On June 27, NVC Lighting issued a notice stating that the company's auditors have issued reservations regarding the Group's consolidated financial statements for the year ended December 31, 2017, relating to certain so-called guarantees claimed by the Group. The legal proceedings relating to such guarantees are in progress and, on June 27, the year of the Group's consolidated financial statements for the year ended December 31, 2017, NVC Lighting announced that the company's auditors have been as of 2017. The Group's consolidated financial statements for the year ended March 31 issued a reservation regarding a number of so-called guarantees allegedly provided by the Group. The legal proceedings relating to the guarantees are in progress and the auditors have not been able to impair the other receivables and the financial guarantee contracts for the annual audit of the Group's consolidated financial statements for the year ended 31 December 2017. Uncertainty; and provision for financial guarantee contract losses, with adequate and appropriate audit evidence. According to certain so-called mortgage and guarantee agreements entered into by a former subsidiary of the company, Wu Changjiang, on behalf of a subsidiary of the company, as the bank loans secured by the subsidiary were not repaid, certain banks have withdrawn the subsidiary's time deposits in total. About 551 million yuan. One of the bank borrowers, Chongqing Wuji, provided counter-guarantee to the group. The group has taken legal action to file a claim for the counter-guarantee provided by the Promise, and confirmed that the total amount of RMB 551 million was as of December 31, 2017. Other receivables that are endless. The management of the Group believes that the recoverable amount is approximately RMB2.66 and has provided for an unrecoverable amount of approximately RMB285 million from the year ended 31 December 2014; the Group is currently comprised of two Chinese banks and one China The Finance Company sued the defendant of the litigation in which the Group was liable for guarantee liability and interest in accordance with the so-called guarantee agreement entered into by Wu Changjiang on behalf of the subsidiary. In the case of a lawsuit filed by one of the Chinese banks, the bank balance of the subsidiary was RMB 55.796 million, which was taken by the court to pay the claim of the Chinese bank. The management of the company believes that the Group is unlikely to bear losses for such guarantees. Therefore, with the exception of relevant laws and other fees, as of December 31, 2017, there is no need for claims and banks that have been withdrawn for such litigation. Provision for balance. The management of the Company considers that the amount of RMB 266 million to be recoverable is based on the counter-guarantee provided by the Promise, including the land use right borne by the Promise Pledge; on December 31, 2017, the Group’s possibility of taking losses for such guarantees was slight. Based on, among other things, the legal opinions obtained by the company's management on the litigations filed by the two Chinese banks and one Chinese finance company; the loan has the land use right including the Promise Pledge and the land use right pledged by Chongqing Enweixi Industrial Development as the guarantee There are a number of other guarantors involved in the legal proceedings of two Chinese banks and one China Finance Company. The guarantors were judged to be jointly and severally liable for the two Chinese banks and one Chinese finance company. The Company's Audit Committee confirmed that it has reviewed and agreed to the management's position and the company's accounting treatment as set out above.
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