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China Gaoxian auditor raises doubt about ability to remain as going concern
THE auditor of China Gaoxian Fibre Fabric Holdings said that there is a "material uncertainty" that casts significant doubt on the company's ability to remain as a going concern.
Foo Kon Tan cited the yarn and fabric maker's incurred losses of 375.1 million yuan (S$76.4 million) in 2016, and net current liabilities of 2.1 billion yuan as at end-2016. The operating company also had a net liability of 91 million yuan as at Dec 31, 2016.
Otherwise, the auditor has given an unqualified opinion of the company's financials.