Fujian Provincial Audit Department of the People's Republic of China Audit Report 14 IW T# [2019] 22 - MIN AUDIT REPORT [2019) No.22 Project Name: Fujian Meizhou Bay Navigation Improvement Project Financed by the World Bank 9$ # 1: 8227-CN Loan No.: 8227-CN Project Entity: Fujian Meizhou Bay Harbor Administration Bureau 2018 Accounting Year: 2018 目录 Contents 一、审计师意见．.................．……，,,.,,．…，.,,..．……，，二，．…，.,．…，．…，,．……，,.．……1 I,Auditor&5 opinion.........．……，，…，.．…，……，............................．……，......．……3 二、财务报表及财务报表附注．,,,.,.,.,.......................．……，，二，,.．…，,....．……6 11,Financial Statements and Notes to the Financial Statements..........．……6 （一）资金平衡表．............................................................................．……6 1 .Balance Sheet............................................................．……，.............．……6 （二）项目进度表．......................．……，..............．···，·····························……8 11.Summary of Sources and Uses of Funds by Project Component...．……8 （三）贷款协定执行情况表二，.......．……，...........................................．……10 111.Statement of Implementation of the Loan Agreement...................．……10 （四）指定账户报表．...................................................．……‘.11 iv .Designated Account Statement......．……，........．……，二，.．……n （五）财务报表附注…，,．…，……，....．……，二，…，，……，二，.....．……13 v,Notes to the Financial statements...................................．……17 三、审计发现的问题及建议．...............................................．……21 111.Audit Findings and Recommendations.．……，............................．……23 一、审计师意见 审计师意见 福建省涓洲湾港口管理局： 我们审计了世界银行贷款福建涓洲湾航道工程项目20 18年12月31 日的资金平衡表及截至该日同年度的项目进度表、贷款协定执行情况表和 指定账户报表等特定目的财务报表及财务报表附注（第6页至第20页）。 （一）项目执行单位及福建省财政厅对财务报表的责任 簖制上述财务报表中的资金平衡表、项目进度表及贷款协定执行情况 表是你单位的责任，簖制指定账户报表是福建省财政厅的责任，这种责任 包括： 1．按照中国的会计准则、会计制度和本项目贷款协定的要求编制项 目财务报表，并佼其实现公允反映； 2．设计、执行和维护必要的内部控制，以使项目财务报表不存在由 于舞弊或错误而导致的重大错报。 （二）审计责任 我们的责任是在执行审计工作的基础上，对财务报表发表审计意见。 我们按照中国国家审计准则和国际审计准则的规定执行了审计工作，上述 准则要求我们遵守审计职业要求，计划和执行审计工作以对项目财务报表 是否不存在重大错报获取合理保证。 为获取有关财务报表金额和披露信息的有关证据，我们实施了必要的 审计程序。我们运用职业判断选择审计程序，这些程序包括对由于舞弊或 错误导致的财务报表重大错报风险的评估。在进行风险评估时，为了设计 恰当的审计程序，我们考虑了与财务报表相关的内部控制，但目的并非对 内部控制的有效性发表意见。审计工作还包括评价所选用会计政策的恰当 l 性和作出会计估计的合理性，以及评价财务报表的总体列报。 我们相信，我们获取的审计证据是适当的、充分的，为发表审计意见 提供了基础。 （三）审计意见 我们认为，第一段所列财务报表在所有重大方面按照中国的会计准 则、会计制度和本项目贷款协定的要求编制，公允反映了世界银行贷款福 建涓洲湾航道工程项目2018年12月31日的财务状况及截至该日同年度 的财务收支、项目执行和指定账户收支情况。 （四）其他事项 我们还审查了本期内报送给世界银行的第8一11号提款申请书及所附 资料。我们认为，这些资料均符合贷款协议的要求，可以作为申请提款的 依据。 本审计师意见之后，共同构成审计报告的还有两项内容：财务报表及 财务报表附注和审计发现的问题及建议。 中华人民共和国福建省审计厅 2引‘）龙6月30日 地址：中国福建省福州币华林路Zm号 邮政簖码：350003 电话；86一591一63396682 传真：86一591一63396260 1. Auditor's Opinion Auditor's Opinion To Fujian Meizhou Bay Harbor Administration Bureau (MBHAB) We have audited the special purpose financial statements (from page 6 to page 20) Fujian Meizhou Bay Navigation Improvement Project financed by the World Bank, which comprise the Balance Sheet as of December 31, 2018, the Summary of Sources and Uses of Funds by Project Component, the Statement of Implementation of the Loan Agreement and the Designated Account Statement for the year then ended, and Notes to the Financial Statements. 1. Project Entity and Fujian Provincial Finance Department's Responsibility for the Financial Statements The preparation of the Balance Sheet, the Summary of Sources and Uses of Funds by Project Component and the Statement of Implementation of the Loan AZreement is the responsibility of your entity, while the preparation of the Designated Account Statement is the responsibility of Fujian Provincial Finance Department (FPFD), which includes: i. Preparing and fair presenting the accompanying financial statements in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement; ii. Designing, implementing and maintaining necessary internal control to ensure that the financial statements are free from material misstatement, whether due to fraud or error. 2. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Government Auditing Standards of the People's Republic of China and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the 3 amounts and disclosures in the 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 internal control relevant to the entities' 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. We believe that the audit evidence we have obtained is appropriate and sufficient to provide a basis for our audit opinion. 3. Audit Opinion In our opinion, the financial statements identified in the first paragraph present fairly, in all material respects, financial position of Fujian Meizhou Bay Navigation Improvement Project financed by the World Bank as of December 31, 2018, its financial receipts and disbursements, the project implementation and the receipts and disbursements of the designated account for the year then ended, in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement. 4. Other Matter The audit report consists of the Auditor's Opinion and two more parts hereinafter: Financial Statements and Notes to the Financial Statements, Audit Findings and Recommendations. Fujian Provincial Audit Department of the People's Republic of China June 30, 2019 Address: No.201 Hualin Road, Fuzhou, P.R. China Postcode: 350003 4 Tel : 86-591-63396682 Fax: 86-591-63396260 Note: The Accompanying English translation is for the convenience of report users. Please take the Chinese audit report as the only official version. 5 II. Financial Statements and Notes to the Financial Statements i. Balance Sheet BALANCE SHEET 2018 # 12 J] 31 H ( as of Dec 31, 2018) Wt*0t: ## 4 & 4 Am 4I9I 0Statement i PROJECT NAME: Fujian Meizhou Bay Navigation Improvement Project Financed by the World Bank A#*-ft: K Ff TE PREPARED BY: Fujian Meizhou Bay Harbor Administration Bureau Currency Unit: RMB Yuan * I- I- A tT 4k #A ;P #M 4 Application of Fund Line Beginning Ending Balance No. Balance -, * ti 4-it Total Project Expenditures 1 471,986,147.16 593,605,277.34 1. {ft)fl *A Fixed Assets Transferred 2 2. 14 U 10 Il At Construction Expenditures to be Disposed 3 3. ff t R * Investments Transferred-out 4 4. 6E IV Construction in Progress 5 471,986,147.16 593,605,277.34 -' &4&AF #.It * Investment Loan Receivable 6 P: A Ik I ±A $ f Including: World Bank Investment 7 Loan Receivable }' It ? #* Appropriation of Investment Loan 8 Pt: #Itft ## R Including: Appropriation of World Bank 9 Investment Loan V9, .9# Equipment 10 A4: A Including: Equipment Losses in Suspense 11 i., (f* tTotal Cash and Bank 12 48,555,687.57 54,924,250.76 1.4Rky444 Cash in Bank 13 48,555,687.57 54,924,250.76 A : Jilb!KP##J Including: Designated Account 14 19,535.04 20,529.00 2.1P Cash on Hand 15 A, J }$.'A4 Total Prepaid and Receivable 16 33,833,321.70 Pt#: S PtP*P4PI Including: World Bank Loan Interest 17 Receivable S *44 PPit World Bank Loan Commitment Fee Receivable 18 S *44$z P*P &If] P World Bank Loan Service-Fee Receivable 19 ** tiiE# Marketable Securities 20 /L. t t#&ff Total Fixed Assets 21 - - U j NYA%i Fixed Assets, Cost 22 P: if t 10 Less: Accumulated Depreciation 23 UK4 *' lf Fixed Assets, Net 24 - - U Fixed Assets Pending Disposal 25 4 R AK PA A & Fixed Assets Losses in Suspense 26 'EPiffi&it Total Application of Fund 27 554,375,156.43 648,529,528.10 6 BALANCE SHEET (continued) 2018 4 12 fl 31 H(as of Dec 31, 2018) ;pot*: H A (1 Statement I (continued) PROJECT NAME: Fujian Meizhou Bay Navigation Improvement Project Financed by the World Bank PREPARED BY: Fujian Meizhou Bay Harbor Administration Bureau Currency Unit: RMB Yuan Sources of Fund Line Beginning Balance Ending Balance No. Total Project Appropriation Funds 28 261,038,400.00 268,702,127.15 -' 44 Project Capital and Capital 29 Surplus A tP: 4f 40 VIncluding: Grants 30 -1 t - Total Project Loan 31 140,101,056.04 274,221,484.27 1. fi P Total Project Investment Loan 32 140,101,056.04 274,221,484.27 (1) 1Wk Foreign Loan 33 140,101,056.04 274,221,484.27 Including: IDA 34 ffA t fR T IBRD 35 140,101,056.04 274,221,484.27 4 Technical Cooperation 36 Co-Financing 37 (2) N r Domestic Loan 38 2. AlIr Other Loan 39 9 Appropriation of Investment Loan 40 + Including: World Bank Loan 41 l k #*4Bond Fund 42 A, IW$ Construction Expenditures to be Offset 43 Total Payable 44 153,233,812.00 105,603,922.85 J t Including: World Bank Loan Interest 45 Payable Si World Bank loan Commitment Fee Payable 46 ] World Bank Loan Service Fee Payable 47 Other Payables 48 Appropriation of Funds 49 t #44kX Retained Earnings 50 1,888.39 1,993.83 i4 1 iI Total Sources of Fund 51 554,375,156.43 648,529,528.10 7 ��n � у у о о е а о о о о о ё о о о о о о О� �� �О �О Т О� � О О О -- О м�О = 4Е �, � � у О�с, �n . , оо r N V о о ог V V оо � N�G �U оо оо t� 7--� vi q О м -- N О� ��' � .j�к о?� �д оо оо v е� .о r оо �о .о и а� г� � � � � � � �с Fy у Pt� V U N � _ .> с� � r и и v о о о о о о�� � и� �� �,i+ U �� � 7 N N - - М О О О h О 1� v v r r � � r о о� И� о И сч о м у 3,�, ^ � оо оо гv г� с� оо г� .D .-. rn cV r�о cv и о� � �� к � п� - -+ г� г� о� � оо и - о�д о� w о^ � ����` о U N N N О О О �С оо оо И О И r оо О N U --1- � Q rn сч с� 1� 1� и �д оо t� м и оо и�д ю о� ±� о с� 7 7 оо оо м cV ао м ��п оо q й 7 U 7 � r �о w сл � и оо м и о и и г� cv с� с� и и м.� о о о о о о о о о о о о о о о �k � о о о о о о о о о о о о о о о о о о о о о о о о о о о о о о � �ц о о о о о о о о о о о о о о о о� о о со оо оо с� ��о м о�с �с о о др � pw' v о о v v v �- cv �--� �л с� м м о о_ О N О О N N N оо оо оо Q� N М О М ^�у xi� у � И И Q� О� V N М �fJ N 01 О� �С М N . �' О II �'"' ��д �д И И [� N м ао О��Ci N 3 ��� '-� оо м м и и оо г� � cv Е� Z .�_ W�i Т � о о о о О О о о о о о о о о Н 'д �'О ы N о� Q� з � о� �О N � � 7 N О а N � N О �U о� О� О� N И(� �� И М � � �t� � '� ?� О О -��' д � М � О 1� т сб � U 0. � О Б � о � �`' U � .v о •с оо м м и и оо о о о о о о оо о о и s� W а , � М г� cv, - - �- о о о г� о r� г� �.- .- О С и оо оо � r о с-i � оо cv о с� и и а� м и ` �% И N N N N М О И� N О N О N N оо �О О 14 �I у ¢' {цр• .� -✓ V �' 1� l� -r 00 И N 00 00 О И О М � И •--� а ^ о� N � � О О М М О� �D 00 Оо V V О[� И М Q� 00 �� у и� � W � со N N и � �о оо [� г� о, оо г� �О м с� �о 1� -� -� �D �D �6 И М - N 00 М [� �--� 00 \6 М � О � С U ,_.., ��" � � г И и N М О м t� �О �/ а � U� � д п М м � а� о� cv cv м д- -i'1"С' гл _ О М � � � �.) � � о � � w р о Q7 гд, а�°i > о-у�- о о о о о о о о о о о О С`° .. о о о о о о о о о о о � ш Z•� � о о о о о о о о о о о ro о о о о о о о о о о о � о т с � �" °� о о о �л о о о � о�� °O �,QQ ' � °С' о . � � a�oi � °о °о °о N о п й � � °и ам, ь�++ �L z� й д � U� сNч cNV N оо ��� `� ^' `O �в °' о ` � .д V � � � � � W � � ' � С�: II ri т й ш �^i '� т W � 'ьо�. ° � �а N '� � z 'у А � � [--� � д � � w � � � � 'С � о р� w -Гs I1ц а. 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'-'7�'С'Су � �гг- � д�i ,� °г � '� .b а F°- �цJ � � С N � А �� :� �` v ri g � ччi б� `� � � U ° ° � ,' -д= � � и ° [т7 �'- '�ь. � � с W � �"� � Q'�' У� 3 �F � � v �� � z �� т _ о ,� w �F О С/� д U � '� � 'TL � r'� U v"� � � � � ► � � :� � w � � Н � � :� � �� �..� � а � � . � � , , � а, � о. -- г� м � и �с （四）指定账户报表 iv. Designated Account Statement 指定账户报表 DESIGNATED ACCOUNT STATEMENT 本期截至20 18年12月31日（For Period Ended De。31,2018) 项目名称：世界银行贷款福建涓洲湾航道工程项目表4 Projeot Name:Fujian Meizhou Bay Navigation Improvement project Financed by the World Bank StatementIV 世界银行贷款号LoanN。：8227一CN 开户银行名称：兴业银行福州杨桥支行 Depository Bank:Industrial Bank Co,Ltd Fuzhou Yangqiao Branch 账号AjC No.:1 1 7201400100022330 货币种类：粎元Currency:USD 簖报单位：福建省财政厅Prepared by:F川ian Provinc,al Financc Department …奢 ll 15 (b). *MVI *EP*kffi Total expressway expenditures claimed for present reporting period 0.00 16. Less: Closing DA balance after adjusments 0.00 17. Direct payments 0.00 18. 16, 17 IfT405 Add lines 16 and 17 0.00 19. Afft-YMf EPi*M4WVKPVff* (M 15 ffM 18 0.00 Cash requirement from World Bank for next two reporting periods (line 15 minus line 18) 12 （五）财务报表附注 财务报表附注 1．项目概况 世界银行贷款福建省涓洲湾航道扩建贷款项目贷款号为8227一CN。项 目协议于20 13年4月15日签订，20 13年6月13日生效执行，将于20 19 年6月30日前关账。世界银行贷款总额50,000,000.00美元。 1.1涓洲湾航道扩建项目 福建省涓洲湾航道扩建项目提升将有助于提高目前和规划中的涓洲 湾工业区的中镼期经济发展，与新的内陆交通纽带相连将助推海峡西岸经 济区和福建、江襼、湖南省等腹地省份的经济发展。该项目有助于中国通 过簩短内陆地区至进出口港间的平均运距、打造低耗运输体系这一目标的 实现。计划总投资574,424,800.00元，其中世界银行贷款50,000,000.00 粎元，折人民币316,500,000.00元，国内无偿配套资金557,924,800.00元。 1.2机构加强 其中，机构加强类别世行贷款安排1,000,000.00美元，包括国外培训 和国内培训两部分，主要用于提高福建交通运输系统人员的管理能力和掌 握国际先进经验。 2．财务报表编制范围 本财务报表的簖制范围包括福建省渭洲湾港口管理局的项目财务报 表以及福建省财政厅指定账户报表。 3．主要会计政策 3.1本项目财务报表按照财政部《世界银行贷款项目会计核算办法》 （财际字〔2000〕13号）的要求编制。 3.2会计核算年度采用公历年制，即公历每年1月1日至12月31日。 l3 3.3本项目会计核算以“权责发生制”作为记账原则，采用借贷复式记 账法记账，以人民币为记账本位币。 3.4决算汇率按照中国人民银行2018年12月29日公布的汇率，即1 粎元＝人民币6.8632元。 4．报表科目说明 4.1项目支出 20 15年l一12月项目支出人民币121,619,130.15元，累计支出人民币 593,605,277.34元，占总投资计划的67.89％。 4.1 .1 2018年l一 12月建安工程支出人民币95,566,502.00元，累计建安 工程支出人民币541,668,387.00元，占总投资计划的74.79％。其中 Mzw-Ho01标段1 87,975,348.00元、Mzw-HDoZ标段353,693,039.00元。 4.1.2 2018年1一12月待摊投资人民币25,022,305.48元，累计待摊投 资人民币39,678,565.64元。 4.1 .3 2018年1一12月其他投资人民币1,030,022.70元，累计其他投资 人民币12,258,324.70元。其中，本年国外培训支出人民币200,169.70元， 国内培训支出人民币179,853.00元，累计支出人民币5,551,124.70元，占 计划的92.43％。 4.2货币资金 20 18年12月31日货币资金余额为人民币54,924,250.76元，其中项 目单位银行存款人民币54,903,721 .76元，指定账户存款2991 .17美元（折 合人民币20,529元）。 4,3预付及应收款 2018年12月31日余额为人民币。元。 14 4.4项目拨款 20 18年12月31日余额为人民币268,702,1 27.15元，是涓洲湾航道项 目补助资金和项目业主到位的配套资金。占国内配套资金总额48.16％。 其中：部级辛］·助148,122,200.00元，占计戈，J 56.53%；省级财政辛】·助资金 112,916,200.00元，计划数262,000,000.00元，占计划43.100,0元；自筹资 金7,663,727．巧元。由于工程通过招投标等措施节约了工程成本，预计工 程投资额将由概算的8.74亿元下降至6.01亿元。因此，为满足世行绩效 要求，足额佼用世行贷款，相应国内配套资金减少。 4.5项目借款 20 18年12月31日项目借款余额为人民币274,221,484.27元，即为国 际复兴开发银行贷款为39,955,339.24美元折合人民币数。 4.5,l截至2015年12月31日累计提取世界银行贷款39,955,339.24 粎元，占贷款总额度的79.91%，具体如下： 类别核定贷款金额累计提款数提款比例 l、建安工程48,875,000.00 39,034,783.49 79.87% 2、培训1,000,000.00 792,855.09 79.28% 3、先征费125,000.00 125,000.00 100.00% 4、指定专用账户2,700.66 总计50,000,000.00 39,955,339.24 79.91% 4.6应付款 20 18年12月31日余额为人民币1 05,603,922.85元，其中：1、应付 关联单位垫付预付款人民币53,557,650.00元；2、待归还与本项目无关的 关联单位暂存款项52,046,272.85元。 4.7留成收入 2018年12月31日余额人民币l,993.83元。 l5 5．国内配套资金情况 截至20 18年12月31日累计收到国内配套资金人民币268,702,127.15 元，占国内配套资金总额48.16％。 l6 v. Notes to the Financial Statements Notes to Financial Statements 1. Project Overview The Loan No. of Fujian Meizhou Bay Navigation Improvement Project is 8227-CN. The Loan Agreement was signed on April 15, 2013 and came into effect on June 13, 2013. The account of the project will be closed before June 30, 2019. Totally USD 50 million is financed by the World Bank. 1. 1 Fujian Meizhou Bay Navigation Improvement Project Fujian Meizhou Bay Navigation Improvement Project will contribute to the medium- and long-term economic development of the existing and the planned Meizhou Bay Industrial District, and its new transport connection with hinterland will help boost the economic development of the Economic Zone on the Western Coast of the Taiwan Straits, Fujian, Jiangxi, Hunan and other hinterland provinces. This project aims to build a low-cost transportation system through shortening the average distance between hinterland areas and the port. The planned gross investment of this project was RMB 874,424,800.00, of which the World Bank will finance USD 50,000,000.00 (equivalent to RMB 316,500,000.00) and the domestic counterpart fund was RMB 557X400.00. 1.2 Institutional Capacity Building This component is financed by the World Bank and amounts to USD 1,000,000.00, including overseas and domestic training and study tour. It aims to help the staff members of Fujian transportation system improve their administrative capacity and gain the internationally advanced experience. 2. Consolidation Scope of Financial Statements The consolidation scope of the financial statements covers the financial statements of MBHAB, as well as the Designated Account set in the FPFD. 17 3. Accounting Policies 3.1 The financial statements of this project were prepared according to the Measures of Ministry of Finance for the Accounting of World Bank Financed Projects (Cai Ji Zi [2000] No. 13). 3.2 The accounting process follows the Gregorian calendar system, namely the fiscal year starts from January 1 and ends on December 31. 3.3 The "accrual system" is adopted as the principle for accounting with double entry method of debt and credit. RMB is used as the standard currency in accounting. 3.4 The exchange rate for final settlement of account follows the exchange rate announced by the People's Bank of China on Dec 29, 2018, namely USD 1 = RMB 6.8632. 4. Notes to Statement Entries 4.1 Project Expenditure The project expenditures incurred in 2018 totaled RMB 121,619,130.18, and the cumulative expenditures were RMB 593,605,277.34, which accounted for 67.89% of the total investment plan. 4.1.1 The construction and installation expenditures incurred in 2018 totaled RMB 95,566,802.00, and the cumulative expenditures were RMB 541,668,387.00, which accounted for 74.79% of the investment plan. Among them, the expenditures of Contract MZW-HDO1 and Contract MZW-HDO2 totaled RMB 187,975,348.00 and RMB 353,693,039.00 respectively. 4.1.2 The unamortized investment in 2018 was RMB 25,022,305.48, and the cumulative unamortized investments were RMB 39,678,565.64. 18 4.1.3 The other investment in 2018 was RMB 1,030,022.70, and the cumulative other investments were RMB 12,258,324.70. Among them, the cumulative expenditures of training were RMB 5,851,124.70 (RMB 200,169.70 for overseas training, and RMB 179,853.00 for domestic training), which accounted for 92.43% of the investment plan. 4.2 Monetary Funds As of Dec 31, 2018, the balance of monetary funds was RMB 54,924,250.76, of which the bank deposit of project owner was RMB 54,903,721.76, and deposit in the designated account was USD 2,991.17 (equivalent to RMB 20,529). 4.3 Advance Payments and Receivables As of December 31, 2018, the balance was RMB 0. 4.4 Fund Appropriation As of December 31, 2018, the balance was RMB 268,702,127.15, which was the subsidy for the Meizhou Bay Navigation Improvement Project and the counterpart fund provided by the project owner. It accounted for 48.16% of the total domestic counterpart funds, including the ministerial subsidy of RMB 148,122,200.00 (56.53%), provincial subsidy of RMB 112,916,200.00 (43.10% of the planned subsidy, which is RMB 262,000,000.00); and self-raised fund of RMB 7,663,727.15. Since this project has saved significant engineering costs through measures such as public bidding, it is estimated that the project investment will be reduced from the estimated RMB 874 million to RMB 601 million. Therefore, in order to meet the Bank's performance requirements and to make full use of the World Bank loan proceeds, the corresponding domestic counterpart funds will be reduced. 4.5 Project Loan 19 As of December 31, 2017, the IBRD loan balance of this project was USD 39,955,339.24, equivalent to RMB 274,221,484.27. 4.5.1 As of Dec 31, 2018, the cumulative withdrawn IBRD loan was USD 39,955,339.24, accounting for 79.91% of the total loan. The details are listed as follows: Category Approved Cumulative % of Amount Withdrawal Withdrawal 1. Construction and 48,875,000.00 39,034,783.49 79.87% installation works 2. Training 1,000,000.00 792,855.09 79.28% 3. Front-end fee 125,000.00 125,000.00 100.00% 4. Designated account 2700.66 Total 50,000,000.00 39,955,339.24 79.91% 4.6 Payables As of December 31, 2017, the balance on was RMB 105,603,922.85, including: 1) the advance payment of RMB 53,557,650.00 payable to the relevant units; and 2) the pending return of provisional deposits of relevant units unrelated to this project of RMB 52,046,272.85. 4.7 Retained Earnings As of December 31, 2018, the balance was RMB 1,993.83. 5. Domestic Counterpart Funds As of December 31, 2018, domestic counterpart funds totaled RMB 268,702,127.15, accounting for 48.16% of the total domestic counterpart funds. 20