AXISCADES Engineering Technologies consolidated net profit declines 91.30% in the September 2018 quarter
Held on 14 January 2019The Board of AXISCADES Engineering Technologies at its meeting held on 14 January 2019 has approved recourse to legal action to recover dues from customer in USA. The company's wholly owned subsidiary, AXISCADES Inc. had provided engineering design services worth USD 934,675 to a customer in the USA during the financial year 2017-18. Despite repeated follow up, the amount due was not received as per contractual terms. In line with the prudential norms and as per Company policy, the Company had made 100% provisions for the same in its accounts, subsequently.
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