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DLR: Explanation for audit exception in financial statement of first 06 months of 2014
1. (Consolidated)
On 26/08/2014, Da Lat Real Estate Joint Stock Company
announced explanation for audit exception in consolidated financial statement
of first 06 months of 2014 as follows:
Audit exception: “At the
moment of issuing this auditing report, we do not collect confirmation of
balance on 30/062014 of debts relating to Dinh Tien Hoang construction work
(construction work of Bao Loc Real Estate Co., ltd): Receivable from customers
(Dinh Tien Hoang school) VND 13,013,943,683. Relevant interest expense in first
06 months of 2014 of VND 1.101 billion was not allocated to execution teams and
presented in Prepayment of buyers. At the moment of issuing this report, we do not
receive confirmation of these teams relating to allocation of interest expense
above. Therefore, we have not enough proof to determine influence of this
problem on business result and balance of debts of execution teams in Bao Loc
Real Estate Co., ltd.”
Explanation:
Boc Loc Real Estate Co., ltd is a subsidiary of Da Lat Real
Estate Joint Stock Company. Construction work of Dinh Tien Hoang Primary School
– Ho Chi Minh City was executed by Bao Loc Real Estate Co., ltd.
The construction work recorded revenue in 2013; however, there
were some arising items so the Investor did not confirm debts.
For debts relating to execution teams, due to fluctuation of
interest expense so the Company did not define specific debts of each team.
Thus, execution teams did not confirm relevant debts.
Bao Loc Real Estate Co., ltd would take responsibility for
comparing and confirming debts after there was hand-over minute and settlement
of parties. 2. (Holding Company) On 26/08/2014, Da Lat Real Estate Joint Stock Company
announced explanation for audit exception in financial statement of first 06
months of 2014 of the Holding Company as follows: Audit exception: “On
30/06/2014, the Company did not extract provision for deflation of long-term
financial investment for investment in Bao Loc Real Estate Co., ltd with value
of VND 1.191 billion.” Explanation: Boc Loc Real Estate Co., ltd is a subsidiary of Da Lat Real
Estate Joint Stock Company.
For long-term financial investment into subsidiaries, the
Company would consider to extract provision by the end of financial year when
there were all business result of subsidiaries. HNX
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