07-MAY-1992 18:26
BRITISH TRADE COMM
P.05
-4-
working The
capital is needed
to maintain a
construction company's liquidity so that it can finance the
necessary outgoings
costs
to needed
on the labour,
materials
mobilise and
carry ́on
and other
work until the
government makes contract payments.
The
such as
is needed to cover fixed assets employed capital
the plant and equipment that a contractors has to
buy.
We
pre-qualified Hyundai on the basis of its audited
1989 accounts, and its unaudited half-year results to June showed that it was able to meet the capital
1990, when it
requirements.
Cat that time
However the
company's position has changed since then we explain in the press release), starting with its 1990 accounts which came out in June last year and showed a deficiency in working and employed capital.
(as
full
We
been unfair to
completed an analysis of these new figures in August tenders for this 1991, just as we were inviting the
have It would contract.
to remove try
Hyundai from the list of tenderers at that stage because there was nothing to indicate that it could not rectify its
capital adequacy.
We also wanted to give the company every opportunity to meet our standards and specifications.
No comments yet.
Private notes are available after approval.