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Uniworth Textiles posts results for quarter ended Jun 30
22 Sep '07
3 min read
Uniworth Textiles 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:
"1. The Company has been registered with the Board for Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies (Special Provision), Act 1985 the decision of which is awaited. Further more the secured term lenders of the Company had advised, that financial assistance together with all security interest in respect thereof and its rights in respect thereof have been absolutely assigned by the lenders to Asset Reconstruction Company Ltd, a Company formed under the Companies Act, 1956 and registered with Reserve Bank of India as a Securitization and Reconstruction Company pursuant to the necessary provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.
In the event of adverse decision, the financial Statement may require necessary adjustment in case the company ceases to be a going concern.
2. Interest provision on borrowing from some of the Institutions and Bank has been made under simple interest method at the revailing / estimated rates applicable on such loans in absence of relevant document / confirmations. The impact of compound interest / penal charges wherever applicable could not be ascertained.
3. Investment include investment amounting to Rs 14.05 lacs and Sundry Debtors / Loans & Advances include to Rs 207.31 lacs receivable from the Companies which have, become sick and referred to BIFR under the Sick Industrial Companies (Special, Provisions) Act, 1985. In the absence of rehabilitation scheme of these Companies, amount of provision, if any, required has not been ascertained at this stage.
"1. The Company has been registered with the Board for Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies (Special Provision), Act 1985 the decision of which is awaited. Further more the secured term lenders of the Company had advised, that financial assistance together with all security interest in respect thereof and its rights in respect thereof have been absolutely assigned by the lenders to Asset Reconstruction Company Ltd, a Company formed under the Companies Act, 1956 and registered with Reserve Bank of India as a Securitization and Reconstruction Company pursuant to the necessary provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.
In the event of adverse decision, the financial Statement may require necessary adjustment in case the company ceases to be a going concern.
2. Interest provision on borrowing from some of the Institutions and Bank has been made under simple interest method at the revailing / estimated rates applicable on such loans in absence of relevant document / confirmations. The impact of compound interest / penal charges wherever applicable could not be ascertained.
3. Investment include investment amounting to Rs 14.05 lacs and Sundry Debtors / Loans & Advances include to Rs 207.31 lacs receivable from the Companies which have, become sick and referred to BIFR under the Sick Industrial Companies (Special, Provisions) Act, 1985. In the absence of rehabilitation scheme of these Companies, amount of provision, if any, required has not been ascertained at this stage.
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