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PFL: Explanation for audit opinion in semi-annual financial statement 2013
On 28/08/2013, Petroleum
Dong Do Joint Stock Company explained the audit opinion in semi-annual
financial statement 2013 as follows:
On 30/06/2012, current liabilities of the
company exceeded current assets in an amount of VND75 billion. The solvency in
12 months was dependent on recovery of debts, recovery of contributed
investment capital or selling of works and capital mobilization from investors.
In case no capital was mobilized from various financial sources for project
investment in 12 months, the company would loose the progress of real estate
investment projects.
The balance of other long term investments
account on 30/06/2012 at the amount of VND70 billion were contributed capital
to other parties. The Company has evaluated and set up the provision for the
short-term financial investment devaluation for this investment in amount of VND
3.8 billion based on the audited financial statements for the fiscal year
finished on 31/12/2012 of parties to which the Company investment capital contributed.
Due to failure to collect audited financial statements of parties to which
investment capital were contributed, the company had no basis to set provisions
for the mentioned investments from 1/1 to 30/06/2013.
The balance of receivables from customers
account in balance sheet on 30/06/2013 included VND13 billion receivables from
Phu Long Estate Company, Tien Loc Investment Joint Stock Company and Hochiminh
Bank for Investment and Development – Hoan Kiem branch relating to commercial
right value which must be paid when planning to build Project at 160 Tran Quang
Khai, Hoan Kiem, Ha Noi which was approved by the authority. HNX
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