How long effect on cma data submitted to bank

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2012 my client wants to renewal of occ.

in this regard i have made cma data (projection for the current year) on 30-nov 2011.

bank hasask to furnish detail regarding term loan.

while gathering information,i found that bal ason 31-3-2012 of term loan entered in cma data is not matched with the actual amt that it will.

i have realised that the principal i had deducted from the bal outstanding as on 30-11-2011 instead of bal of opening term loan i.e.1-4-2011.

what i have to do?

plese guide me?

in letter which points i have to elaborate to bank manager?

i do not want that my client suffer from this mistake?

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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04 March 2012 Dear Mr. Anonymous

Regarding term loan in CMA data for the current year, you need to provide the est. clo. bal. as on 31/3/2012 matching with the EMI set by the bank & statement.

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2012 i know but unfortunately i have deducted the principal amt of loan from the bal o/s as on 30-11-2011 instead of deducting from op bal as on 1-4-2011?

now what i have to do?

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CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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05 March 2012 there is nothing to be worry since you have only submitted the projections & it will be reviewed by the concerned bank credit officer.

I sure that he/she will trace the same and ask you to revise the CMA data OR either you himself point out the mistake in the CMA data submitted and provide correct one.

Now Cheers

Regards