Petaling Jaya: Perwaja Holdings Bhd's external auditors Messrs Crowne Howarth has not expressed an opinion on the steel maker's accounts for the financial year ended June 30, 2015 on concern basis and the veracity of carrying amounts of bank balances, borrowings and payables.
Perwaja, a Practice Note 17 company, has not been able to meet its debt obligations since the previous financial period. It is in the midst of preparing a debt restructuring scheme with a view to reaching an agreement with its lenders to restructure the defaulted debts of the group.
As at June 30, the outstanding borrowings and bank overdrafts of the group amounted to RM1,072 billion and RM20 million respectively.
Crowe Howarth said the group's status and court proceedings cast significant doubt over its ability to operate as a going concern, and considering that the financial statements were prepared on the basis that the group is a going concern, it may require adjustments relating to the recoverability and classification of recorded assets and liabilities.
The auditors also expressed concern over the validity and recording of certain transactions of perwaja Steel Sdn Bhd. It said it could not obtain sufficient appropriate audit evidence to verify the carrying amounts of bank balances, borrowings, and payables of the group amounting to RM14 million, RM258 million and RM18 million respectively.
Source: http://www.thesundaily.my/news/1608694
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