KATHMANDU, May 20:
After recommending ´sick industry´ status to four firms, the Ministry of Industry (MoI) is all set to conduct field study of another 10 firms that have applied for ´sick´ industry status.
“Our technical committee is preparing to dispatch a team to conduct field study of those 10 firms," a member of the technical committee under the ministry´s Industrial Promotion Division (IPD), told Republica.
The technical committee, which has been assigned to find out actual situation of the firms that have applied for sick industry status, sends a team of officials after completing their due diligence auditing.
The ministry has outsourced a team of chartered accountants to do due diligence auditing of the firms.
The 10 firms where the team will conduct field study are: Kharel Wooden & Metal Furnitures, Nava Durga Khadya Udhyog, Shree Antu Tea Industry, Laxmi Banaspati Ghee Udhyog, Bhrikuti Pulp and Paper, Gita Cold Store, Momento Apparels, Shirish Herbal, Shree Distillery and Dolphin Manner.
"The due diligence auditing report of these firms is in line with the financial statements that these firms had submitted while applying for sick industry status," the official said. "Now, the team will study the reasons behind financial failure of those firms.”
The ministry has already submitted a proposal to the cabinet to declare four firms -- Birat Leather, Birat Shoes, Nepal Borders and Basulinga Pvt Ltd - as sick and recommended them financial and non-financial facilities.
Yam Kumari Khatiwada, joint secretary at MoI who leads the technical committee, told Republica that a total of 37 firms had applied for ´sick industry´ status. These firms filed applications at the ministry after the government announced a program to revive sick industries in the country in 2011.
Source: Republica
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