Grant Thornton, the independent auditors of Pine Agritech has drawn attention to the financial statements for the year ending Dec 31, 2009, regarding the potential early redemption of the company’s convertible bonds due July 27.

As at Dec 31, the auditor says the company and the group did not have sufficient funds outside China to effect the potential early redemption of the convertible bonds on July 27 2010.

This existence of a material uncertainty “may cast significant doubt” on the company’s and the group’s ability to continue as a going concern, says Grant Thornton.