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BVG: Explanation for audit exception in semi-annual financial statement 2013
On 12/08/2013, Bacviet Steel Joint Stock Company announces the explanation for audit exception in semi-annual financial statement 2013 as follows:
About opinion “In the operation period from 01/01/2013 to 30/06/2013, over 90% of the revenue came from selling the assets to Bacviet Investment Trading Joint Stock Company. We have not given opinion on this transaction and its influence on semi-annual financial statement of the Company” at the private financial statement and consolidated financial statement because these assets have been depreciated completely but these assets still have value in use. However, holding Company restructured the enterprise to narrow the operation in order to invest into the operation at the subsidiaries.
About opinion “Short-term and long-term advance payment cost arising from previous fiscal years in amount of VND 1,800,039,345 and arising in the operation period from 01/01/2013 to 30/06/2013 in amount of VND 653,207,458 of Bacviet Technology Joint Stock Company has been not distributed to define the operation results” in consolidate financial statement because after transferring the steel pipe production to Japanese partner, Bacviet Technology Joint Stock Company must start building detail price unit for each model product.
About opinion “On 31/12/2012 Bacviet Technology Joint Stock Company has not set the provision for bad debts in amount of VND 1,465,236,457. If mentioned provision is set will cause accumulative impact on the relating targets stated in consolidated semi-annual financial statement 2013” on consolidated financial statement because the Company thinks that these debts can be collected.
About opinion “Arising enterprise management cost of Bacviet Technology Joint Stock Company from previous fiscal years in amount of VND 649,537,755 and arising cost in the period from 01/01/2013 to 30/06/2013 in amount of VNC321,885,422 accounting at the short-term advance payment and the long-term advance payment but not accounted into the cost to define the operation result in the period” on Consolidated financial statement because Bacviet Technology Joint Stock Company did not arise the revenue, so this cost has not been distributed.
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