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PR Newswire
02-01-2015, 09:41 PM
I am not aware the existence of this company. One more down for printing business?
Auditors raise concerns on Craft Print’s ability to continue as going concerns
SINGAPORE (Jan 2): Foo Kon Tan Grant Thornton LLP, the independent auditors of Craft Print International (Financial Dashboard), have raised doubts on the group’s and the company’s ability to continue as a viable business.
In an emphasis of matter report on the group’s FY14 ended Sept financial statements, the auditors pointed out that the group had incurred a net loss of $3.9 million and had net operating cash outflows of $551,000 for the fiscal year. As at end Sept, the group’s and the company’s accumulated losses amounted to $20.4 million and $20.5 million respectively.
In FY2013, the group also incurred a net loss of $3.7 million and net operating cash inflow of $1.9 million. Group and company accumulated losses also amounted to $16.5 million and $16.6 million respectively.
Craft Print is involved in the business of commercial printing. It prints calendars, hard-cover case-bound books, trade and educational books, and publications for niche markets like museums and research labs.
The auditors said these factors indicate the “existence of a material uncertainty which may cast significant doubt about the group’s and the company’s ability to continue as going concerns”.
However, the directors did note in the FY14 financial statements they believe the group and the company will be able to generate sufficient operating cash flows following the completion of the subscription and placement transactions in Sept which increased the group’s cash and bank balances to $14 million as at end Sept.
Craft Print closed flat at 8.8 cents on Dec 31.
http://www.theedgemarkets.com/sg/article...g-concerns
Auditors raise concerns on Craft Print’s ability to continue as going concerns
SINGAPORE (Jan 2): Foo Kon Tan Grant Thornton LLP, the independent auditors of Craft Print International (Financial Dashboard), have raised doubts on the group’s and the company’s ability to continue as a viable business.
In an emphasis of matter report on the group’s FY14 ended Sept financial statements, the auditors pointed out that the group had incurred a net loss of $3.9 million and had net operating cash outflows of $551,000 for the fiscal year. As at end Sept, the group’s and the company’s accumulated losses amounted to $20.4 million and $20.5 million respectively.
In FY2013, the group also incurred a net loss of $3.7 million and net operating cash inflow of $1.9 million. Group and company accumulated losses also amounted to $16.5 million and $16.6 million respectively.
Craft Print is involved in the business of commercial printing. It prints calendars, hard-cover case-bound books, trade and educational books, and publications for niche markets like museums and research labs.
The auditors said these factors indicate the “existence of a material uncertainty which may cast significant doubt about the group’s and the company’s ability to continue as going concerns”.
However, the directors did note in the FY14 financial statements they believe the group and the company will be able to generate sufficient operating cash flows following the completion of the subscription and placement transactions in Sept which increased the group’s cash and bank balances to $14 million as at end Sept.
Craft Print closed flat at 8.8 cents on Dec 31.
http://www.theedgemarkets.com/sg/article...g-concerns
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