It an automatic plant of exercise note-book production..but due to delay (three years) and short funding by bank of india, - company lost a lot of capital and gain a lot of burden of interest,
Dec Requested T.L Rs 35 Lac and W.C Rs. 25 Lac.
Dec Advance for land and machine on basis of verbal commitment of Bank.
Sep Loan sanctioned 35 Lac. Term loan 15 Lac. W.C.
Mar W.C. Disbursed but not as required (Requested amount 25 Lac.)
Aug For proper W.C. I wrote a letter to RBI after a lot of requests to you.
Aug Flood Loss, you deny for every request without claim settlement.
Aug claim settled but W.C. reduced By Rs. 3Lac (remaining w.c. Rs. 13 Lac only)
Aug bank assured us for additional W.C. and loan for additional machineries. till Oct and instalment starts from April.
Mar Existing (12 Lac.) and additional (15 Lac) W.C disbursed.
(Pending interest of 20 months charged from the existing w.c.)
(This must be treating same as pending interest of Term Loan.)
Now available w.c. is Rs. 21 Lac. (On-papers Rs 30 Lac.)
Mar for this problem Bank’s verbal suggestions and assurances are-
- It’s a mistake but correction is time consuming process.
- Purchase required machineries bank will finance them.
- It could be fulfilled by Suppliers credit and OD facilities.
- Don’t wary for moratorium period.
On the basis of these commitments i purchased machinery of Rs 13 Lac and started production
June on 15th day of this month I came to bank with application for O.D. of Rs 2Lac and for getting a verbal reassurance for supplier’s credit or OD facility at right time. Because approx 40 % material are ready to sale and I had to pay salaries, other material expanses and advertisement for recruitment of marketing agents for locating distributors in all M.P.
But bank deny each and every commitment. And even i heard that my A/c almost NPA. Then i complained to bank’s website. Due to this bank reassured me for the correction. Paper formalities starts and running till date.
Feb &&
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