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03 Apr 2025
Sincap Group Ltd FY2024 Auditor Issues Disclaimer; Working Capital Support Secured
Summary:
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Auditor's Opinion: The independent auditor issued a disclaimer of opinion on the FY2024 audited financial statements due to insufficient evidence to form a conclusive opinion.
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Going Concern Basis: The Board maintains the Group can continue as a going concern based on:
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Progress toward completing conditions for a proposed investment by a professional investor.
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Temporary loan facilities of up to S$550,000 secured from the same investor.
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A personal guarantee provided by the CEO.
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Audit Issues: The Board asserts that all outstanding audit matters have been properly disclosed in the FY2024 financial statements.
Note: All data is sourced from Sincap Group Ltd's announcement for the financial year ended December 31, 2024.