Auditors raise concerns over McNally Bharat Engineering's fiscal health

Its net sales also declined by 10.89% at Rs 270.36 crore, against the net sales of Rs 303.41 crore in the Q3 period of the 2017-18 fiscal year.

Auditors vetting the financial results of McNally Bharat Engineering Company have flagged concern over the company’s finances and wasn’t sure if this Williamson Magor Group (WMG) enterprise can be treated as a going concern.

In the report - prepared by Deloitte Haskins & Sells LLP and V Singhi & Associates - the auditors have pointed that McNally Bharat’s total liabilities exceeded its total assets by Rs 168.55 crore, and its current liabilities exceeded the current assets by Rs 944.97 crore as on December 31, 2018.

According to the report, the company was unable to discharge its obligations for repayment of