Nagpur Power & Industries Ltd has informed that in the limited review report of the Company for the quarter ended September 30, 2007, the Auditors of the Company have made the following observations:
Companys Ferro Alloys unit generated waste during the process of manufacture, which has accumulated over the years in and around the main plant at Khandelwal Nagar, Kanhan, Nagpur. The waste is reusable for extracting metal content therein. Company has set up a Metal Recovery plant for the purpose. During the period under report, the Company has accounted for stock of unextracted metal contents valuing Rs 89,00,000 out of this accumulated waste based on the valuation report of the Consultant Metallurgist obtained during this period. The technical consultants have advised the Company that the balance of this accumulated waste in terms of its quality; metal content and realizable value is yet being ascertained. Company has therefore not been in a position to account for stock of these balance accumulated waste.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment