As per clause xvi of CARO auditor has to report on use of Term Loan. Whether OD limit would be included within the meaning of term loan
3 Replies
Amir
(Learner)
(4016 Points)
Replied 09 January 2010
Dear Jain,
OD cannot be included in Term Loan
Term Loan means a Fixed Amount/Loan which is borrowed for a fixed period/term..
CA CS Amit Borade
(Chief Accountant)
(2828 Points)
Replied 11 January 2010
We have to only report use of Term Loan & not the Over Draft.
"Over Draft" is just a arrengement for short period with the bank & is dfferent form "Term Loan". Term Loan is mostly for a longer period & for a specific purpose.
Thanks
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