The bank is presently carrying out valuations of the collateral that have been offered by the company but so far clearance is not obtained. This could affect the completion of the project. However, the legal department is working closely with the valuation company to secure a loan within a month.
The project stage wise completion is according to the schedule agreed in the contract. The completion of the warehouse has been carried out without major modifications that have allowed restricting the construction cost from exceeding the targeted values.
The progress report of the construction project suggests satisfactory completion. There are no major issues that could lead to construction activities halt. However, major concern is regarding the external financing that is required for payment to the contractor and other options must be urgently considered to avoid any breach of