Công ty cổ phần công trình 6 Địa chỉ: Tổ 36, Thị trấn Đông Anh - Hà Nội |Tel: (84-4) 38835681 - (84-4) 38832235 |Fax: (84-4) 38832761 | Email: [email protected] © 2012 Copyright by ctcpct6.com.vn - Designed by BICWeb.vn™ The Board of Management of ABC. Construction Trading Service Company Limited presents the audited financial statements of the Company for the financial year ended 31 December 2014. The Company’s general information ABC. Construction Trading Service Company Limited (hereinafter referred to as the “Company”) was established and operates under the Certificate of business registration number 0123456789 initially granted by Business Registration Office – Department of Planning and Investment Ho Chi Minh city on XX-XX-XXXX and the fourth amendment dated XX-XX-XXXX. Whereby: – Company Name: ABC CONSTRUCTION TRADING SERVICE COMPANY LIMITED – Abbreviation: ABC CTS., LTD – Charter Capital: 5,000,000,000 VND (Five billion Vietnamese dong) – Head office: Xth Floor, ABC Buiding, 123 XYZ Street, Ward X, District X, Ho Chi Minh City Main business activities of the Company are: – Construction of houses of all kinds – Construction of railways and roads – Construction of public utility facilities – Construction of other civil engineering – Decommissioning – Surface preparation – Installation of electrical systems – Installation of systems of water supply, drainage, heating and air-conditioning (except for mechanical processing, recycling, electroplating at premise) – Completing construction – Wholesale of machinery, equipment and other machine parts. – Details: Wholesale of machinery, equipment and spare parts for mining and construction. Wholesale of machinery, electrical equipment, electrical materials (generators, electric motors, wires and other electrical equipment used in the circuit). Wholesale of machinery, equipment and spare parts for textile, apparel and footwear. Trade machinery, equipment and supplies office. Wholesale of machinery, medical equipment. – Wholesale of computers, peripherals and software – Wholesale of electronic and telecommunication equipment and components – Wholesale of machinery, equipment and spare parts of agricultural machines – Wholesale of metals and metal ores – Details: wholesale of iron and steel – Wholesale of other construction material and equipment – Details: Wholesale of bamboo, raw wood and processed wood; wholesale of cement; wholesale of brick, tile, stone, sand and gravel; wholesale of building glass; Wholesale of paints, varnishes, Wholesale of wall and floor tiles and sanitary equipment tile; Wholesale of hardware (not operated at the headquarters) – Lease of machinery and equipment and other tangible items – Details: Lease of agricultural and forestry machinery and equipment, lease of construction machinery and equipment, lease of office machinery and equipment (including computers) – Transportation of goods by road – Transporting goods by inland waterways – Supply of labor and management – Details: Supply and management of labor resources in the country (excluding labor re-lease) – Related architectural and technical consultancy activities – Details: Management of investment projects construction, supervision of construction and completion of construction works. Supervision of construction and finishing transportation works. Planning for construction projects. Project costing for construction works. Bidding consultancy. Supervision of construction works and finishing terminal works. Structural design for terminals and waterways. Structural design for civil engineering and industrial works. – Manufacture of metal structures (not operated at the headquarters) – Manufacture of metal tanks, reservoirs and containers (not operated at the headquarters) – Manufacture of concrete and products from cement and plaster (not operated at the headquarters) – Installation of other building systems (except for mechanical processing, recycling, electroplating at headquarters) – Other specialized construction activities – Management consulting (except for financial and accounting consulting) – Not-yet classified professional, scientific, technological activities – Details: Commercial Brokerage – Lease of motor vehicles – Details: Lease of cars. Lease of other motor vehicles – General support services – Administrative office services – Dedicated design activities – Details: Interior decoration. Board of Management The members of the Board of Management of the Company during the year and at the date of this report include: Full name Position Mr. Nguyen Van A Chairman of Board of Members Financial position, results of operations and cash flows The financial position of the Company as at 31 December 2014 and the results of its operations and cash flows for the year then ended are presented in the attached financial statements. Events after the balance sheet date No significant events occurred after the date of the financial statements requires adjustments or published in the financial statements. Auditor AUDITING CO., LTD has carried out an audit of financial statements for the fiscal year ended 31 December 2014 of the Company. STATEMENT OF THE RESPONSIBILITY OF MANAGEMENT OF THE COMPANY IN RESPECT OF THE FINANCIAL STATEMENTS Management of the Company is responsible for financial statements which give a true and fair view of the financial position of the Company as at 31 December 2014 and the results of its operations and cash flows for the year then ended. In preparing these financial statements, the management is required to:
Management is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the financial position of the Company and which enable financial statements to be prepared which comply with the basis of accounting set out in Notes to the financial statements. Management is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the Board of Members __________________ Nguyen Van A Chairman of the Board of Members Ho Chi Minh city, 18 April 2015 No.: /2015/BCTC-AUDITING AUDITOR’S REPORT To: Board of Members and Management ABC. Construction Trading Service Company Limited We have audited the accompanying financial statements of ABC. Construction Trading Service Company Limited (the “Company”), prepared on 18 May 2015 as set out from page 06 to page 18, which comprise the balance sheet as at 31 December 2014, and the statement of income, and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information (collectively referred to as the “financial statements”). Responsibility of the Board of Management The Board of Management is responsible for the preparation and fair presentation of these financial statements in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to financial reporting and for such internal control as the Board of Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Director, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. Basis for Qualified Opinion Due to be appointed as auditors of the Company after 31 December 2014, we were not able to witness the cash count and inventory count. Given existing documents and by other audit procedures we cannot assure existence and completeness of these items. Auditor’s Opinion In our opinion, except for any adjustments that might have been found to be necessary as mentioned above paragraphs, the accompanying financial statements give a true and fair view of, in all material respects, the financial position of the Company as at 31 December 2014, and its financial performance and its cash flows for the year then ended in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to financial reporting. On behalf of AUDITING CO., LTD Ho Chi Minh city, 18 April 2015 Tran Van A Director Audit Practicing Registration Certificate No. XXXX-XXXX-XXX-1 Doan Thi B Auditor Audit Practicing Registration Certificate No. XXXX-XXXX-XXX-1 BALANCE SHEET As at 31 December 2014 Unit: VND ASSETS Codes Notes 31/12/2014 01/01/2014 1 2 3 4 5
III. Short-term receivables 130 5.300.087.947 291.744.238
– Historical cost 222 1.099.840.909 412.500.000 – Accumulated depreciation 223 (203.096.994) (41.741.071) III. Real estate investments 240
TOTAL ASSETS (270=100+200) 270 10.515.849.353 1.699.680.811 BALANCE SHEET (continued) As at 31 December 2014 Unit: VND RESOURCES Codes Notes 31/12/2014 01/01/2014 1 2 3 4 5
TOTAL RESOURCES (440=300+400) 440 10.515.849.353 1.699.680.811 18 April 2015 Preparer Chairman of Board of Members INCOME STATEMENT For the year ended 31 December 2014 Unit: VND ITEMS Codes Notes 2014 2013 1 2 3 4 5
– In which: Interest expense 23 14.941.018
18 April 2015 Preparer Chairman of Board of Members CASH FLOW STATEMENT For the year ended 2014 ITEMS Codes Notes 2014 2013
NET CASH FLOWS USED IN OPERATING ACTIVITIES 20 (3.219.413.299) (584.277.428)
NET CASH FLOWS USED IN INVESTING ACTIVITIES 30 729.091.712 2.581.987 III. CASH FLOWS FROM FINANCING ACTIVITIES
NET CASH FLOWS FROM FINANCING ACTIVITIES 40 3.410.000.000 1.000.000.000 Net increase in cash (50=20+30+40) 50 919.678.483 418.304.559 Cash and cash equivalents at the beginning of the year 60 507.033.894 88.729.335 Effect of foreign exchange differences 61 Cash and cash equivalents at end of year (70=50+60+61) 70 4.1 1.426.712.377 507.033.894 18 April 2015 Preparer Chairman of Board of Members
Structure of ownership The Company was incorporated in Vietnam as a two-member limited company under Business Registration Certificate No. 0123456789 dated 22 May 2013 issued by the Department of Planning and Investment of Ho Chi Minh City.
2.1. Financial year and accounting currency The Company’s financial year begins on 1 January and ends on 31 December. The financial statements are measured and presented in Vietnamese Dong (“VND”), recognized on an accrual basis in accordance with regulations of Accounting Law no. 03/2003/QH11 dated 17/06/2003 and Vietnamese Accounting Standard no.1 – General Standard. 2.2. Accounting standard and accounting regime Accounting regime applied The company applies Enterprise Accounting Regime of Vietnam issued with Decision No. 48/2006 / QD-BTC dated 14 September 2006 that has been amended and supplemented by the provisions of Circular 138/2011 / TT BTC dated 04 October 2011 by the Minister of Finance. Declaration on compliance with accounting standards and accounting regimes The Company applies the Vietnam Accounting Standards and the Standards guidelines issued by the State. The financial statements are prepared and presented in accordance with all provisions of each standard, circular guiding the implementation of standards and applicable accounting regime. Accounting form The Company applies the form of computerized accounting
3.1. Cash and cash equivalents Cash and cash equivalents comprise cash on hand, demand deposits and short-term, highly liquid investments with an original maturity of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 3.2. Trade accounts receivables Trade accounts receivables are carried at the original invoice amount less an estimate made for doubtful receivables based on a review by management of all outstanding amounts at the year end. According to the judgment of the Board of Management, there is no doubtful debt at the end of fiscal year 2013, therefore no provision for doubtful debts is made. 3.3. Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined by the specific identification method and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the normal course of business, less the estimated costs of completion and selling expenses. 3.4. Fixed assets and fixed asset depreciation Tangible fixed assets are stated at cost less accumulated depreciation. The costs of purchased tangible fixed assets comprise their purchase prices and any directly attributable costs of bringing the assets to their working condition and location for their intended use. Costs incurred after initial recognition is only recognized as increase in historical cost of fixed assets if these costs will undoubtedly lead to economic benefits in the future due to the use of these assets. Costs that do not satisfy this condition are recognized as expenses in the period. When fixed assets are sold or disposed, their cost and accumulated depreciation are written off and any gain or loss arising from the disposal will be recorded as an income or expense in the period. Finance leases are capitalized at the inception of the lease at the lower of the fair value of leased property or the present value of the minimum lease payments excluding VAT. In the course of use, fixed assets under finance leases are recorded at cost, less accumulated depreciation and residual value. Tangible fixed assets are depreciated using the straight-line method over their estimated useful lives in accordance with Circular 203/2009/TT-BTC dated 20 October 2009 issued by the Ministry of Finance as follows: – Building and structures 5 – 50 years – Machinery and equipment 6 – 20 years – Motor vehicles 6 – 30 years – Office equipment 3 – 8 years – Land use right 2 – 20 years – Management software 2 – 20 years – Other assets 4 – 25 years Real estate investments are recorded at historical cost. In the course of holding for capital appreciation or rental operations, real estate investments are recorded at historical cost, less accumulated depreciation and residual value. 3.5. Financial investments Investments in subsidiaries in which the Company holds control are recognized at historical cost method. Profit distributions from subsidiaries after the date of control holding are recorded to the Company’s income statement for the period. Other distributions are considered as a recovery of investment and are deducted from the investment value. Investments in associated companies in which the Company has significant influence are recognized at cost method. Profit distributions from associated companies after the investment date are recorded to the Company’s income statement for the period. Other distributions are considered as a recovery of investment and are deducted from the investment value. Investments in joint ventures are accounted for under the historical cost method. Joint venture investments are not adjusted for changes in the company’s ownership in the net assets of the joint venture companies. Income statement of the Company reflects the earnings distributed from accumulated net profits of the joint venture companies incurred after the joint venture investment date. Joint venture investment under the form of Joint-control business operations and Joint-control assets are accounted for by generally accepted accounting principles as other normal business activities, in which: – The Company keeps separate accounts for income and expenses related to joint venture operations and make allocations to joint venture parties under the joint venture agreement; – The Company keeps separate accounts for joint venture assets, the contribution to joint-control assets and common liabilities and separate liabilities arising from the joint venture operations. Financial investments at the time of the report, if they: – are bonds, treasury bills, bank deposits with maturity or maturity not exceeding 3 months from the date of acquisition are recognized as “cash equivalents”; – have maturity less than one year or within one business cycle are classified as short-term assets; – have maturity of one year or more than one business cycle are classified as long term assets. Provision for investments made at the end of the year is the positive difference between the original cost of the investments recorded and the market value or their fair value at the time of making provision. 3.6. Borrowing costs Borrowing costs are expensed as incurred, except for borrowing costs directly attributable to the acquisition, construction or production of in-progress assets which is capitalized to the value of those assets if all the conditions required by Vietnam Accounting Standard No. 16 “Borrowing costs” are satisfied. 3.7. Prepaid expenses Prepaid expenses related to business operations of a financial year or a business cycle is recorded as short-term prepaid expenses and expensed in the financial year. Costs incurred in a financial year but related to results of operations of multiple financial years are accounted for as long-term prepaid expenses and gradually allocated to operating expenses in following financial years. The recognition and allocation of long-term prepaid expenses is based on the nature and severity of each type of cost in order to select suitable methods and criteria. Prepaid expenses are amortized into operating expenses in accordance with the straight line method. 3.8. Accrued expenses Accrued expenses are expenses not yet incurred actually but accrued as operating cost in the period in order to ensure no dramatic fluctuation in the operating cost as required by revenue and expense matching principle. When these costs are incurred, if there are any discrepancies with the accrued amount, accounting will make additional accrual or record cost deduction at the value of the difference. 3.9. Provisions for liabilities Provision for liabilities is recorded at the most reasonable estimate to pay existing debt obligations at the end of the financial year. Only costs related to the provision for liabilities originally recorded can be covered by that provision. The positive difference between the amount of unused provision recorded in the previous period and the provision to be recorded in the current reporting period is reversed as a reduction of operating expenses for the current period, except for positive differences of liabilities for construction and installation warranty which is reversed and recorded as other income for the period. 3.10. Equity Owner’s equity is recorded at actual capital contribution by the owners. Owner’s other capital is recorded at the fair value of assets donated by other entities and individuals after taxes payable (if any ) related to the assets and the additional amount resulting from operating activities. Undistributed retained earning is the earning from business activities after adjustments for retrospective application of changes in accounting policies and retrospective restatements of material misstatements of the previous years. 3.11. Revenue recognition Revenue from sales of goods Revenue from sales of goods is recognized when all five (5) following conditions are satisfied: (a) the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; (b) the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; (c) the amount of revenue can be measured reliably; (d) it is probable that the economic benefits associated with the transaction will flow to the Company; and (e) the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from services rendered Revenue of a transaction involving the rendering of services is recognized when the outcome of such transactions can be measured reliably. Where a transaction involving the rendering of services is attributable to several years, revenue is recognized in each year by reference to the percentage of completion of the transaction at the balance sheet date of that year. The outcome of a transaction can be measured reliably when all four (4) following conditions are satisfied: (a) the amount of revenue can be measured reliably; (b) it is probable that the economic benefits associated with the transaction will flow to the Company; (c) the percentage of completion of the transaction at the balance sheet date can be measured reliably; and (d) the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. Part of the service rendered is determined by percentage-of-completion method. Revenue from financial activities Revenue arising from interest, royalties, dividends, profits and dividends and revenue from other financial activities are recorded when they simultaneously satisfy following conditions: – It is probable that the economic benefits from the transaction will flow to the Company; – The revenue can be measured reliably; – Dividends and profit shared are recognized when the Company is entitled to receive dividends or profits from the capital contribution. 3.12. Taxes Current tax Tax assets and tax liabilities in the current year and previous years are measured at the amount expected to be paid to (or recovered from) the tax authorities, based on tax rates and tax laws valid until the end of the tax period. Deferred income taxes Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined at the tax rates that are expected to apply to the financial year when the asset is realized or the liability is settled, based on tax rates that have been enacted or substantively enacted by the balance sheet date. The determination of the Company’s income tax is based on the current regulations on taxation. However, these regulations are changed from time to time and the ultimate determination of corporate income tax depends on the audit results of the relevant tax authority.
4.1. Cash and cash equivalents 4.2. Trade accounts receivables 4.3. Inventories 4.4. Tangible fixed assets 4.5. Trade accounts payables 4.6. Revenue from goods sold and services rendered 4.7. Cost of goods sold 4.8. Financial income 4.9. Financial expenses 4.10. General and administration expenses
5.1. Events arising after the balance sheet date No significant events occurred after the end of the accounting year that require adjustments or published in this financial report. 5.2. Information about going concern The going concern ability of the Company depends on its ability to settle liabilities, financial support of investors and market expansion of the Company. However, the financial statements are prepared on the going concern basis with the assumption that the Company continues to operate in the future. 5.3. Information about the tax payable Tax finalization of the Company is subject to audited by tax authorities. Because the application of tax laws and regulations and the application of accounting standards on the Company’s transactions can be interpreted in different ways, so the amount of tax presented on the financial statements may vary according to the decision of the tax authority. 5.4. Other information In addition to information presented above, during the reporting year there are no significant events occurred requiring to be presented or published in the financial statements. Comparative figures are 2013 figures audited by AUDITING CO., LTD. |
