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TXM: Explanation for the auditor’s comments on Financial Statement of first half 2013
(Aug. 27, 2013) Vicem Gypsum and Cement Joint Stock Company explained
the auditor’s comments on Financial Statement of first half 2013 as follows:
Implementing the contract No. 92A/BCC-TXM dated May 17, 2011, on Jun.
16, 2011, TXM officially transferred
Quang Tri Cement Grinding Station (Project) to Bimson Cement JSC (BCC).
However, TXM has to continue carrying out the settlement for the Project until
the final accounts are approved by the authority of competence
On Jan. 01, 2012, the construction value of the Project on the balance
of the construction in progress of TXM was VND 172,381,655,523. Since some of
the bidding packages of the Project have not completed the payment documents
and in order to have evidence for paying TXM the capital that TXM spent on the
Project before, in the Minutes of Feb. 22, 2012, TXM and BCC agreed that BBC
advanced the appropriate expenses to TXM (expenses audited or inspected) with
the amount before tax of VND 141,856,587,734. BCC will pay the remaining value of the Project to TXM after TXM
complete the settlement documents approved by the authority of competence.
On Jun. 30, 2013, TXM had not completed the settlement documents
approved by the authority of competence
HNX
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