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Qualified Opinion from HK listed co. (DISCLAIMER: All information provided on this website is for self-reference only. We are not responsible for any decisions made, financial or otherwise, based on information or links provided by us. We do not guarantee the accuracy of the information. By Kang Kewen Certified Public Accountant)

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Month: July 2015

  • 2015.07 TAI SHING
    Company Name: Tai Shing International (Holdings) Limited
    Stock Code: 08103
    Year end: March 31, 2015

    BASIS FOR QUALIFIED OPINION

    Opening balances and comparative figures

    As detailed in the auditor’s report dated 30 April 2015 on the consolidated financial statements of the Group for the year ended 31 March 2014, the predecessor auditor disclaimed their opinion on the Group’s consolidated financial statements for the year ended 31 March 2014. The details of which are set out in the auditor’s report dated 30 April 2015 and included in the Group’s annual report for the year ended 31 March 2014.As the auditor’s report on the consolidated financial statements of the Group for the year ended 31 March 2014 formed the basis for the corresponding figures presented in the current year’s consolidated financial statements, any adjustments found to be necessary in respect of the carrying amount of the above mentioned matters would have a significant effect on the opening balances and consequential effect on the consolidated results and cash flows for the year ended 31 March 2014 and the related disclosures thereof in the consolidated financial statements of the Group for the year ended 31 March 2014. Our opinion on the current period’s consolidated financial statements is modified because of the possible effect of this matter on the comparability of the current period’s figures and corresponding figures.

    QUALIFIED OPINION

    In our opinion, except for the possible effects of the matter described in the above section of Basis for Qualified Opinion, the consolidated financial statements give a true and fair view of the state of affairs of the Group as at 31 March 2015 and of the Group’s loss and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance.

    EMPHASIS OF MATTERS

    Without further qualifying our opinion, we draw attention to note 2 to the consolidated financial statements which states that the Group’s current liabilities exceeded its current assets by HK$60 million as at 31 March 2015. This condition indicates the existence of an uncertainty which may cast significant doubt about the Group’s ability to continue as a going concern.

    Source: http://www.hkexnews.hk/listedco/listconews/GEM/2015/0713/GLN20150713087.pdf

  • 2015.07 HAIERHEALTHWISE
    Company Name: Haier Healthwise Holdings Limited
    Stock Code: 00348
    Year end: March 31, 2015

    Basis for qualified opinion

    The consolidated financial statements included the financial statements for the year ended 31 March 2015 of P.T. Lung Cheong Brothers Industrial (“PTLC”), a wholly owned subsidiary of the Company in Indonesia.

    – Included in the tax payable and deferred tax assets stated in the consolidated statement of financial position as at 31 March 2015 are the amounts of HK$1,658,000 and HK$780,000 contributed by PTLC.

    – Included in the income tax expense stated in the consolidated statement of comprehensive income for the year ended 31 March 2015 is the amount of HK$1,767,000 incurred by PTLC.

    We were unable to obtain sufficient appropriate audit evidence about the carrying amounts of tax payable and deferred tax assets or liabilities of PTLC as at 31 March 2015 and the related expenses for the year then ended as management did not provide the supporting information. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.

    Qualified opinion

    In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the consolidated financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31 March 2015 and of the Group’s profit and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance.

    Source: http://www.hkexnews.hk/listedco/listconews/SEHK/2015/0702/LTN20150702009.pdf

  • 2015.07 ABC COM (HOLD)
    Company Name: ABC Communications (Holdings) Limited
    Stock Code: 00030
    Year end: March 31, 2015

    BASIS FOR QUALIFIED OPINION

    Limitation of scope on the impairment assessment of technical knowhow

    As at 31 March 2015, the Group had technical knowhow with carrying amount of HK$30,000,000, net of accumulated impairment loss and accumulated amortisation of HK$54,977,909 and HK$25,067,042 respectively. The directors of the Company had performed impairment assessment on the technical knowhow and had determined the recoverable amount based on value-in-use calculation with reference to the latest financial information available. However, we were unable to obtain sufficient appropriate audit evidence we consider necessary in order to assess the recoverable amount of the technical knowhow. There were no practical alternative audit procedures that we could perform to satisfy ourselves that the carrying amount of the Group’s technical knowhow as at 31 March 2015 and the impairment loss recognised for the year ended 31 March 2015 were free from material misstatement. Any adjustment found to be necessary to the carrying amount of the technical knowhow as at 31 March 2015 would affect the Group’s net assets as at 31 March 2015 and the Group’s loss for the year then ended and the related note disclosures to the consolidated financial statements.

    Qualified opinion arising from limitation of audit scope

    In our opinion, except for the possible effects of the matter described in the basis for qualified opinion paragraph above, the consolidated financial statements give a true and fair view of the financial position of the Company and its subsidiaries as at 31 March 2015 and of their financial performance and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

    Source: http://www.hkexnews.hk/listedco/listconews/SEHK/2015/0701/LTN20150701047.pdf

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