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GE Capital Transportation Financial Services Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations :

“Without qualifying Auditor’s opinion, attention is drawn to Note 2 of Unaudited Financial Results on bilateral assignment of standard loan portfolios. The Company has upfront recognised a net gain of Rs 553 lakh during the current quarter (Rs 794 lakh during the nine months ended December 31, 2007) on bilateral assignment of standard loan portfolio in accordance with its accounting policy on assignment / sale of standard asset portfolio. The Company has sought a clarification from the Reserve Bank of India (’RBI’) on applicability of ‘Guidelines on Securitisation of Standard Assets’, issued by RBI vide circular numbered DBOD. NO BPBC 60/21.04.048/2005-06, dated February 01, 2006 to bilateral assignment of standard loan portfolio.”

Tags: GE Capital

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