KUALA LUMPUR: The auditors of Caely Holdings Bhd
has raised doubts whether the company would be able to fully recover RM11.995mil due to a subsidiary for construction work done at a Felcra Bhd housing project.
"We are uncertain of the full recovery of certain trade receivables of the Group amounting to RM11.995mil as at financial year end, as a substantial amount on the completed constructions payments that have not been received," the auditors told Bursa Malaysia today.
"We were unable to obtain sufficient and appropriate audit evidence on the impairment assessment of the above mentioned carrying amount of the said receivables in accordance with MFRS 9 Financial Instruments. Consequently, we were unable to determine whether any adjustments to these amounts were necessary," they said.
Caely, through its subsidiary, Caely (M) Sdn Bhd (CMSB) has trade receivables with a carrying amount of approximately RM11.995mil as at March 31, 2020 including the retention sum of RM4.863mil.
...