DST: Explanation for audit exception in semi-annual financial statement 2012

Nam Dinh Educational Book and Equipment JSC announces the explanation for audit exception in semi-annual financial statement 2012 as follows:

Audit exception: Followed by the description no. 13, the company had not established the real salary cost paid for employees in the first 06 months of 2012 as VND 325.49 million which the company recorded was VND 21.2 million and the rest of VND 304.29 million was recorded as “other receivables” in the balance sheet. If the company kept business account of real salary cost by 30/06/2012 then the operation result of the first 06 months would be a loss of VND 797.56 million.

Company explanation: Because the business of the company is buying and selling education books and equipment by season ( student semester ), by 30/06/2012, the company still operated normally by importing goods. Therefore the company still must pay salary for employees VND 325.49 million. While the revenue of the first six month was low, the company was only able to pay VND 21.2 million for salary cost, the rest salary debt balance was VND 304.29 million was recorded as “other receivables” and the company would use the expense of the upcoming months to pay for it.

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