Singapore Myanmar Investco (SGX:Y45) announced on Monday (12 Oct 2020) that its independent auditor, without modifying its opinion, has flagged in its report a material uncertainty related to the group’s and company’s ability to continue as a going concern, as its current liabilities exceeded its current assets by US$10.9 million even as the group reported a loss of US$10.5 million during the reporting year ended 31 March 2020. [1]
The management is however of the view that the working capital available as at 31 March 2020 is sufficient for the group’s present cash flow requirements and for the 12 months subsequent to the reporting year end date for reasons discussed in Note 1 to the Audited Financial Statements. Consequently, management is of the opinion that the use of the going concern basis in the preparation of these financial statements is appropriate.
In supporting its conclusion on sufficiency of working...