SHN: Explanation for limitations in Reviewed Financial Statement 2012
Hanoi Investment General Corporation explained for change in operating result and limitations in Reviewed Financial Statement 2012 as follows:
1. Change in operating result
Profit after tax of the first 6 months of 2012 was –VND 85,767,936,859 with a decrease of VND 96,846,591,618 compared to the same period of last year. The Company didn’t recover debt of BETA Joint Stock Company- Ministry of Defense so SHN didn’t have capital for business. Besides the Company had to pay interests and set up allowance for uncollectible accounts of BETA JSC with rate of 20% equaling 47.6 billion.
2. Limitations in Reviewed Financial Statement 2012
-Because some customers who had debts with company go on business so when auditing, the Company couldn’t contact with customers to have statement defining statistics involved the debts.
Stocks of Au Lac Real Estate Joint Stock Company is considered as insurance asset for debts of BETA Joint Stock Company – Ministry of Defense and Ms. Nguyen Anh Quan. However, when making statement, Management Board of HANIC still was finishing procedures for the transfer of the stocks. Therefore, the auditor couldn’t evaluate ability to recover the debts.
- Accumulated loss is mainly caused by allowance for BETA JSC- MF’s uncollectible debts and borrowing interests.
HNX
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> SD6: Reviewed financial statement 2012_Consolidated (13/09/2012)
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