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(Incorporated in Singapore)
(Registration No. 200600432W)
The Board of Directors of Sunmart Holdings Limited (the Company) wishes to announce that its
external Auditors, Messrs Ernst & Young LLP, has issued a disclaimer audit opinion in respect of its
financial statements for financial year ended 31 December 2011, details of which are set out in the
Independent Auditors Report dated 2 April 2013 (the Report) attached.
The Companys Annual Report for FY2011 containing the Independent Auditors Report and the
Companys consolidated financial statements for FY2011 will be despatched to shareholders and to
the Singapore Exchange Securities Trading Limited on 5 April 2013.
Ho Soo Hui
Company Secretary
4 April 2013
Going concern
As disclosed in Note 2 to these financial statements, the Group is in a net current liabilities position of RMB19.5
million as at 31 December 2011, including secured bank loans due within the next 12 months of RMB189.4 million.
With cash and bank balances of RMB106.9 million as at 31 December 2011, the Group did not appear to have
sufficient funds to make the repayment.
The directors have prepared the financial statements on a going concern basis on the assumption that its bankers
will continue to provide financing and extend existing loans to the Group, as well as the ability of the Group to
generate positive cash flows from its operations. However, we have not been able to obtain sufficient audit evidence
to support this assumption. Consequently, we are not able to concur on the use of going concern assumption in
the preparation of these financial statements.
The eventual resolution of the above issues may have a material effect on the ability of the Group to operate as a
going concern. Furthermore, the findings of the Special Auditors may affect the continue availability of the existing
credit facilities from the creditor banks and this may affect the Groups ability to operate as a going concern.
Disclaimer of Opinion
Because of the significance of the matters described in the Basis for Disclaimer of Opinion paragraphs, we have
not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Accordingly,
we do not express an opinion on the financial statements.