Performance
BPL Ltd has reported a net loss of Rs 34.76 crore in the second quarter of fiscal 2005-06, on gross sales of Rs 34.71 crore. Operating losses were at Rs 13.91 crore.
Gross sales were Rs 64.45 crore in the corresponding period during 2004-05 while net loss was at Rs 41.59 crore.
According to the company, the promoters have brought in Rs 50.08 crore as contemplated in the corporate debt restructure approved scheme. The amount was to pay statutory liabilities, unsecured, pressing creditors, dealers, credit balances, employee dues and working capital requirements, in part.
In respect to the auditors' qualification of the company's accounts for the period ended March 31, 2005, about undisputed amounts payable in respect of income-tax (Rs 4.44 crore), dividend tax (Rs 2.51 crore), wealth tax (Rs 0.11crore), TDS (Rs 6.77 crore) and customs duty (Rs 1.68 crore), the Chairman and Managing director, Mr Ajit G. Nambiar said the company had earlier not been able to remit the dues because of cash flow constraint but in July 2005, remitted the entire dues except Rs 1.26 crore in customs duty.
The balance in customs duty would be paid once the financial restructuring is completed and normalcy of operations is achieved, according to the company.
Read more about this topic: BPL Group
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