Thursday, 19/09/2013 15:05

DST: Explanation for auditor’s opinion on semi-annual FS 2013


(Aug. 13, 2013) Nam Dinh Educational Book and Equipment Joint Stock Company explained the auditor’s opinion on semi-annual FS 2013 as follows:

1.       Auditor’s opinion: The Company has not set up the actual salary levels paid to the employees for the first 6 months of 2013 with the amount of VND 353,191,250. The Company presented VND 143,112,843, the remaining VND 210,078,407 is put in “other receivables” on the balance sheet. If enter the entire actual salary expenses until 30 June 2013 in the expenses of the period, the business result of the first 6 months of 2013 has a loss of VND 210,078,407

Explanation of the Company: The Company primarily buys and sells schoolbooks and educational products on seasonal base (school semesters). Until 30 June 2013, the Company mainly bought, the salary expense of 6 months (paid the employees VND353,191,250) while the revenue of the first 6 months had not covered those expenses. Therefore, the Company deducted 143,112,843 to the expense account; the debit balance on 3341 account was VND 210,078,407 which the Company entered in “other receivables” on the balance sheet. In July and August 2013, the Company will continue to deduct the above debit balance.

2.       Auditor’s opinion: The inventory has not been classified and evaluated. The value of the inventory is VND 1,271,004,864 (accounting for 9.57% of the total assets).

Explanation of the Company: Most of the inventory is the books of previous years with new content that the Company continues selling off; clear the too old products

3.       Auditor’s opinion: Provision for some of overdue debts is short of VND 39,756,071 compared to the regulated level

Explanation of the Company: Actively collect the debts and complete the provision in Q.IV/2013

HNX

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