Petron Engineering - Limited Review for the quarter ended Mar 31, 2007

Petron Engineering Construction Ltd has informed that in the limited review report of the Company for the quarter ended March 31, 2007, the Auditors of the Company have made the following observations:1. The Auditors are informed by the management that an extended value of Rs 30/- Crores against an on going foreign contract under execution, awarded to the Company stood cancelled after March 31, 2007.2. However the Company had considered the effect of the same in the accompanying statement of unaudited results for the three months ended March 31, 2007.3. Consequently the Revenue recognition and Due from customers in the accompanying statement of unaudited financial results is less by Rs 1,00,68,289/-, profit for the three months ended March 31, 2007 is less by Rs 1,00,68,289/- and the Provision for Taxation is less by Rs 33,88,986/-.