- 2009.08 NAM HING
Company Name: Nam Hing Holdings LimitedStock Code: 986Year end: March 31, 2008
Basis for disclaimer of opinion: fundamental uncertainty relating to the going concern basis
The Group incurred a loss for the year ended 31 March 2009 of approximately HK$82,405,000 and, as at 31 March 2009, the Group reported consolidated net current liabilities of approximately HK$47,061,000. In forming our opinion, we have considered the adequacy of the disclosures made in note 2 to the consolidated financial statements concerning the adoption of the going concern basis on which the consolidated financial statements have been prepared. As detailed in note 2 to the consolidated financial statements, the Group is currently undertaking a number of measures to improve its financial and current liquidity position. The consolidated financial statements have been prepared on a going concern basis, the validity of which depends upon the continuous support from the Group’s existing bankers and the ability to realise the assets to meet the Group’s future working capital and financial requirements. The consolidated financial statements do not include any adjustments that may be necessary should the implementation of such measures be unsuccessful. We consider that appropriate disclosures have been made in the consolidated financial statements concerning this situation, but we consider that this fundamental uncertainty relating to whether the going concern basis is appropriate is so extreme that we have disclaimed our opinion.
Disclaimer of opinion
Because of the significance of the fundamental uncertainty relating to the going concern basis, we do not express an opinion on the consolidated financial statements as to whether they give a true and fair view of the state of the Group’s affairs as at 31 March 2009 and of its loss and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards. In all other respects, in our opinion the consolidated financial statements have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance.