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aws试用账号(www.2km.me)_Auditor flags going concern for Zelan

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In a filing with Bursa Malaysia yesterday, the construction firm said its auditor, Messrs Al Jafree Salihin Kuzaimi PLT, had drawn attention to the group’s and company’s current liabilities which exceeded current assets by RM175.4mil and RM18.6mil respectively.

PETALING JAYA: Zelan Bhd’s external auditor has flagged the existence of material uncertainty in the group’s accounts for the financial year ended Dec 31, 2020, which may cast significant doubt on its ability to continue as a going concern.

In a filing with Bursa Malaysia yesterday, the construction firm said its auditor, Messrs Al Jafree Salihin Kuzaimi PLT, had drawn attention to the group’s and company’s current liabilities which exceeded current assets by RM175.4mil and RM18.6mil respectively.

“These events and conditions, along with the other matters to the financial statements, indicate that a material uncertainty exists that may cast significant doubt on the ability of the group and the company to continue as going concerns.

“Our opinion is not modified in respect of this matter.”

However, Zelan said there was no reason for its directors to believe that the group will not generate sufficient cash from its operations within the next twelve months from the reporting date to repay the existing borrowings, complete the projects in progress and meet working capital.

“Accordingly, the financial statements of the group do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or to amounts and classification of liabilities that may be necessary if the group is unable to continue as a going concern.”

A key audit matter raised by the auditor included recoverability of the receivable balance from a project owner of Zelan’s project in Abu Dhabi.

On Oct 1, 2015, Zelan terminated its project in Abu Dhabi, United Arab Emirates and entered into an arbitration with the project owner.

Zelan said its directors are of the view that the group is able to recover the arbitration award.

“The directors made an assessment of the carrying value of the total receivable balance by taking into consideration the timing and duration of the legal enforcement process against the project owner based on advice from the external solicitor.

“Following from the directors’ assessment, the group has since recognised the arbitration award as a receivable amounting to 222.5 million dirhams (RM253.43mil) as at the financial year ended Dec 31, 2020,” it said.

Nonetheles, Zelan noted there is a risk of irrecoverability of the group’s significant receivables arising from the arbitration award, due to the lack of financial information of the project owner and the premature status of the legal proceedings taken by the group.

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