TET: Audited FS explanation
On 29/08/2011, Northern Textiles and Garments JSC (HNX: TET) explained the auditor’s comment relating to investments in associate companies as follows:
In the explanation for the Reviewed financial Statement (FS) 2011, the auditor notes that this consolidated financial statement has not consolidated investments into associate companies.
In fact, TEXTACO contributed capital to Truong Ha JSC equal to 57.14% of equity of Truong Ha JSC. In the Agreement on Capital contribution and Operation control with Truong Ha JSC, it is written that Northern Textiles and Garments JSC holds the voting rights according to the percentage of equity, but does not participate in controlling the company. The operation of Truong Ha JSC is approved by the General Meeting of Shareholders
Thus, the company did not consolidate financial statement of Truong Ha JSC and considered this as investments into associate.
HNX
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