Continue reading this on our app for a better experience

Open in App
Home News Company in the news

New Silkroutes' auditor flags concerns amidst discrepancies in accounts

The Edge Singapore
The Edge Singapore 10/14/2021 08:54 PM GMT+08  • 1 min read
New Silkroutes' auditor flags concerns amidst discrepancies in accounts
New Silkroutes' woes continues with auditor raising concerns amidst discrepancies in accounts
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Healthcare provider New Silkroutes Group’s auditor has flagged some concerns about the company continuing as a going concern and says it is unable form an opinion. Among the issues, the auditor highlights that New Silkroutes is exposed to certain material uncertainties in relation to contingent liabilities.

New Silkroutes also announced some discrepencies between its audited accounts and unaudited accounts.

Among the differences are consideration receivables amounting to US$950,000 being reclassified to prepayment as this is no longer able to meet the definition of a financial asset. In addition, US$750,000 has been reclassified as prepayment under non-current assets and US$200,000 has been reclassified as prepayment under current assets. New Silkroutes breached a non-financial covenant for a loan from a financial institution, which was confirmed by the financial institution on October 4, 2021 as not waived. Accordingly, the noncurrent portion of this loan amounting to US$2.45 million has been reclassified to current liabilities.

Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.