Admach Systems Secures Domestic NDT Equipment Order
Payment terms require a 30 per cent advance on placement of the purchase order with the balance payable against dispatch. The contract is to be executed within 16 weeks from the purchase order date. The item is classified as a domestic order and the company indicated there is no interest of the promoter or promoter group in the customer and that there are no commercial ties with the customer beyond the contract.
Admach Systems Limited reported that the current order book stands at Rs 820.9 mn with GST. The company noted that this figure reflects orders on hand across its product lines and that the new order will be added to execution schedules. Management anticipates arranging production and logistics to meet the stipulated delivery timeline without significant disruption to other schedules.
The company reiterated that the order does not constitute a related party transaction and that arrangements will be executed on arm's length basis and in line with prevailing corporate governance norms. Details of the contract, including the scope, payment schedule and delivery timeline, were set out in the annexure to the stock exchange filing. The company requested that the exchange take the disclosure on record.