TAI Industries - Limited Review For The Quarter Ended Dec 31, 2006

TAI Industries 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. Keeping in view of the relevant provisions of the Income-Tax Act, 1961 (as amended to date), provisions of current taxation (Income-Tax) for the period ended December 31, 2006, represents excess provisions recognized in the books.2. Non ascertainment and non-provision of Deferred Tax Assets / Liabilities as at December 31, 2006.3. Full particulars of decrease in stock amounting to Rs 9.61 lakhs pertaining to C3 division were not readily available and hence the auditors have relied upon the certificate of management.