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PLC: Explanation for audited FS of first 06 months of 2013
1. Petrolimex Asphalt Co., ltd (subsidiary
company of the Corporation) does not raise enough provision for bad debts
according to accounting policy of the Corporation. If this provision is fully
raised, corporate administration expense of first 06 months of 2013 would
increase by VND 24.56 billion and profit before tax would decrease an
appropriate amount.
2. Petrolimex Asphalt Co., ltd (subsidiary
company of the Corporation) does not record some arising expenses with amount
of VND 7.8 billion. If this amount is fully recorded, profit before tax of
first 06 months of 2013 would decrease by VND 7.8 billion
On 23/08/2013, Petrolimex Petrochemical Corporation - JSC
explains audit exception in FS of first 06 months of 2013 as follow:
1.
Due to characteristics that clients of Petrolimex Asphalt Co., ltd often have
long payment time, which depends on disbursement schedule of projects, etc. The
clients commit to pay debts in the coming time so the Company deducts but not
fully to raise provision for receivables from clients above and believes that
the provision is enough to make up the amounts that the Corporation has not
ability to revoke.
2.
Some expenses of Petrolimex Chemical Co., ltd are not recorded fully according
to auditors’ opinion. In last 06 months of 2013, Petrolimex Chemical Co., ltd
would record fully these expenses in FS 2013 to evaluate accurately business
performance of 2013. HNX
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