INDEPENDENT
AUDITORS’ REPORT
To the Shareholders and
Management of
Elekeiroz S.A.
Várzea Paulista - SP
1.
We have audited the accompanying individual and
consolidated balance sheet of Elekeiroz
2.
Our audits were conducted in accordance with auditing
standards applicable in Brazil and comprised: (a) planning of the work, taking
into consideration the significance of the balances, volume of transactions,
and the accounting and internal control systems of the Company, (b) checking,
on a test basis, the evidence and records that support the amounts and
accounting information disclosed, and (c) evaluating the significant accounting
practices and estimates adopted by management, as well as the presentation of
the financial statements taken as a whole.
3.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the financial position of the
Company as of December 31, 2007 and the results of its operations, the changes
in shareholders’ equity, and the changes in its financial position for the year
then ended in conformity with Brazilian accounting practices.
4.
Our exams were conducted with the purpose of issuing
an opinion on the financial statements referred to in paragraph 1, taken as
whole. The statements of cash flows and value-added,
presented to provide supplemental information, are not required as an integral
part of the financial statements. The statements of cash flows and value-added
were subjected to the same auditing procedures described in paragraph 2 and, in
our opinion, are fairly stated, in all material respects, in relation to the
basic financial statements taken as a whole.
5.
The
financial statements as of
6.
The accompanying financial statements have been
translated into English for the convenience of readers outside
Săo Paulo, January 25, 2008
Orlando Octávio de Freitas
Júnior
Engagement Partner
BDO Trevisan Auditores Independentes