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SDA: Explanation for exception in audited semi-annual financial statement 2012
SIMCO Song Da JSC announces the explanation for exception in audited financial statement for the period from 01/01/2012 to 30/06/2012 as below:
1. Financial Statement submission of subsidiaries and corporate companies:
- Viet Nam – Sweden Wine Collaboration Company: still not submit to the company, even though being reminded many times.
- Vinh Son Investment JS: bought 210,000 shares ( correlative to VND 2.1 billion – 0.82% of charter capital) on 31/12/2011. Song Da Mien Trung Investment JSC bought 50,000 shares (correlative to 0.5% charter capital) on 31/12/2011. At the moment these two subsidiaries are in investing process with small percentage so they do not have examined right with semi-annual financial report.
- Thach Khe Iron JSC, Phu Rieng Rubber JSC, Hai Ha Investment – Development JSC also have the same problem as mentioned above.
As a result, the company do not have enough database to recalculate the reserve fund for long term investments on 30/06/2012 compares with the reserve fund for long term investments on 31/12/2011.
2. About Urban Quarter Structure of the West part of Ha Tinh Town project: The company calculates base on the prepaid construction cost and pay 80% of the amount based on investment effectiveness. At the same time, the price of capital is calculated bases on correlative earned profit.
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