Himachal Futuristic Communications Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
1. The Company has accounted for the Impact of modified CDR package, after complying with most of the terms & conditions stipulated therein. However, compliance of some of them are still in process.
2. As per the modification approved in the CDR package by CDR Empowered Group, the Company has provided interest on terms loans from banks / Financial Institutions (Lenders) @ 4.5% per annum during the quarter ended December 31, 2007 instead of yield to maturity (YTM) basis i.e. 8.5% per annum. As a result, the loss for the quarter would be higher by Rs 1.99 crore.
1. The Company has accounted for the Impact of modified CDR package, after complying with most of the terms & conditions stipulated therein. However, compliance of some of them are still in process.
2. As per the modification approved in the CDR package by CDR Empowered Group, the Company has provided interest on terms loans from banks / Financial Institutions (Lenders) @ 4.5% per annum during the quarter ended December 31, 2007 instead of yield to maturity (YTM) basis i.e. 8.5% per annum. As a result, the loss for the quarter would be higher by Rs 1.99 crore.
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