Logix Microsystems - Limited Review For The Quarter Ended Dec 31, 2006

Logix Microsystems Ltd has informed that in the limited review report of the company for the quarter ended December 31, 2006, the auditors of the company have made the following observations:1. In the absence of a system of allocation/recording of cost, the auditors are unable to comment on the value of stock as at April 01, 2006 and December 31, 2006 of Rs 189.85 Lacs and Rs 252.73 Lacs respectively.2. Sundry debtors includes Rs 196.52 lacs of long outstanding balances. Further receivables from an overseas subsidiary includes overdues (including Rs 820.69 lacs in excess of twelve months). Provisioning for Doubtful Debts in respect of possible non-recovery of long outstanding balances in sundry debtors has not been carried out as in the view of the management the same are recoverable in full.3. Depreciation has not been provided on a provisional basis.4. The review of Intangible Assets amounting to Rs 80.90 lacs has not been carried out and the impact, if any of the same as at December 31, 2006 has not been quantified.