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Auditor flags doubt on McLeod Russel's ability to stay in business

The auditor has also stated that the financial statement prepared by the company is not in accordance with the requirements of Regulation 33 of the Sebi

Icra has downgraded the ratings of bank facilities of McLeod Russel India to [ICRA] B-/[ICRA] A4 from [ICRA] BBB-/[ICRA]A3
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Avishek Rakshit Kolkata
The auditor entity of McLeod Russel has raised concerns over this Williamson Magor Group (WMG) company’s ability to remain in business, if its loan restructuring application with lenders does not get a favourable response.
 
According to Deloitte Haskins & Sells, the auditor, the company’s current liabilities exceeded current assets by Rs 1,436 crore as on end-March 2019. In 2018-19, it adds, the company was unable to discharge its obligations on repayment of loans and settlement of other financial and non-financial liabilities, including statutory ones.
 
While giving an adverse opinion primarily on the issue of recovering inter-company deposits (ICDs),

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First Published: Jun 30 2019 | 11:14 PM IST

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