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VIP: Explanation for comments of independent audit on the financial statement
Viet Nam Petroleum Transport Joint Stock Company (VIPCO) has explained comments of independent audit on the integrated financial statement of the first 6 months 2010 as follows:
1. Payment of the Phuong Hoa Co., Ltd.:
VIPCO has still maintained the contract with the Phuong Hoa Co., Ltd till the end of 2010. However, Phuong Hoa committed to pay the amount of VND7,100,340,000 to VIPCO from August to December 2010.
2. Deposit amount in the account of the Thien Loc Phu Production Trade - Services Co., Ltd.:
During the time of implementing the contract between VIPCO and Thien Loc Phuc, due to late disbursement of Thien Loc Phuc, VIPCO required the company to pay the amount of VND20,683,000,000 and both parties would re-sign the new contract before 15th April 2010. However, Thien Loc Phu then proved its finance source and pledged to disburse the amount to VIPCO in September 2010. VIPCO has decided to maintain the contract with Thien Loc Phuc at the end of September 2010.
3. Loss of difference of exchange rate:
According to the Circular No.161/2007/TT-BTC dated 31st December 2007 about the accounting regulations, VIPCO has to re-evaluate the amount in foreign currencies at the end of the fiscal year. However, to ensure stability of profit of 2010 in comparison with that of the first 6 months 2010, VIPCO temporarily recorded the amount of VND10 billion in business result of the first 6 months 2010 (If not recording the amount, profit of the first 6 months 2010 would have a correlative increase).
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