Lim & Tan Securities: Growing concerns on Mary Chia which revealed that its independent auditors, Moore Stephens LLP, highlighted an emphasis of matter on the company’s FY15 financials.
The auditor noted that the Group had incurred a net loss and a total comprehensive loss of S$2.74mln and S$2.68mln respectively during FY15, and that the Group’s current liabilities exceeded its current assets by S$6.8mln.
The auditor noted that these issues indicate the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern.