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SDU: Explanation for except-for opinion of auditor in the FS year 2012
On 12/03/2013, Song Da Urban Investment Construction and Development JSC explained the except-for opinion of auditor in the FS year 2012 as follows:
- Total assets: VND 148,301,855,148
- Liabilities: VND 290,094,683,878
- Current ratio: 0.51
In recent years, the main business line of the Company has met lots of difficulties. Because of tight financing policy, the Company could not get loans from credit agencies for the projects. Therefore, the leaders have borrowed from inviduals (VND 61,561,999,336) and projects’ customers (VND 54,464,170,176). All of these were caculated for Liabilities, not in Construction progress of Assets.
In other hand, the borrowed loan from customers will not be paid in cash but in the projects’ products, then it should not considered liability.
Others due-payables were be paid by operating profit and pledged assets.
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