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Independent Auditor’s Report



                                                 Independent Auditor’s Report












             TO THE SHAREHOLDERS OF ALCO HOLDINGS LIMITED
             (incorporated in Bermuda with limited liability)


             We  have  audited  the  consolidated  financial  statements  of  Alco  Holdings  Limited  (the  “Company”)  and  its
             subsidiaries set out on pages 27 to 86, which comprise the consolidated balance sheet as at 31st March
             2016,  and  the  consolidated  income  statement,  the  consolidated  statement  of  comprehensive  income,  the
             consolidated statement of changes in equity and the consolidated statement of cash flows for the year then
             ended, and a summary of significant accounting policies and other explanatory information.

             DIRECTORS’ RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS


             The directors of the Company are responsible for the preparation of consolidated financial statements that
             give a true and fair view in accordance with Hong Kong Financial Reporting Standards issued by the Hong
             Kong Institute of Certified Public Accountants and the disclosure requirements of the Hong Kong Companies
             Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of
             consolidated financial statements that are free from material misstatement, whether due to fraud or error.

             AUDITOR’S RESPONSIBILITY


             Our responsibility is to express an opinion on these consolidated financial statements based on our audit and
             to report our opinion solely to you, as a body, in accordance with Section 90 of the Companies Act 1981 of
             Bermuda and for no other purpose. We do not assume responsibility towards or accept liability to any other
             person for the contents of this report.

             We  conducted  our  audit  in  accordance  with  Hong  Kong  Standards  on  Auditing  issued  by  the  Hong  Kong
             Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements
             and  plan  and  perform  the  audit  to  obtain  reasonable  assurance  about  whether  the  consolidated  financial
             statements are free from material misstatement.


























                                                                      ALCO HOLDINGS LIMITED  ANNUAL REPORT 2016  25
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