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VMC: Explanation for auditor\u2019s opinion in reviewed semi-annual FS 2013
(01 October 2013)
Vimeco JSC explained the auditor’s opinion in reviewed semi-annual FS 2013 as
follows:
Interpretation
in the report on reviewing semi-annual financial statement 2013: “the balance
of work in progress on 30 June 2013 consists of the investment in project for
building and infrastructure business of Cao Xanh – Ha Khanh D urban area, Ha
Khanh Ward, Ha Long City with VND 24,549,196,556. The project was revoked under
Decision No. 1143/QD-UBND dated 21 May 2012 of Quang Ninh People’s Committee on
land recovery for Vimeco JSC’s project for Cao Xanh – Ha Khanh D urban area, Ha
Khanh Ward, Ha Long City and appointing Ha Long Land Development Agency to
manage”.
On 23 July
2012, Quang Ninh People’s Committee issued Decision No. 1829/QD-UBND on
establishing a body to determine the remaining value of land use fees, land
rent and non-state budget investments on the land in order to return to the
affected people in terms of project for Cao Xanh – Ha Khanh D new urban area
that investor is the Company. On 04 February 2013, Quang Ninh People’s
Committee issued Document No. 457/STC-QLG on acknowledgement of having received
the records related to the project under Document No. 119/CV/VIMECO-DT dated 31
January 2013 of the Company. Based on
the collected evidence, we could not conduct the review to assess the
recoverable value of Cao Xanh – Ha Khanh D project before the date of making
and issuing this private financial statement and its effects to the Company’s
semi-annual financial statement.
On 30 June
2013, the work in progress of Cao Xanh – Ha Khanh project, Ha Khanh Ward, Ha
Long City was composed of:
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Compensation for land clearance: VND
7,542,547,300
-
Land use fee: VND
1,823,000,000
-
Leveling fee: VND
15,183,649,256
Based on the
documents provided to Quang Ninh People’s Committee, the Company is in
cooperation with Quang Ninh People’s Committee on the project compensation
plan. Based on the discussion, records and materials of the project, the Board
of General Directors has carefully reviewed and evaluated and ensure that the
Company can collect the above amount.
HNX
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