Financial Daily from THE HINDU group of publications
Thursday, Jul 28, 2005
Financial Daily from THE HINDU group of publications Thursday, Jul 28, 2005 |
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Corporate
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Restructuring Corporate debt restructuring plan — Duncans hopes to get Rs 62 cr from FIs, banks soon Kohinoor Mandal
Kolkata , July 27 DUNCANS Industries Ltd, the flagship company of Mr G.P. Goenka, is expecting to get the banks and FIs' contribution of Rs 62 crore by this weekend, as specified in the corporate debt-restructuring (CDR) scheme. Meanwhile, the company has prepared a set of accounts for the last three financial years. It started from the 18-month period ending March 31, 2003, to the last the financial year, 2004-05. These are all unaudited results and it does not include the performance of its fertiliser plant, which is located at Panki in Uttar Pradesh. This unit was closed down in March 30. Subsequently, in June this year, the management and workers entered into an agreement and decided to lift the lay-off from July 8. It may be noted that the last audited annual report of the company was prepared way back in 2001 when it prepared an accounts for the 18-month period ending September 30 of that year. Mr Goenka told Business Line that activities are on and the company would soon finalise the accounts, which would include the performance of the fertliser plant too. "We are hoping to take the final accounts to the board of directors in its next meeting, which is scheduled on August 29," he said. The company, which was mired with all sorts of problems for the last three years, had recently had its debt-restructuring package approved by the CDR. According to it, the banks and FIs had agreed to disburse Rs 62 crore as fresh debt. On behalf of promoters, Mr Goenka had already infused Rs 25 crore in the company. According to the results prepared by the company, turnover of Duncans Industries for the 12-month period ending March 31, 2005, was Rs 118.35 crore against Rs 106.89 crore in the previous financial year. Over these two years, the net loss of the company dropped to Rs 64.63 crore from Rs 82.96 crore.
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