MAC: Explanation for except-for opinion of auditor in Reviewed Financial Statement 2012
MAC: Explanation for except-for opinion of auditor in Reviewed Financial Statement 2012
On 14/08/2012, Marine supply and engineering service JSC explained the except-for opinion of auditor in Reviewed Financial Statement 2012 as follows:
- Auditor’s comment:
At the auditing time, auditor did not collect enough information and documents to review provision for long-term investments at Container Maserco Service Co., Ltd and Hai An Shipbuilding JSC.
- Marine Supply and Engineering Service JSC ’s explanation:
At that time, these are unlisted firms or not public firms so MAC could not have the financial statements of these two companies.
However, Marine Supply and Engineering Service JSC has preliminary estimation about these two companies as follow:
+ Hai An Shipbuilding JSC still face difficulties due to frozen shipbuilding industry. However, Hai An Shipbuilding JSC issued Board Resolution on merging Hai An Shipbuilding JSC into Hai An Transport And Stevedoring JSC which is potential for seaport development and it paid dividend of 2011 with rate 8%.
+ Container Maserco Service Co., Ltd: Contributed capital of only VND800 million.
Container Maserco Service Co., Ltd is now suffering loss as it deducted depreciation of assets in the shortest time under the regulation. However, the BOD of MAC decided to re-caculated deprecitaion of its vehicles from 6 years to 10 years. The firm also signed transportation contracts with big customers such as NYK, Canon ...which could bring profit for the Company.
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