Nachmo Knitex Ltd has informed that in the Limited Review Report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Management has informed the Auditors that the CDR Package given by Banks and financial institutions is withdrawn. The Company has not provided for unpaid interest amounting to Rs 69.35 lacs for the quarter and Rs 218.58 lacs aggregated upto June 30, 2007 on Secured Loans from Banks and Financial Institutions in terms of CDR package. Further, the additional liability due to withdrawal of CDR package of Rs 1633.03 lacs in respect of term loans from IDBI has not been provided. The additional liability due to withdrawal of CDR package in case of other lenders is unascertainable, hence not quantified. To that extent the amount of loss and secured loans are understated.
Source : www.indian-commodity.com
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