.
HANSK NEW MATERIALS TECHNOLOGY
CORPORATION
Ermin Garcia cor. Stanford Streets, Cubao, Quezon City, Metro Manila

STATEMENT OF MANAGEMENT RESPONSIBILITY

The management of HANSK NEW MATERIALS TECHNOLOGY CORPORATION is


responsible for all the information and representation contained in the annual Income Tax
Return for the year ended December 31, 2015. The management is likewise responsible for
all information and representations contained in the financial statements accompanying the
annual Income Tax Return covering the same reporting period. Furthermore, the management
is responsible for all information and representations contained in all the other tax returns filed
for the reporting period; including but not limited to the value added tax and or percentage tax
returns, withholding tax returns, documentary stamp tax returns and any all other tax returns.

In this regard the management affirms that the attached audited financial statements
for the year ended December 31, 2015 and the accompanying Annual Income Tax Return are
in accordance with the books and records of HANSK NEW MATERIALS TECHNOLOGY
CORPORATION, complete and correct in all material respects. Management likewise affirms
that:

a. The Annual Income Tax Return has been prepared in accordance with the provisions of
the National Internal Revenue Code as amended, and pertinent tax regulations and
other issuances of the Department of Finance and the Bureau of Internal Revenue;

b. Any disparity of figures in the submitted reports arising from the preparation of financial
statements pursuant to financial accounting standards and the preparation of the
income tax return pursuant to tax accounting rules has been reported as reconciling
items and maintained in the companys books and records in accordance with the
requirements of Revenue Regulations No. 8-2007 and other relevant issuances.

c. The HANSK NEW MATERIALS TECHNOLOGY CORPORATION has filed all


applicable tax returns, reports and statements required to be filed under Philippine tax
laws for the reporting period, and all taxes and other impositions shown thereon to be
due and payable have been paid for the reporting period, except those contested in
good faith.

President & Chairman of the Board

Treasurer