SSG: Explanation for note of auditor in the FS year 2011
On 25/04/2012, Kreston ACA Vietnam (auditor of Seagull Shipping Company year 2011) explained the opinion of auditor in the FS year 2011 that the short-term liabilities of Seagull Shipping Company is VND53.5 bilion more than current assets of the Company as follows:
- On 31/12/2011, short-term liabilities of the Company is VND53.5 bilion more than current assets while cash and cash equivalent is small (about VND63 million); which would lead to difficulities in liquidity when the Company has to pay for short-term liabilities. These factors can cause Going Concern.
- The ongoing operation of the Company will depend on operation results of 2012, main shareholders and resouces from banks.
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