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Deloitte notes going concern uncertainty for Huan Hsin
HUAN Hsin Holdings auditors Deloitte & Touche has highlighted that the Singapore Exchange watch-listed Chinese electronics contract manufacturer might not be able to continue as a going concern.
Deloitte said the company's financial statements for the year ended Dec 31, 2015, show how current liabilities exceed current assets by S$55.5 million and a capital deficiency of S$65 million.
Huan Hsin made a net loss of S$57 million last year and of S$79 million in 2014.
Deloitte said the preparation of Huan Hsin's financial statements on a going concern basis is dependent on the successful completion of a share subscription exercise, announced in end-February, to raise up to US$250 million in two tranches.