Abbott India Ltd has informed that the meeting of the Board of Directors of the Company which is scheduled to be held on September 29, 2007, has been rescheduled to September 30, 2007, to consider and approve the Unaudited Financial Results for the quarter ended August 31, 2007 (Q3).
Friday, September 28, 2007
Wednesday, September 26, 2007
Tuesday, September 25, 2007
Pfizer Announces Q3 Results
Pfizer Ltd has announced the following Unaudited results for the quarter ended August 31, 2007:
The Company has posted a net profit of Rs 308.30 million for the quarter ended August 31, 2007 as compared to Rs 280.70 million for the quarter ended August 31, 2006. Total Income (net of excise & sales tax) has increased from Rs 1910.30 million for the quarter ended August 31, 2006 to Rs 1929.80 million for the quarter ended August 31, 2007.
The Company has posted a net profit of Rs 308.30 million for the quarter ended August 31, 2007 as compared to Rs 280.70 million for the quarter ended August 31, 2006. Total Income (net of excise & sales tax) has increased from Rs 1910.30 million for the quarter ended August 31, 2006 to Rs 1929.80 million for the quarter ended August 31, 2007.
Saturday, September 22, 2007
Whirlpool of India - Limited Review For The Quarter Ended June 30, 2007
Whirlpool of India Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
The Company had accounted for deferred tax asset (net) at Rs 79.76 crores upto March 31 2007. The Company has not updated this valuation during the quarter. The Company is confident that subsequent realization of the deferred tax asset created till March 31, 2007 is virtually certain in the near future based on existing business model and future business plans of the Company. This basis is not in line with the requirements of Accounting Standards Interpretation 9 issued by the Institute of Chartered Accountants of India to determine virtual certainly.
Had the observation made in paragraph above been considered and consequent adjustment is made during this period, the net loss for the three months period ended June 30, 2007 would be Rs 64.84 crores as against the reported profit Rs 14.92 crores.
The Company had accounted for deferred tax asset (net) at Rs 79.76 crores upto March 31 2007. The Company has not updated this valuation during the quarter. The Company is confident that subsequent realization of the deferred tax asset created till March 31, 2007 is virtually certain in the near future based on existing business model and future business plans of the Company. This basis is not in line with the requirements of Accounting Standards Interpretation 9 issued by the Institute of Chartered Accountants of India to determine virtual certainly.
Had the observation made in paragraph above been considered and consequent adjustment is made during this period, the net loss for the three months period ended June 30, 2007 would be Rs 64.84 crores as against the reported profit Rs 14.92 crores.
IL&FS Investsmart - Limited Review For The Quarter Ended June 30, 2007
IL&FS Investsmart Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
The unaudited consolidated financial results include total income of Rs 20.39 lakhs and total expenditure (including interest and depreciation) of Rs 41.43 lakhs relating to a subsidiary and Rs 5.87 lakhs being Companys proportionate share in the profit of one associate for the quarter ended June 30, 2007, which have been consolidated on the basis of unaudited financial information which were not subjected to audit / review by respective auditors.
The unaudited consolidated financial results include total income of Rs 20.39 lakhs and total expenditure (including interest and depreciation) of Rs 41.43 lakhs relating to a subsidiary and Rs 5.87 lakhs being Companys proportionate share in the profit of one associate for the quarter ended June 30, 2007, which have been consolidated on the basis of unaudited financial information which were not subjected to audit / review by respective auditors.
Oswal Agro - Limited Review For The Quarter Ended June 30, 2007
Oswal Agro Mills Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Company has not disclosed how the qualification by the Auditors on the Audited Accounts of the previous accounting year have been addressed.
2. The status of matters that were subject matter of auditors qualifications on the financial statements for the year ended March 31, 2007 is as under :
(i). Non-translation of interest free export advance received (net) of USD 52,37,796.80 at the year end exchange rate, which is contrary to Accounting Standard 11 and further non-provision of interest accrued on the amount receivable Rs 383.86 lacs due to the pending execution of Decree orders passed by the High Court on May 09, 1989.
Current status: There is no change in the status and the matter still continues to be a subject matter of qualification.
(ii). Non-confirmation / non-reconciliation of certain debit / credit balances, the overall impact of these could not determined.
Current status: The work of reconciliation and confirmation of balances are in progress
(iii). Non-accounting of interest income on loans given to certain enterprises outstanding as on March 31, 2007
Current status: There is no change in the status and the matter still continues to be a subject matter of qualification
1. The Company has not disclosed how the qualification by the Auditors on the Audited Accounts of the previous accounting year have been addressed.
2. The status of matters that were subject matter of auditors qualifications on the financial statements for the year ended March 31, 2007 is as under :
(i). Non-translation of interest free export advance received (net) of USD 52,37,796.80 at the year end exchange rate, which is contrary to Accounting Standard 11 and further non-provision of interest accrued on the amount receivable Rs 383.86 lacs due to the pending execution of Decree orders passed by the High Court on May 09, 1989.
Current status: There is no change in the status and the matter still continues to be a subject matter of qualification.
(ii). Non-confirmation / non-reconciliation of certain debit / credit balances, the overall impact of these could not determined.
Current status: The work of reconciliation and confirmation of balances are in progress
(iii). Non-accounting of interest income on loans given to certain enterprises outstanding as on March 31, 2007
Current status: There is no change in the status and the matter still continues to be a subject matter of qualification
Mascon Global - Limited Review For The Quarter Ended June 30, 2007
Mascon Global Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Company has represented that the provision for Deferred Tax Liability, shall be recognized at the end of the financial year and therefore no provision for deferred tax liability of Rs 3,513,353/- had been made on the accounts in the interim Financial Results.
2. Earning per share (Basic and Diluted) is at (-) 1.11 rupee on Mascon Global Ltd Non-Consolidated Interim Financial results as at June 30, 2007 and 0.40 rupee in Consolidated accounts on that date, against Rs NIL and 0.10 rupee, mentioned in the Interim Financial Results referred to above.
1. The Company has represented that the provision for Deferred Tax Liability, shall be recognized at the end of the financial year and therefore no provision for deferred tax liability of Rs 3,513,353/- had been made on the accounts in the interim Financial Results.
2. Earning per share (Basic and Diluted) is at (-) 1.11 rupee on Mascon Global Ltd Non-Consolidated Interim Financial results as at June 30, 2007 and 0.40 rupee in Consolidated accounts on that date, against Rs NIL and 0.10 rupee, mentioned in the Interim Financial Results referred to above.
IOL Broadband - Limited Review For The Quarter Ended June 30, 2007
IOL Broadband Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. Non-recognition of Foreign exchange gain / loss as required by AS 11 - The effect of changes in Foreign Exchange Rates.
2. Non-recognition of Deferred Tax (Assets / Liability) as required by AS 22 - Accounting for Taxes on Income.
3. Non-recognition of employee benefits as required by revised AS-15 Employees Benefits.
4. The variances in with published un-audited financial results :
Particulars: Operational Cost (including opening stock & purchases)Published Figures: 21.62 lacsLimited Review figures: 155.08 lacsParticulars: Administration & General CostPublished Figures: 54.91 lacsLimited Review figures: 91.72 lacsParticulars: DepreciationPublished Figures: 30.05 lacsLimited Review figures: 41.98 lacsParticulars: Fringe Benefit TaxPublished Figures: 2.50 lacsLimited Review figures: 4.39 lacsParticulars: Earning Per Share (Basic & Diluted)Published Figures: 0.04 lacsLimited Review figures: (0.07) lacs
1. Non-recognition of Foreign exchange gain / loss as required by AS 11 - The effect of changes in Foreign Exchange Rates.
2. Non-recognition of Deferred Tax (Assets / Liability) as required by AS 22 - Accounting for Taxes on Income.
3. Non-recognition of employee benefits as required by revised AS-15 Employees Benefits.
4. The variances in with published un-audited financial results :
Particulars: Operational Cost (including opening stock & purchases)Published Figures: 21.62 lacsLimited Review figures: 155.08 lacsParticulars: Administration & General CostPublished Figures: 54.91 lacsLimited Review figures: 91.72 lacsParticulars: DepreciationPublished Figures: 30.05 lacsLimited Review figures: 41.98 lacsParticulars: Fringe Benefit TaxPublished Figures: 2.50 lacsLimited Review figures: 4.39 lacsParticulars: Earning Per Share (Basic & Diluted)Published Figures: 0.04 lacsLimited Review figures: (0.07) lacs
Friday, September 21, 2007
Surat Textile - Limited Review For The Quarter Ended Jun 30, 2007
Surat Textile Mills Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Company has not made provision to recognize diminution in the value of longterm investment in equity shares of Garden Silk Mills Ltd amounting to Rs 930.37 lacs, which is contrary to AS-13 - Accounting for Investments issued by the Institute of Chartered Accountants of India.
2. Company has not provided for the deferred tax assets laid down in AS - Accounting for taxes on Income issued by the Institute of Chart red Accountants of India as the management is of the opinion that there is a reasonable uncertainty as to the utilisation of deferred tax assets, in part, in the foreseeable future. Hence, the Company following conservatism does not intend to create deferred tax assets for the period.
3. Company has not provided for Interest on Term Loan and Partly Convertible Secured Redeemable Debentures Rs 296.24 lacs, for the quarter ended June 30, 2007.
1. The Company has not made provision to recognize diminution in the value of longterm investment in equity shares of Garden Silk Mills Ltd amounting to Rs 930.37 lacs, which is contrary to AS-13 - Accounting for Investments issued by the Institute of Chartered Accountants of India.
2. Company has not provided for the deferred tax assets laid down in AS - Accounting for taxes on Income issued by the Institute of Chart red Accountants of India as the management is of the opinion that there is a reasonable uncertainty as to the utilisation of deferred tax assets, in part, in the foreseeable future. Hence, the Company following conservatism does not intend to create deferred tax assets for the period.
3. Company has not provided for Interest on Term Loan and Partly Convertible Secured Redeemable Debentures Rs 296.24 lacs, for the quarter ended June 30, 2007.
Sudal Industries - Limited Review For The Quarter Ended Jun 30, 2007
Sudal Industries Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Company has not made any adjustments in respect of Revised Accounting standard 15 Employee Benefits applicable to the Company with effect from April 01, 2007 which would be given effect to at the year end, the impact whereof on the attached financial results, as explained by the management, would not be significant.
2. The following qualifications were mentioned in Audit Report dated May 28, 2007 on the financial statements for the year ended March 31, 2007:
(a) (iv) certain long overdue Sundry Debtors and advances aggregating to Rs 26,92,997 which have been classified by the management as Considered Good are, in Auditors opinion, doubtful of recovery and require to be provided for;
(b) (v) Auditors are unable to express an opinion as to when and to what extent, certain overdue Sundry Debtors aggregating to Rs 19,28,191 would be recovered. In the opinion of the Management, in view of concerted efforts being made, the aforesaid amount is likely to be recovered in due course and, therefore, no provisioning is required at this stage;
3. In respect of the unaudited results for the quarter ended June 30, 2007:
(a) With regard to the amount specified in Para 2(a) above, there is no change in the overdue debts on realization / provision for doubtful debts except increase of Rs 1,49,551.
1. The Company has not made any adjustments in respect of Revised Accounting standard 15 Employee Benefits applicable to the Company with effect from April 01, 2007 which would be given effect to at the year end, the impact whereof on the attached financial results, as explained by the management, would not be significant.
2. The following qualifications were mentioned in Audit Report dated May 28, 2007 on the financial statements for the year ended March 31, 2007:
(a) (iv) certain long overdue Sundry Debtors and advances aggregating to Rs 26,92,997 which have been classified by the management as Considered Good are, in Auditors opinion, doubtful of recovery and require to be provided for;
(b) (v) Auditors are unable to express an opinion as to when and to what extent, certain overdue Sundry Debtors aggregating to Rs 19,28,191 would be recovered. In the opinion of the Management, in view of concerted efforts being made, the aforesaid amount is likely to be recovered in due course and, therefore, no provisioning is required at this stage;
3. In respect of the unaudited results for the quarter ended June 30, 2007:
(a) With regard to the amount specified in Para 2(a) above, there is no change in the overdue debts on realization / provision for doubtful debts except increase of Rs 1,49,551.
Tamilnadu Telecommunications - Limited Review For The Quarter Ended Jun 30, 2007
Tamilnadu Telecommunications Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. Preparation of accounts on going concern basis despite substantial losses, which exceeds the Company net worth and consequent reference to BIFR, the impact of which on the financial results of the Company is not ascertainable.
2. No provision is made in the accounts for certain long outstanding debtors the recoverability of which is dependent on the decision of the court the case filed by the said debtor against the Arbitration Award.
3. No provision for interest made Rs 27 lakes in respect of bank account which has been declared as NPA by the bank.
1. Preparation of accounts on going concern basis despite substantial losses, which exceeds the Company net worth and consequent reference to BIFR, the impact of which on the financial results of the Company is not ascertainable.
2. No provision is made in the accounts for certain long outstanding debtors the recoverability of which is dependent on the decision of the court the case filed by the said debtor against the Arbitration Award.
3. No provision for interest made Rs 27 lakes in respect of bank account which has been declared as NPA by the bank.
Jupiter Industries - Limited Review For The Quarter Ended Jun 30, 2007
Jupiter Industries & Leasing Ltd has informed that in the limited review report of the company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Company has not accounted dues in the books amounting to Rs 197.57 lakhs as per the order directed by The Mumbai Debts Recovery Tribunal in the year 2002-2003.
2. The Company has not accounted accumulated lease equalization charges.
1. The Company has not accounted dues in the books amounting to Rs 197.57 lakhs as per the order directed by The Mumbai Debts Recovery Tribunal in the year 2002-2003.
2. The Company has not accounted accumulated lease equalization charges.
Sirpur Paper - Limited Review For The Quarter Ended Jun 30, 2007
Sirpur Paper Mills Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Attention is drawn to the following:
1. Note 3 of the unaudited financial results regarding non reversal of excess provision of Rs 943 lakhs towards deferred tax liability. Had such adjustments been considered in these financial results, Net Profit for the quarter ended June 30, 2007 would have been Rs 1,193 lakhs (as against the reported figure of Rs 250 lakhs).
Attention is drawn to the following:
1. Note 3 of the unaudited financial results regarding non reversal of excess provision of Rs 943 lakhs towards deferred tax liability. Had such adjustments been considered in these financial results, Net Profit for the quarter ended June 30, 2007 would have been Rs 1,193 lakhs (as against the reported figure of Rs 250 lakhs).
Thursday, September 20, 2007
Sterlite Optical - Limited Review For The Quarter Ended June 30, 2007
Sterlite Optical Technologies Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
The Company has received an order dated July 12, 2003 from the Commissioner of Central Excise for payment of excise duty and penalty of Rs 198.20 cores for alleged use of imported machinery of Export Oriented Unit for production and sale in the Domestic Tariff Area, out of which a sum of Rs 188 Crores and interest thereon has been confirmed by CESTAT during year 2005-06. Pending the outcome of the appeal in the appropriate Courts, no provision has been made barring Rs 4.50 crores towards provision for contingencies. The Auditors are unable to express an opinion on the outcome of the matter at this stage.
The Company has received an order dated July 12, 2003 from the Commissioner of Central Excise for payment of excise duty and penalty of Rs 198.20 cores for alleged use of imported machinery of Export Oriented Unit for production and sale in the Domestic Tariff Area, out of which a sum of Rs 188 Crores and interest thereon has been confirmed by CESTAT during year 2005-06. Pending the outcome of the appeal in the appropriate Courts, no provision has been made barring Rs 4.50 crores towards provision for contingencies. The Auditors are unable to express an opinion on the outcome of the matter at this stage.
Jayaswals Neco - Limited Review For The Quarter Ended June 30, 2007
Jayaswals Neco Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
In response to the audit qualification for the accounting year ended March 31, 2007 regarding Non-provision of compound interest amounting to Rs 1965.16 lacs on account of Companys request for waiver of the same, as per the note No 5 of the aforesaid unaudited financial results, the status at the quarter end remains the same.
In response to the audit qualification for the accounting year ended March 31, 2007 regarding Non-provision of compound interest amounting to Rs 1965.16 lacs on account of Companys request for waiver of the same, as per the note No 5 of the aforesaid unaudited financial results, the status at the quarter end remains the same.
Godrej Industries - Limited Review For The Quarter Ended June 30, 2007
Godrej Industries Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
The recoverability of advances given to certain individuals amounting to Rs 1033 lac is contingent upon the transfer and / or disposal of the shares pledged against the loan. The said shares were lodged for transfer, which application was rejected and the Company has preferred an appeal to the Company Law Board. The impact thereof on the profit for the quarter could not be ascertained.
The recoverability of advances given to certain individuals amounting to Rs 1033 lac is contingent upon the transfer and / or disposal of the shares pledged against the loan. The said shares were lodged for transfer, which application was rejected and the Company has preferred an appeal to the Company Law Board. The impact thereof on the profit for the quarter could not be ascertained.
NHN Corporation- Limited Review For The Quarter Ended June 30, 2007
NHN Corporation Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Non-Provision of interest and penal interest on outstanding term loan from GIIC, exact amount of interest and penal interest is not made available to the Auditors, as the management is of the opinion that interest should not be charged in view of the ongoing negotiation with the lender for the one time settlement.
Non-Provision of interest and penal interest on outstanding term loan from GIIC, exact amount of interest and penal interest is not made available to the Auditors, as the management is of the opinion that interest should not be charged in view of the ongoing negotiation with the lender for the one time settlement.
National Plastic - Limited Review For The Quarter Ended June 30, 2007
National Plastic Industries Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. No adjustments has been made for the following items and explained to be accounted at the year - end. Impact thereof on the profitability of the Company is unascertainable.
- Accrued interest on Fixed Deposits with the Bank.
- Bad Debts, Doubtful Advances and Income Receivable.
- Write offs / back in respect of balances of Sundry Debtors and Sundry Creditors.
- Reconciliation of balances of Associate Producers.
- Scrutiny of Income Tax and old Sales Tax balances.
2. In view of huge unabsorbed losses and depreciation, no provision is required for deferred tax liabilities and no provision for deferred tax assets have been made considering virtual uncertainty of profitability of the Company in future.
3. No provision has been made in the accounts in respect of liability for retirement benefits by way of accrued gratuity and leave encashment, as the amount has not been determined.
4. The Company has not provided any interest on Term Loan from IDBI as per One Time Settlement (OTS) package already approved, despite some failure in repayment of loan amount as per the terms of OTS and management expects no further liability on this account. The Company has provided for interest on Cash Credit facilities from the State Bank of India amounting to Rs 27 lacs on ad-hoc basis which is subject to confirmation.
1. No adjustments has been made for the following items and explained to be accounted at the year - end. Impact thereof on the profitability of the Company is unascertainable.
- Accrued interest on Fixed Deposits with the Bank.
- Bad Debts, Doubtful Advances and Income Receivable.
- Write offs / back in respect of balances of Sundry Debtors and Sundry Creditors.
- Reconciliation of balances of Associate Producers.
- Scrutiny of Income Tax and old Sales Tax balances.
2. In view of huge unabsorbed losses and depreciation, no provision is required for deferred tax liabilities and no provision for deferred tax assets have been made considering virtual uncertainty of profitability of the Company in future.
3. No provision has been made in the accounts in respect of liability for retirement benefits by way of accrued gratuity and leave encashment, as the amount has not been determined.
4. The Company has not provided any interest on Term Loan from IDBI as per One Time Settlement (OTS) package already approved, despite some failure in repayment of loan amount as per the terms of OTS and management expects no further liability on this account. The Company has provided for interest on Cash Credit facilities from the State Bank of India amounting to Rs 27 lacs on ad-hoc basis which is subject to confirmation.
Wednesday, September 19, 2007
Maximaa Systems - Limited Review For The Quarter Ended Jun 30, 2007
Maximaa Systems Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Non provision of accrued liability for Gratuity and leave encashment due to employee.
Non provision of accrued liability for Gratuity and leave encashment due to employee.
DCM Shriram Industries- Limited Review For The Quarter Ended Jun 30, 2007
DCM Shriram Industries Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Auditors observations in its audit report dated July 30, 2007 on the accounts of the Company for the year ended March 31, 2007, although paragraph (ii) below not disclosed in the accompanying statement have been summarized below:
(i) there are various issues relating to sales tax, income-tax, interest etc. arisen / arising out of the reorganization arrangement of the undivided DCM Ltd which will be settled and accounted for in terms of the Scheme of Arrangement of DCM Ltd as and when the liabilities / benefits are finally determined. The ultimate effect of these is not ascertainable at this stage. (refer note 4 of the accompanying statement)
(ii) regarding managerial remuneration paid pending necessary approvals under section 269 - of the Companies Act, 1956 read with para 1(B) of part II of section II of schedule XIII to the Act.
2. As per the policy followed by the Company for preparation of quarterly results, the sugar off - season expenditure amounting to Rs 5.10 crores have been deferred for inclusion in the cost of sugar to be produced in remaining part of the financial year. Had the Company charged expenditure so incurred to the accounting period in which such expenses were incurred, the increase in stock in trade would have been lower by Rs 4.28 crones and loss after tax would have been higher by Rs 2.83 crores for the quarter ended June 30, 2007.
1. The Auditors observations in its audit report dated July 30, 2007 on the accounts of the Company for the year ended March 31, 2007, although paragraph (ii) below not disclosed in the accompanying statement have been summarized below:
(i) there are various issues relating to sales tax, income-tax, interest etc. arisen / arising out of the reorganization arrangement of the undivided DCM Ltd which will be settled and accounted for in terms of the Scheme of Arrangement of DCM Ltd as and when the liabilities / benefits are finally determined. The ultimate effect of these is not ascertainable at this stage. (refer note 4 of the accompanying statement)
(ii) regarding managerial remuneration paid pending necessary approvals under section 269 - of the Companies Act, 1956 read with para 1(B) of part II of section II of schedule XIII to the Act.
2. As per the policy followed by the Company for preparation of quarterly results, the sugar off - season expenditure amounting to Rs 5.10 crores have been deferred for inclusion in the cost of sugar to be produced in remaining part of the financial year. Had the Company charged expenditure so incurred to the accounting period in which such expenses were incurred, the increase in stock in trade would have been lower by Rs 4.28 crones and loss after tax would have been higher by Rs 2.83 crores for the quarter ended June 30, 2007.
Falcon Tyres- Limited Review For The Quarter Ended Jun 30, 2007
Falcon Tyres Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. Review with respect to payment of Rs 43.80 lacs for technical aid relating to tyres and capitalization of administrative expenses, interest and other charges aggregating to Rs 951.16 lacs as capital work in progress and outstanding debtors and recoverability thereof were pending at the time of compilation of the results for the quarter. Pending ascertainment of amounts thereof impact with respect to these on the financial results cannot be commented upon by the auditors.
2. The Revised Accounting Standard 15 on Employee Benefits has not been complied with. Necessary adjustment in this respect will be carried out at the year end. Impact with respect to this has not been ascertained and as such cannot be commented upon by the auditors.
3. Impact of variations, as noticed during the course of the said review on being given effect to in the items mentioned in the accompanying statement of unaudited financial results, are as given below:
(Rs in Lacs)
-------------------------------------------------------------------------------------
ParticularsFigures after rev- Figures as repor-
iew quarter endedted quarter endedJune 30, 2007
June 30, 2007
------------------------------------------------------------------------------------------
Depreciation84.2573.50
Fringe Benefit Tax4.945.00
Other Expenditure945.50880.25
Selling & Distribution700.44674.52
ExpensesCurrent Tax (Incl.18.4422.42
Deferred Tax)------------------------------------------------------------------------------------
1. Review with respect to payment of Rs 43.80 lacs for technical aid relating to tyres and capitalization of administrative expenses, interest and other charges aggregating to Rs 951.16 lacs as capital work in progress and outstanding debtors and recoverability thereof were pending at the time of compilation of the results for the quarter. Pending ascertainment of amounts thereof impact with respect to these on the financial results cannot be commented upon by the auditors.
2. The Revised Accounting Standard 15 on Employee Benefits has not been complied with. Necessary adjustment in this respect will be carried out at the year end. Impact with respect to this has not been ascertained and as such cannot be commented upon by the auditors.
3. Impact of variations, as noticed during the course of the said review on being given effect to in the items mentioned in the accompanying statement of unaudited financial results, are as given below:
(Rs in Lacs)
-------------------------------------------------------------------------------------
ParticularsFigures after rev- Figures as repor-
iew quarter endedted quarter endedJune 30, 2007
June 30, 2007
------------------------------------------------------------------------------------------
Depreciation84.2573.50
Fringe Benefit Tax4.945.00
Other Expenditure945.50880.25
Selling & Distribution700.44674.52
ExpensesCurrent Tax (Incl.18.4422.42
Deferred Tax)------------------------------------------------------------------------------------
Nutech Global - Limited Review For The Quarter Ended Jun 30, 2007
Nutech Global Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. Refer Note No. 4 regarding non adjustment of deferred tax in accordance with Account Standard-22 issued by ICAI.
2. Refer Note No. 5 regarding non adjustment of liability for Income Tax payable under Income Tax Act, 1961.
1. Refer Note No. 4 regarding non adjustment of deferred tax in accordance with Account Standard-22 issued by ICAI.
2. Refer Note No. 5 regarding non adjustment of liability for Income Tax payable under Income Tax Act, 1961.
Datamatics Technologies - Limited Review For The Quarter Ended Jun 30, 2007
Datamatics Technologies Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
The Company has an investment of Rs 630,648,850/- in wholly owned subsidiaries and has also extended loans of Rs 12,169,542/ to these subsidiaries as reflected in the audited accounts for the year ended March 31, 2007. The net worth of these subsidiaries has declined. These investments are for long term and of strategic nature. In view of this, the Auditors are unable to comment on whether provision, if any, for the diminution in the value of Investments is required to be made.
The Company has an investment of Rs 630,648,850/- in wholly owned subsidiaries and has also extended loans of Rs 12,169,542/ to these subsidiaries as reflected in the audited accounts for the year ended March 31, 2007. The net worth of these subsidiaries has declined. These investments are for long term and of strategic nature. In view of this, the Auditors are unable to comment on whether provision, if any, for the diminution in the value of Investments is required to be made.
Tuesday, September 18, 2007
Greycells Entertainment - Limited Review For The Quarter Ended June 30, 2007
Greycells Entertainment Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Company has not formulated any policy for amortization of the amount spent on the acquisition of perpetual rights in film & serials. No amortization has been provided on such perpetual rights including perpetual rights which are already being commercially exploited by the Company. The amount of such amortization has not been ascertained.
2. No provision has been made by the Company for possible impairment in the carrying value of perpetual rights in films and serials as required by the Accounting Standard No 28 - Impairment of Assets. The amount of such possible impairment has not been ascertained.
1. The Company has not formulated any policy for amortization of the amount spent on the acquisition of perpetual rights in film & serials. No amortization has been provided on such perpetual rights including perpetual rights which are already being commercially exploited by the Company. The amount of such amortization has not been ascertained.
2. No provision has been made by the Company for possible impairment in the carrying value of perpetual rights in films and serials as required by the Accounting Standard No 28 - Impairment of Assets. The amount of such possible impairment has not been ascertained.
Principal Pharmaceuticals- Limited Review For The Quarter Ended June 30, 2007
Principal Pharmaceuticals & Chemicals Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. Accounts prepared on the assumption of the going concern basis despite huge losses resulting in total erosion of the net worth of the Company in view of Ongoing efforts being made by the Company for recovery.
2. Non-provision for interest to financial institution and bank in view of the fact that the Company is preparing for rehabilitation scheme expecting the waiver from the institution.
3. Non-provision for doubtful debts of debts of Rs 57,31,130 pending final settlement with the party.
4. Non compliance of Accounting Standard - 28 to the extent of effect of impairment in the value of assets not been recognized in the accounts. In view of pending restructuring proposal value of impairment can not be ascertained.
1. Accounts prepared on the assumption of the going concern basis despite huge losses resulting in total erosion of the net worth of the Company in view of Ongoing efforts being made by the Company for recovery.
2. Non-provision for interest to financial institution and bank in view of the fact that the Company is preparing for rehabilitation scheme expecting the waiver from the institution.
3. Non-provision for doubtful debts of debts of Rs 57,31,130 pending final settlement with the party.
4. Non compliance of Accounting Standard - 28 to the extent of effect of impairment in the value of assets not been recognized in the accounts. In view of pending restructuring proposal value of impairment can not be ascertained.
Rama Petrochemicals- Limited Review For The Quarter Ended June 30, 2007
Rama Petrochemicals Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. No provision for Deferred Tax Liability has been made as at the end of the quarter as the Company would provide the same as at the year end as stated in Note 2.
2. Provision for employees benefits for the quarter has been made on the basis of management estimates instead of actuarial valuation as prescribed by AS-15 Employees Benefits, as stated in Note 3.
3. No provision for interest amounting to Rs 25.51 lacs on working capital loan.
4. No provision for interest amounting to Rs 1.72 lacs on unpaid custom duty.
5. Reference given for our observations in the Audited Accounts for the year 2006-07 also hold good for the quarter ended June 30, 2007 as stated at Note 8.
1. No provision for Deferred Tax Liability has been made as at the end of the quarter as the Company would provide the same as at the year end as stated in Note 2.
2. Provision for employees benefits for the quarter has been made on the basis of management estimates instead of actuarial valuation as prescribed by AS-15 Employees Benefits, as stated in Note 3.
3. No provision for interest amounting to Rs 25.51 lacs on working capital loan.
4. No provision for interest amounting to Rs 1.72 lacs on unpaid custom duty.
5. Reference given for our observations in the Audited Accounts for the year 2006-07 also hold good for the quarter ended June 30, 2007 as stated at Note 8.
Mafatlal Dyes - Limited Review For The Quarter Ended June 30, 2007
Mafatlal Dyes & Chemicals Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Based on Auditors review report conducted, the Auditors observed that the following qualification made in Audit Report dated August 11, 2006 on the accounts of the previous accounting period from October 01, 2004 to December 31, 2005 have not been disclosed in the unaudited financial results along with the impact of such qualification :
1. Non-provision of Rs 2065 lacs for diminution of value of investments in the wholly owned subsidiaries. The accounts of subsidiaries as June 30, 2005, reflect substantial erosion to networth after considering the unprovided diminution in the value of investments held by these Company.
2. Non-provision in the accounts for diminution in value of investments aggregation to Rs 146 lakhs in Equity shares of Mahananda Investments Ltd, a Wholly owned subsidiary of the Company.
3. Non-provision in the accounts for doubtful loans to subsidiary companies aggregation to Rs 200 lakh. There has been a substantial fall in the value of quoted investments held by these subsidiaries, which may lead to substantial erosion in their networth.
Based on Auditors review report conducted, the Auditors observed that the following qualification made in Audit Report dated August 11, 2006 on the accounts of the previous accounting period from October 01, 2004 to December 31, 2005 have not been disclosed in the unaudited financial results along with the impact of such qualification :
1. Non-provision of Rs 2065 lacs for diminution of value of investments in the wholly owned subsidiaries. The accounts of subsidiaries as June 30, 2005, reflect substantial erosion to networth after considering the unprovided diminution in the value of investments held by these Company.
2. Non-provision in the accounts for diminution in value of investments aggregation to Rs 146 lakhs in Equity shares of Mahananda Investments Ltd, a Wholly owned subsidiary of the Company.
3. Non-provision in the accounts for doubtful loans to subsidiary companies aggregation to Rs 200 lakh. There has been a substantial fall in the value of quoted investments held by these subsidiaries, which may lead to substantial erosion in their networth.
Gulf Oil Corporation - Limited Review For The Quarter Ended June 30, 2007
Gulf Oil Corporation Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Deferred tax asset as at June 30, 2007 include Rs 797 lakhs arising on account of brought forward business losses; the Auditors are unable to take a view, in the absence of sufficient taxable profit on the appropriateness of carrying the aforesaid deferred tax asset.
Deferred tax asset as at June 30, 2007 include Rs 797 lakhs arising on account of brought forward business losses; the Auditors are unable to take a view, in the absence of sufficient taxable profit on the appropriateness of carrying the aforesaid deferred tax asset.
Friday, September 14, 2007
Duncans Industries - Limited Review For The Quarter Ended June 30, 2007
Duncans Industries Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007 the Auditors of the Company have made the following observations:
1(a). The accounts of the Company as given in Note 2 have been prepared on a going concern basis. However, its ability to continue as such is dependent upon its future performance and profitability.
1(b). Accounting Standards on Impairment of Assets (AS-28) as given in Note 3 (c) requiring determination of impairment against fixed assets and provisions there against have not been complied with.
1(c). Attention is invited to the Note 9 of the statement regarding non compliance of Accounting Standard - 15 Employee Benefit.
The auditors are unable to ascertain and state the impact 1(a), 1(b) and 1(c) of the same on the various figures and the amount of loss given in the statement.
2. Due to suspension of operation in the fertiliser division, computer system could not be fully operated and figures thereof as such could not be accessed. Various reconciliations including bank accounts, records, details in this respect including as given in Note 1(a) and 3(b) as such were not available. The figures given in the Unaudited Financial Resutls for the quarter includes figures pertaining to the said division have been considered based on the adjustments / estimations, made by the management outside the financial systems. However, these in the absence of relevant details and records as such could not be reviewed by the auditors.
3. Due to reasons given in Para 2 above, the interdivisional balance between the tea and fertilizer division of the Company could also not be reconciled as at June 30, 2007. Consequential impact on account of this, on the Unaudited Financial Results for the quarter cannot be ascertained and commented upon by the Auditors.
1(a). The accounts of the Company as given in Note 2 have been prepared on a going concern basis. However, its ability to continue as such is dependent upon its future performance and profitability.
1(b). Accounting Standards on Impairment of Assets (AS-28) as given in Note 3 (c) requiring determination of impairment against fixed assets and provisions there against have not been complied with.
1(c). Attention is invited to the Note 9 of the statement regarding non compliance of Accounting Standard - 15 Employee Benefit.
The auditors are unable to ascertain and state the impact 1(a), 1(b) and 1(c) of the same on the various figures and the amount of loss given in the statement.
2. Due to suspension of operation in the fertiliser division, computer system could not be fully operated and figures thereof as such could not be accessed. Various reconciliations including bank accounts, records, details in this respect including as given in Note 1(a) and 3(b) as such were not available. The figures given in the Unaudited Financial Resutls for the quarter includes figures pertaining to the said division have been considered based on the adjustments / estimations, made by the management outside the financial systems. However, these in the absence of relevant details and records as such could not be reviewed by the auditors.
3. Due to reasons given in Para 2 above, the interdivisional balance between the tea and fertilizer division of the Company could also not be reconciled as at June 30, 2007. Consequential impact on account of this, on the Unaudited Financial Results for the quarter cannot be ascertained and commented upon by the Auditors.
Switching Technologies - Limited Review For The Quarter Ended June 30, 2007
Switching Technologies Gunther Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. Despite total erosion of net worth of the Company, the accounts for the quarter have been prepared on the basis that the Company is a going concern.
2. The Company has not complied with the Accounting Standard AS 15 - Employee Benefits (Revised).
1. Despite total erosion of net worth of the Company, the accounts for the quarter have been prepared on the basis that the Company is a going concern.
2. The Company has not complied with the Accounting Standard AS 15 - Employee Benefits (Revised).
Sahara One Media - Limited Review For The Quarter Ended June 30, 2007
Sahara One Media & Entertainment Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
The Companys loans and advances as on June 30, 2007 include balances aggregating to Rs 58.2 million outstanding for more than 3 years for acquiring television and film content which have not been adjusted or utilized at June 30, 2007 nor have these been confirmed at that date. In the absence of sufficient and appropriate evidence, the auditors are unable to express an opinion on extent of non-recoverability of these advances and their consequent impact, if any, on the Companys profit for the three months ended June 30, 2007.
The Companys loans and advances as on June 30, 2007 include balances aggregating to Rs 58.2 million outstanding for more than 3 years for acquiring television and film content which have not been adjusted or utilized at June 30, 2007 nor have these been confirmed at that date. In the absence of sufficient and appropriate evidence, the auditors are unable to express an opinion on extent of non-recoverability of these advances and their consequent impact, if any, on the Companys profit for the three months ended June 30, 2007.
Beeyu Overseas - Limited Review For The Quarter Ended June 30, 2007
Beeyu Overseas Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. In view of the reason stated in note 1 of the statement of unaudited financial results, provision for taxation including deferred tax for the three months ended June 30, 2007 has not been ascertained and provided for.
2. As stated in note 4 of the statement of unaudited financial results, impact if any, on certain employee cost in terms of Accounting Standards (AS) 15 (Revised 2O05) on Employee Benefits, issued by the Institute of Chartered Accountants of India has not been ascertained and accounted for.
The impact of the above items on the results of the Company for the three months period ended June 30, 2007 could not be readily ascertainable.
3. Excess provision of depreciation amounting Rs 75.30 lacs relating to the prior accounting year, as stated in note 2, of the accompanying statement of unaudited financial results, hat been written back in the Profit & Loss Appropriation account in the financial year 2007-2008, without been routed through the Profit & Loss Account of the quarter ended June 30, 2007. Had the same been routed through the current quarters Profit and Loss Account, depreciation charge would have been lower by Rs 75.30 lacs and Loss after tax for the quarter amounting to Rs 56.50 lacs would have been a Profit of Rs 18.80 lacs.
4. During the three months ended June 30, 2007, the Company had operation only in tea and other segment. Accordingly, Company is not a single segment Company in terms of the Accounting Standard-17 on Segment Reporting issued by the Institute of Chartered Accountants of (ICAI).
1. In view of the reason stated in note 1 of the statement of unaudited financial results, provision for taxation including deferred tax for the three months ended June 30, 2007 has not been ascertained and provided for.
2. As stated in note 4 of the statement of unaudited financial results, impact if any, on certain employee cost in terms of Accounting Standards (AS) 15 (Revised 2O05) on Employee Benefits, issued by the Institute of Chartered Accountants of India has not been ascertained and accounted for.
The impact of the above items on the results of the Company for the three months period ended June 30, 2007 could not be readily ascertainable.
3. Excess provision of depreciation amounting Rs 75.30 lacs relating to the prior accounting year, as stated in note 2, of the accompanying statement of unaudited financial results, hat been written back in the Profit & Loss Appropriation account in the financial year 2007-2008, without been routed through the Profit & Loss Account of the quarter ended June 30, 2007. Had the same been routed through the current quarters Profit and Loss Account, depreciation charge would have been lower by Rs 75.30 lacs and Loss after tax for the quarter amounting to Rs 56.50 lacs would have been a Profit of Rs 18.80 lacs.
4. During the three months ended June 30, 2007, the Company had operation only in tea and other segment. Accordingly, Company is not a single segment Company in terms of the Accounting Standard-17 on Segment Reporting issued by the Institute of Chartered Accountants of (ICAI).
Indian Bank - Limited Review For The Quarter Ended June 30, 2007
Indian Bank has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
The Bank has not adopted the revised Accounting Standard (AS 15) Employee Benefits issued by the Institute of Chartered Accountants of India (ICAI) and the impact of the same on the financials is not ascertainable.
The Bank has not adopted the revised Accounting Standard (AS 15) Employee Benefits issued by the Institute of Chartered Accountants of India (ICAI) and the impact of the same on the financials is not ascertainable.
Thursday, September 13, 2007
Xpro India - Limited Review For The Quarter Ended Jun 30, 2007
Xpro India Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Attention is invited to Note No 3 & 4 of accompanying statement of unaudited financial results which states that the provision of liability for Gratuity & Leave for the quarter has been based on the most recent actuarial valuation. The impact, if any, of revised Accounting Standard 15 will be appropriately dealt with at the year end and Provision for income tax, deferred tax & fringe benefit tax, if any, to be provided at the year-end (amount not ascertained) respectively.
Attention is invited to Note No 3 & 4 of accompanying statement of unaudited financial results which states that the provision of liability for Gratuity & Leave for the quarter has been based on the most recent actuarial valuation. The impact, if any, of revised Accounting Standard 15 will be appropriately dealt with at the year end and Provision for income tax, deferred tax & fringe benefit tax, if any, to be provided at the year-end (amount not ascertained) respectively.
Weizmann - Limited Review For The Quarter Ended Jun 30, 2007
Weizmann Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
As referred to in note no 3 of the annexed statement of Un-audited financial results for quarter ended June 30, 2007, the Company has not provided current income tax liabilities arising on account of taxable profits, aggregating to Rs 494.05 lacs for the quarter ended June 30, 2007 as a result of which the net profit after tax for the quarter has been overstated by Rs 494.05 lacs with a consequential decrease in current liabilities of a similar amount.
As referred to in note no 3 of the annexed statement of Un-audited financial results for quarter ended June 30, 2007, the Company has not provided current income tax liabilities arising on account of taxable profits, aggregating to Rs 494.05 lacs for the quarter ended June 30, 2007 as a result of which the net profit after tax for the quarter has been overstated by Rs 494.05 lacs with a consequential decrease in current liabilities of a similar amount.
Essar Oil - Limited Review For The Quarter Ended Jun 30, 2007
Essar Oil Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
It is observed that total capital employed and the capital employed of the Refinery (Under Trial Runs / Construction) Segment is understated by Rs 105 crore due to misclassification of a loan as an advance. The impact of the error is less than one percent of the reported capital employed.
It is observed that total capital employed and the capital employed of the Refinery (Under Trial Runs / Construction) Segment is understated by Rs 105 crore due to misclassification of a loan as an advance. The impact of the error is less than one percent of the reported capital employed.
Punj Lloyd - Limited Review For The Quarter Ended Jun 30, 2007
Punj Lloyd Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Without qualifying their opinion, the Auditors draw attention to the deductions made / amounts withheld by some customers aggregating to Rs 74.83 crore on various accounts which are being carried as sundry debtors. The Company is also carrying Work in Progress inventory of Rs 6.40 crore relating to one of the aforesaid customers. The ultimate outcome of the above matters cannot presently be determined although the Company is of the view that such amounts are recoverable and hence no provision is required there against.
Without qualifying their opinion, the Auditors draw attention to the deductions made / amounts withheld by some customers aggregating to Rs 74.83 crore on various accounts which are being carried as sundry debtors. The Company is also carrying Work in Progress inventory of Rs 6.40 crore relating to one of the aforesaid customers. The ultimate outcome of the above matters cannot presently be determined although the Company is of the view that such amounts are recoverable and hence no provision is required there against.
Prudential Pharmaceuticals - Limited Review For The Quarter Ended Jun 30, 2007
Prudential Pharmaceuticals Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Being quarterly closing, the Company has not accounted for taxes on income as required under AS-22 i.e. Deferred Tax and Income tax, and also the impact of the revised AS 15 Employee Benefits. As informed, the same will be considered at the time of year end finalization.
Being quarterly closing, the Company has not accounted for taxes on income as required under AS-22 i.e. Deferred Tax and Income tax, and also the impact of the revised AS 15 Employee Benefits. As informed, the same will be considered at the time of year end finalization.
Wednesday, September 12, 2007
Aptech - Limited Review For The Quarter Ended Jun 30, 2007
Aptech Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Company is yet to ascertain the adjustments which may arise under revised Accounting Standard 15 Employee Benefits issued by the Institute of Chartered Accountants of India. Hence, the impact of the same on the results is not known and not considered.
2. The Company has accounted for Stock Options granted under Aptech Equity Stock Plan 2006 on the basis of the legal Option obtained. The ESOP Compensation cost charged during the quarter is higher by Rs 47.96 Lakhs.
1. The Company is yet to ascertain the adjustments which may arise under revised Accounting Standard 15 Employee Benefits issued by the Institute of Chartered Accountants of India. Hence, the impact of the same on the results is not known and not considered.
2. The Company has accounted for Stock Options granted under Aptech Equity Stock Plan 2006 on the basis of the legal Option obtained. The ESOP Compensation cost charged during the quarter is higher by Rs 47.96 Lakhs.
Simbhaoli Sugars- Limited Review For The Quarter Ended Jun 30, 2007
Simbhaoli Sugars Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. Adjustment, if any, arising on account of continuance or otherwise of the levy obligations in respect of conversion of unlifted levy sugar of earlier seasons aggregating 14169 MT into non-levy sugar, pursuant to Notification No.5- 5(Maha) / 99-SC-II dated June 18, 2002 issued by Ministry of Consumer Affairs, Food and Distribution, Government of India, could not be estimated and made if required, for want of necessary clarifications in the matter.
2. Deferred tax assets (net) amounting to Rs 1324.30 lacs have been recognized on the basis of future projections taken on record by the Board of Directors confirming that sufficient future taxable income will be available against which these assets would be realized. The Auditors are unable to express any view at this stage in the matter.
1. Adjustment, if any, arising on account of continuance or otherwise of the levy obligations in respect of conversion of unlifted levy sugar of earlier seasons aggregating 14169 MT into non-levy sugar, pursuant to Notification No.5- 5(Maha) / 99-SC-II dated June 18, 2002 issued by Ministry of Consumer Affairs, Food and Distribution, Government of India, could not be estimated and made if required, for want of necessary clarifications in the matter.
2. Deferred tax assets (net) amounting to Rs 1324.30 lacs have been recognized on the basis of future projections taken on record by the Board of Directors confirming that sufficient future taxable income will be available against which these assets would be realized. The Auditors are unable to express any view at this stage in the matter.
Sterling Holiday Resorts- Limited Review For The Quarter Ended Jun 30, 2007
Sterling Holiday Resorts India Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Gratuity liability for the quarter ended June 30, 2007 has been provided based on estimate by Management. The Company has not ascertained the Gratuity liability at the end of the period in accordance with the Accounting standard - AS 15 (revised). Hence the additional provision on this account, if required to be made, has not been considered in the results. The Company has also not ascertained and provided for the liability towards Short Term employee benefits namely, leave encashment and leave travel allowance for the quarter ended June 30, 2007.
2. The Company is negotiating with certain unsecured creditors for settlement of their liabilities including principal and interest, Pending final settlement, the quantum of unprovided interest and penal interest that may eventually arise is unascertainable and hence not provided for.
The effect of our observations in para 1 & 2 above would have the effect of understatement of losses for the quarter ended June 30, 2007 which is not ascertainable at this stage.
1. The Gratuity liability for the quarter ended June 30, 2007 has been provided based on estimate by Management. The Company has not ascertained the Gratuity liability at the end of the period in accordance with the Accounting standard - AS 15 (revised). Hence the additional provision on this account, if required to be made, has not been considered in the results. The Company has also not ascertained and provided for the liability towards Short Term employee benefits namely, leave encashment and leave travel allowance for the quarter ended June 30, 2007.
2. The Company is negotiating with certain unsecured creditors for settlement of their liabilities including principal and interest, Pending final settlement, the quantum of unprovided interest and penal interest that may eventually arise is unascertainable and hence not provided for.
The effect of our observations in para 1 & 2 above would have the effect of understatement of losses for the quarter ended June 30, 2007 which is not ascertainable at this stage.
National Fertilizers - Limited Review For The Quarter Ended Jun 30, 2007
National Fertilizers Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Pending final notification from FICC, the adjustment in subsidy is accounted for on estimation basis taking into account the guidelines policies, instructions and clarifications given by the Govt. of India, the extent of adjustment in this regard that may be required upon finalization of these claims could not be ascertained at this stage.
Pending final notification from FICC, the adjustment in subsidy is accounted for on estimation basis taking into account the guidelines policies, instructions and clarifications given by the Govt. of India, the extent of adjustment in this regard that may be required upon finalization of these claims could not be ascertained at this stage.
FCS Software - Limited Review For The Quarter Ended Jun 30, 2007
FCS Software Solutions Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. Work in Process:
The value of work in process as on the date of Balance Sheet has been considered as valued and certified by the Management.
2. Foreign Currency Transactions:
In case of sale made to clients outside India, income is accounted on the basis of the exchange rate as on the date of transaction. Adjustments are made for any variations in the sale proceeds on conversion into Indian currency upon actual receipt. Expenditure in foreign currency is accounted at the conversion rate prevalent when such expenditure is incurred. Where realizations, are deposited into, and disbursements made out of, a foreign currency Bank account, all transactions during the month are reported at a rate which approximates the actual monthly rate.
In the case of current assets and current liabilities expressed in foreign currency, the exchange rate prevalent at the end of the year is taken for the purposes of transaction, Fixed assets purchased at overseas offices are accounted on the basis of actual cost incurred at the exchange rate prevalent at the time of purchase. Depreciation is charged as per Company policy. Exchange differences are arising on foreign currency transactions are recognized as income or expenses in the year in which they arise. In the case of forward contracts, the difference between the forward rate and the exchange rate on the date of the transaction is recognized as Income or expenses over the life of the contracts.
3. Income Tax:
Provision is made for income tax on a quarterly basis, under the tax-payable method, based on the tax liability as computed after taking credit for allowances and exemptions as the case may be.
1. Work in Process:
The value of work in process as on the date of Balance Sheet has been considered as valued and certified by the Management.
2. Foreign Currency Transactions:
In case of sale made to clients outside India, income is accounted on the basis of the exchange rate as on the date of transaction. Adjustments are made for any variations in the sale proceeds on conversion into Indian currency upon actual receipt. Expenditure in foreign currency is accounted at the conversion rate prevalent when such expenditure is incurred. Where realizations, are deposited into, and disbursements made out of, a foreign currency Bank account, all transactions during the month are reported at a rate which approximates the actual monthly rate.
In the case of current assets and current liabilities expressed in foreign currency, the exchange rate prevalent at the end of the year is taken for the purposes of transaction, Fixed assets purchased at overseas offices are accounted on the basis of actual cost incurred at the exchange rate prevalent at the time of purchase. Depreciation is charged as per Company policy. Exchange differences are arising on foreign currency transactions are recognized as income or expenses in the year in which they arise. In the case of forward contracts, the difference between the forward rate and the exchange rate on the date of the transaction is recognized as Income or expenses over the life of the contracts.
3. Income Tax:
Provision is made for income tax on a quarterly basis, under the tax-payable method, based on the tax liability as computed after taking credit for allowances and exemptions as the case may be.
Tuesday, September 11, 2007
Reliance Industries Announces Audited FY 07 Results
Reliance Industries Ltd has announced the following Audited results for the year ended March 31, 2007:
The Company has posted a net profit of Rs 119430 million for the year ended March 31, 2007 where as the same was at Rs 90690 million for the year ended March 31, 2006. Total Income (net of excise) is Rs 1121710 million for the year ended March 31, 2007 where as the same was at Rs 818940 million for the year ended March 31, 2006.
The Consolidated results are as follows:
The Group has posted a net profit (After adjustment for Minority interest) of Rs 120750 million for the year ended March 31, 2007 where as the same was at Rs 93980 million for the year ended March 31, 2006. Total Income (net of excise) is Rs 1144210 million for the year ended March 31, 2007 where as the same was at Rs 841300 million for the year ended March 31, 2006.
Current year include figures of Indian Petrochemicals Corporation Ltd (IPCL) which is amalgamated with the Company with effect from April 01, 2006 and are therefore to that extent not comparable with those of previous year.
The Company has posted a net profit of Rs 119430 million for the year ended March 31, 2007 where as the same was at Rs 90690 million for the year ended March 31, 2006. Total Income (net of excise) is Rs 1121710 million for the year ended March 31, 2007 where as the same was at Rs 818940 million for the year ended March 31, 2006.
The Consolidated results are as follows:
The Group has posted a net profit (After adjustment for Minority interest) of Rs 120750 million for the year ended March 31, 2007 where as the same was at Rs 93980 million for the year ended March 31, 2006. Total Income (net of excise) is Rs 1144210 million for the year ended March 31, 2007 where as the same was at Rs 841300 million for the year ended March 31, 2006.
Current year include figures of Indian Petrochemicals Corporation Ltd (IPCL) which is amalgamated with the Company with effect from April 01, 2006 and are therefore to that extent not comparable with those of previous year.
KCP Sugar - Limited Review For The Quarter Ended June 30, 2007
KCP Sugar & Industries Corporation Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. In respect of the Companys Sugar units, the incidental Co-generation units attached to the Sugar units, Research and Development unit and Registered Office, part of the expenses incurred towards staff costs and manufacturing expenses (included in other expenses) and depreciation have been recognized as such during the quarter ending June 30, 2007 only to the extent they are relatable to the production of sugar manufactured and electric energy generated during the said quarter. In the opinion of the Companys Management, the remaining expenses are relatable to the sugar to be produced and electric energy to be generated in the coming season, which commences and predominantly extends thorough the last two quarters of the year. The expenses so deferred are as follows.
(i) Other Expenditure - Rs 590.67 lakhs
(ii) Depreciation - Rs 150.88 lakhs
2. It has been explained to the Auditors by the Companys Management that, the Sugar Industry and the incidental co-generation activity being a seasonal in nature and since the sugar season does not match with the Companys financial year, recognition of expenses strictly in the period in which they have been incurred would result in substantial distortion of the financial results in different quarters of the financial year. It is therefore, the consistent practice followed by the Company, to identify such expenses incurred during the off-season that are relatable to the coming season, and to defer them and recognize them only in the season period.
1. In respect of the Companys Sugar units, the incidental Co-generation units attached to the Sugar units, Research and Development unit and Registered Office, part of the expenses incurred towards staff costs and manufacturing expenses (included in other expenses) and depreciation have been recognized as such during the quarter ending June 30, 2007 only to the extent they are relatable to the production of sugar manufactured and electric energy generated during the said quarter. In the opinion of the Companys Management, the remaining expenses are relatable to the sugar to be produced and electric energy to be generated in the coming season, which commences and predominantly extends thorough the last two quarters of the year. The expenses so deferred are as follows.
(i) Other Expenditure - Rs 590.67 lakhs
(ii) Depreciation - Rs 150.88 lakhs
2. It has been explained to the Auditors by the Companys Management that, the Sugar Industry and the incidental co-generation activity being a seasonal in nature and since the sugar season does not match with the Companys financial year, recognition of expenses strictly in the period in which they have been incurred would result in substantial distortion of the financial results in different quarters of the financial year. It is therefore, the consistent practice followed by the Company, to identify such expenses incurred during the off-season that are relatable to the coming season, and to defer them and recognize them only in the season period.
Nuchem - Limited Review For The Quarter Ended June 30, 2007
Nuchem Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. No provisions has been considered for:
a. Decline in value of investment in subsidiary company in accordance with Accounting Standard AS - 13.
b. Deferred tax assets, on timing differences arising on unabsorbed losses and depreciation in accordance with Accounting Standard AS - 22, the amount not being ascertained as the management considers the same to be accounted for at the year end.
c. Gratuity in accordance with Accounting Standard AS-15 (as revised), the amount not being ascertained, as the management will consider implementing the AS - 15 (as revised) at the year end.
and considering foot - note no 3 to the accompanying statement in that to the extent the management has not addressed to the qualifications in the report covering the accounting year ended on September 30, 2006, the loss disclosed in the said statement is stated higher by Rs 7.50 lac for the quarter under review.
1. No provisions has been considered for:
a. Decline in value of investment in subsidiary company in accordance with Accounting Standard AS - 13.
b. Deferred tax assets, on timing differences arising on unabsorbed losses and depreciation in accordance with Accounting Standard AS - 22, the amount not being ascertained as the management considers the same to be accounted for at the year end.
c. Gratuity in accordance with Accounting Standard AS-15 (as revised), the amount not being ascertained, as the management will consider implementing the AS - 15 (as revised) at the year end.
and considering foot - note no 3 to the accompanying statement in that to the extent the management has not addressed to the qualifications in the report covering the accounting year ended on September 30, 2006, the loss disclosed in the said statement is stated higher by Rs 7.50 lac for the quarter under review.
Fortis Healthcare - Limited Review For The Quarter Ended June 30, 2007
Fortis Healthcare Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. A matter regarding one of the subsidiaries land under leasehold arrangement with the Delhi Development Authority is pending in appeals at various stages, the eventual outcome of which cannot be estimated presently. Also, the liability as an outcome of a Public Interest Litigation (PIL) decided by the High Court remains unascertained due to procedural delays in constitution of special committee. Therefore, the Auditors are unable to express an opinion at this stage in respect of these matters.
2. Certain tax demands aggregating to Rs 20,600 lacs (net of demands raised twice in respect of certain years) raised on one of the subsidiaries by the Income tax authorities are pending in appeals and the eventual outcome of the above matters cannot presently be estimated. The Auditors unable to express an opinion at this stage in respect of these matters.
1. A matter regarding one of the subsidiaries land under leasehold arrangement with the Delhi Development Authority is pending in appeals at various stages, the eventual outcome of which cannot be estimated presently. Also, the liability as an outcome of a Public Interest Litigation (PIL) decided by the High Court remains unascertained due to procedural delays in constitution of special committee. Therefore, the Auditors are unable to express an opinion at this stage in respect of these matters.
2. Certain tax demands aggregating to Rs 20,600 lacs (net of demands raised twice in respect of certain years) raised on one of the subsidiaries by the Income tax authorities are pending in appeals and the eventual outcome of the above matters cannot presently be estimated. The Auditors unable to express an opinion at this stage in respect of these matters.
Modern Shares - Limited Review For The Quarter Ended June 30, 2007
Modern Shares & Stockbrokers Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Company has provided the employee benefits in the nature of gratuity, leaveencashment, etc. on estimated basis and not in the manner prescribed in Accounting Standard (AS) 15 (revised) on Employee Benefits issued by the Institute of Chartered Accountants of India, applicable for the Company with effect from April 01, 2007. Accordingly the consequential impact of the same on the profit for the quarter is unascertainable.
2. The Company has made provision for tax at the current tax rate based on theincome for the quarter. However, in terms of the Guidance Note No. GN(A)24 (issued 2006) on Measurement of Income-tax Expense for Interim Financial Reporting in the context of Accounting Standard 25 issued by the Council of the Institute of Chartered Accountants of India, the Company has to estimate the taxable income for the year, calculate the tax thereon and then determine the weighted average tax rate. This rate is to be applied on the income for the current quarter for the purpose of tax expense. The effect of the deviation on the provision for tax for the quarter is not ascertainable.
During our review of unaudited financial results, it was observed that in segment wise reporting, under Segment Revenue the Company has not reported Other revenue. The amount is Rs 3.46 lacs. Consequently, segment revenue and the amount shown under unallocated expenses net of unallocated income is understated by the said amount.
1. The Company has provided the employee benefits in the nature of gratuity, leaveencashment, etc. on estimated basis and not in the manner prescribed in Accounting Standard (AS) 15 (revised) on Employee Benefits issued by the Institute of Chartered Accountants of India, applicable for the Company with effect from April 01, 2007. Accordingly the consequential impact of the same on the profit for the quarter is unascertainable.
2. The Company has made provision for tax at the current tax rate based on theincome for the quarter. However, in terms of the Guidance Note No. GN(A)24 (issued 2006) on Measurement of Income-tax Expense for Interim Financial Reporting in the context of Accounting Standard 25 issued by the Council of the Institute of Chartered Accountants of India, the Company has to estimate the taxable income for the year, calculate the tax thereon and then determine the weighted average tax rate. This rate is to be applied on the income for the current quarter for the purpose of tax expense. The effect of the deviation on the provision for tax for the quarter is not ascertainable.
During our review of unaudited financial results, it was observed that in segment wise reporting, under Segment Revenue the Company has not reported Other revenue. The amount is Rs 3.46 lacs. Consequently, segment revenue and the amount shown under unallocated expenses net of unallocated income is understated by the said amount.
Monday, September 10, 2007
Orient Ceramics- Limited Review For The Quarter Ended Jun 30, 2007
Orient Ceramics & Industries Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. Adjustment, if any, would be made at the year end that may arise with regard to Revised Accounting Standard-15 Employee Benefits issued by Institute of Chartered Accountants of India.
2. Current tax and deferred tax provision for the quarter-ended June 30, 2007 should have been Rs 125 lacs and Rs (20 lacs) instead of Rs 100 lacs and Rs 10 lacs respectively.
3. The net profit after tax for the quarter-ended June 30, 2007 should have been Rs 192 lacs (except for the adjustment, if any for the point no (1) above, as the impact is unascertainable) instead of Rs 187 lacs.
4. EPS (both basic and diluted) for the quarter-ended June 30, 2007 should have been read as Rs 1.82 (except for the adjustment, if any for the point no (1) above, as the impact is unascertainable) instead of Rs 1.78.
1. Adjustment, if any, would be made at the year end that may arise with regard to Revised Accounting Standard-15 Employee Benefits issued by Institute of Chartered Accountants of India.
2. Current tax and deferred tax provision for the quarter-ended June 30, 2007 should have been Rs 125 lacs and Rs (20 lacs) instead of Rs 100 lacs and Rs 10 lacs respectively.
3. The net profit after tax for the quarter-ended June 30, 2007 should have been Rs 192 lacs (except for the adjustment, if any for the point no (1) above, as the impact is unascertainable) instead of Rs 187 lacs.
4. EPS (both basic and diluted) for the quarter-ended June 30, 2007 should have been read as Rs 1.82 (except for the adjustment, if any for the point no (1) above, as the impact is unascertainable) instead of Rs 1.78.
Parsvnath Developers- Limited Review For The Quarter Ended Jun 30, 2007
Parsvnath Developers Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Consolidated Profit for the quarter ended June 30, 2007, includes Rs 0.05 million being share of profit from Associates, which has not been reviewed by the Auditors.
Consolidated Profit for the quarter ended June 30, 2007, includes Rs 0.05 million being share of profit from Associates, which has not been reviewed by the Auditors.
IOC - Limited Review For The Quarter Ended Jun 30, 2007
Indian Oil Corporation Ltd (IOC) has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
The Auditors have relied on the Managements representation that
(a) Management is carrying out a review on the complete compliance of Accounting Standard-15 (revised) and impact thereof, it any, will be carried out at the year-end.
(b) The testing of assets / cash generating units for the purpose of impairment will be done at the year end and accordingly, the impact thereof will be considered at the year end.
The Auditors have relied on the Managements representation that
(a) Management is carrying out a review on the complete compliance of Accounting Standard-15 (revised) and impact thereof, it any, will be carried out at the year-end.
(b) The testing of assets / cash generating units for the purpose of impairment will be done at the year end and accordingly, the impact thereof will be considered at the year end.
Paper Products - Limited Review For The Quarter Ended Jun 30, 2007
Paper Products Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
As more fully explained in note A to the statement of unaudited financial results, inter-unit transfers amounting to Rs 79.8 million (quarter ended June 30, 2006: Rs 93.7 million) have been inducted in net sales and raw material consumption for the quarter ended June 30, 2007. This is not in compliance with Accounting Standard 9 - Revenue Recognition. However, the above accounting treatment has no impact on the profit of the Company for the quarter ended June 30, 2007.
As more fully explained in note A to the statement of unaudited financial results, inter-unit transfers amounting to Rs 79.8 million (quarter ended June 30, 2006: Rs 93.7 million) have been inducted in net sales and raw material consumption for the quarter ended June 30, 2007. This is not in compliance with Accounting Standard 9 - Revenue Recognition. However, the above accounting treatment has no impact on the profit of the Company for the quarter ended June 30, 2007.
Onward Technologies - Limited Review For The Quarter Ended Jun 30, 2007
Onward Technologies Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
The effect of deferred taxation in accordance with Accounting Standard 22, Accounting for Taxes on Income issued by the Council of the Institute of Chartered Accountants of India as well as provision for taxation, if any, has not been considered for preparation of quarterly results.
The effect of deferred taxation in accordance with Accounting Standard 22, Accounting for Taxes on Income issued by the Council of the Institute of Chartered Accountants of India as well as provision for taxation, if any, has not been considered for preparation of quarterly results.
Saturday, September 8, 2007
Electrosteel Castings - Limited Review For The Quarter Ended Jun 30, 2007
Electrosteel Castings Ltd in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Attention is invited to :
(i) Note No. 4 of the Results as regards status of the dispute dealt with in Auditors qualification in respect of the previous Accounting Year regarding various matters including inter-alia related to investments and advances as stated therein of Rs 30 lacs and Rs 700 lacs respectively, carried at book value, consequential impacts whereof pending final outcome of disputes could not be ascertained and commented upon by the Auditors and
(ii) Auditors qualification in the audited accounts of the Company for the previous Accounting Year for non-disclosure of information with regard to a jointly controlled entity which has not been dealt with in the accompanying statement of the Results.
Attention is invited to :
(i) Note No. 4 of the Results as regards status of the dispute dealt with in Auditors qualification in respect of the previous Accounting Year regarding various matters including inter-alia related to investments and advances as stated therein of Rs 30 lacs and Rs 700 lacs respectively, carried at book value, consequential impacts whereof pending final outcome of disputes could not be ascertained and commented upon by the Auditors and
(ii) Auditors qualification in the audited accounts of the Company for the previous Accounting Year for non-disclosure of information with regard to a jointly controlled entity which has not been dealt with in the accompanying statement of the Results.
Visa Steel - Limited Review For The Quarter Ended Jun 30, 2007
Visa Steel Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
As stated in note 4 of Statement of un-audited financial results, impact if any, on certain employee cost in terms of Accounting Standard (AS) 15 (Revised 2005) on Employee Benefits, issued by the Institute of Chartered Accountants of India has not been ascertained and accounted for. The impact of the item as mentioned above on the results of the Company for the three months period ended June 30, 2007 could not be readily ascertained at this stage.
As stated in note 4 of Statement of un-audited financial results, impact if any, on certain employee cost in terms of Accounting Standard (AS) 15 (Revised 2005) on Employee Benefits, issued by the Institute of Chartered Accountants of India has not been ascertained and accounted for. The impact of the item as mentioned above on the results of the Company for the three months period ended June 30, 2007 could not be readily ascertained at this stage.
Shimoga Technologies - Limited Review For The Quarter Ended Jun 30, 2007
Shimoga Technologies Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. Non-obtaining of confirmation of balances in the accounts of advances, deposits, some debtors, creditors and bank accounts.
2. The accounts being prepared on the assumption of a going concern and no adjustments having been made in the accounts if the managements business plans do not materialize.
3. The need for reconciliation of the fixed asset register with the book records.
4. No provision having been made for penalty proposed by the sales tax authorities amounting to Rs 27775/-.
1. Non-obtaining of confirmation of balances in the accounts of advances, deposits, some debtors, creditors and bank accounts.
2. The accounts being prepared on the assumption of a going concern and no adjustments having been made in the accounts if the managements business plans do not materialize.
3. The need for reconciliation of the fixed asset register with the book records.
4. No provision having been made for penalty proposed by the sales tax authorities amounting to Rs 27775/-.
Friday, September 7, 2007
Tainwala Chemicals - Limited Review For The Quarter Ended Jun 30, 2007
Tainwala Chemicals & Plastics India Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. The Company has not made any adjustment in respect of revised Accounting Standard (AS) 15 (revised 2005) Employee benefits applicable to the Company with effect from April 01, 2006 which, as mentioned in note 4 of financial results, would be given effect at the year end. The impact whereof on the attached financial results, as explained by the management, would not be significant.
2. The following qualification was mentioned in the Audit Report dated June 28, 2007 on the audited financial statements for the year ended March 31, 2007 and also continues to apply to this quarterly financial results:
The Auditors are unable to express an opinion as to when & what extent long outstanding receivables aggregating to Rs 7,823,588 due from a company in which relatives of directors are interested, without having any stipulation for its repayment, would be recovered. In the opinion of the management, in view of substantial improvement in the operations of that company, the aforesaid amount is likely to be recovered in due course and, therefore, in their opinion, no provisioning at this stage.
1. The Company has not made any adjustment in respect of revised Accounting Standard (AS) 15 (revised 2005) Employee benefits applicable to the Company with effect from April 01, 2006 which, as mentioned in note 4 of financial results, would be given effect at the year end. The impact whereof on the attached financial results, as explained by the management, would not be significant.
2. The following qualification was mentioned in the Audit Report dated June 28, 2007 on the audited financial statements for the year ended March 31, 2007 and also continues to apply to this quarterly financial results:
The Auditors are unable to express an opinion as to when & what extent long outstanding receivables aggregating to Rs 7,823,588 due from a company in which relatives of directors are interested, without having any stipulation for its repayment, would be recovered. In the opinion of the management, in view of substantial improvement in the operations of that company, the aforesaid amount is likely to be recovered in due course and, therefore, in their opinion, no provisioning at this stage.
Tamilnadu Petroproducts - Limited Review For The Quarter Ended Jun 30, 2007
Tamilnadu Petroproducts Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
The Company has, during the period 1995-2003, invested Rs 2764.50 lacs in SPIC Electric Power Corporation Pvt Ltd and given advances against equity amounting to Rs 32.61 lacs, for which no provision has been considered necessary by the management. In view of the considerable delay in the implementation of the project, the Auditors are unable to express an opinion on the provision, if any, required in respect of the said investment and advance against equity.
The Company has, during the period 1995-2003, invested Rs 2764.50 lacs in SPIC Electric Power Corporation Pvt Ltd and given advances against equity amounting to Rs 32.61 lacs, for which no provision has been considered necessary by the management. In view of the considerable delay in the implementation of the project, the Auditors are unable to express an opinion on the provision, if any, required in respect of the said investment and advance against equity.
Mcleod Russel - Limited Review For The Quarter Ended Jun 30, 2007
Mcleod Russel India Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
Notes 5, 8 and 9 on the Statement regarding tea stock valuation based on estimated cost of production, current and deferred tax, if any, not considered for the aforesaid periods under review and impact, if any, on certain employee costs not ascertained and accounted for respectively.
Notes 5, 8 and 9 on the Statement regarding tea stock valuation based on estimated cost of production, current and deferred tax, if any, not considered for the aforesaid periods under review and impact, if any, on certain employee costs not ascertained and accounted for respectively.
Thursday, September 6, 2007
Asian Electronics- Limited Review For The Quarter Ended Jun 30, 2007
Asian Electronics Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
Management has not considered provision in respect of outstanding debtors of Rs 18.39 crores and assets on operating lease of Rs 17.61 crores under a dispute for reasons explained by them in Note 4 of financial results.
Management has not considered provision in respect of outstanding debtors of Rs 18.39 crores and assets on operating lease of Rs 17.61 crores under a dispute for reasons explained by them in Note 4 of financial results.
Elque Polyesters- Limited Review For The Quarter Ended Jun 30, 2007
Elque Polyesters Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
1. Regarding non-provision of interest and other dues to various banks and financial institutions, quantum of which is un-ascertainable.
2. Pursuant to the revival package under consideration by BIFR and other banks and financial institutions the auditors reserve their comments on the Going concern concept adopted by the Company.
3. The plant has been temporarily shut down for the time being due to uneconomic market condition.
1. Regarding non-provision of interest and other dues to various banks and financial institutions, quantum of which is un-ascertainable.
2. Pursuant to the revival package under consideration by BIFR and other banks and financial institutions the auditors reserve their comments on the Going concern concept adopted by the Company.
3. The plant has been temporarily shut down for the time being due to uneconomic market condition.
Pharmaids Pharmaceuticals - Limited Review For The Quarter Ended Jun 30, 2007
Pharmaids Pharmaceuticals Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
As informed to the Auditors, the Company has not accounted for taxes on income as required under AS-22 i.e. Deferred Tax & non-provision of interest on bank loans.
As informed to the Auditors, the Company has not accounted for taxes on income as required under AS-22 i.e. Deferred Tax & non-provision of interest on bank loans.
Wednesday, September 5, 2007
Cyber Tech Systems - Limited Review For The Quarter Ended Jun 30, 2007
Cyber Tech Systems & Software Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
The Company has not made any adjustments in respect of revised Accounting Standard15 - Employee Benefits applicable to the Company with effect from April 01, 2007 which, as mentioned in note no 6 of attached financial results, would be given effect to at the year end, the impact whereof on the attached financial results, as explained by the management, would not be significant.
The Company has not made any adjustments in respect of revised Accounting Standard15 - Employee Benefits applicable to the Company with effect from April 01, 2007 which, as mentioned in note no 6 of attached financial results, would be given effect to at the year end, the impact whereof on the attached financial results, as explained by the management, would not be significant.
Hindustan Dorr - Limited Review For The Quarter Ended Jun 30, 2007
Hindustan Dorr Oliver Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
As mentioned in note 3 to the Statement of Unaudited Financial Results for the quarter ended June 30, 2007 and qualified in our audit report to the shareholders for the year ended March 31, 2007, the Auditors are unable to express an opinion as to when and to what extent overdue debtors and retention money aggregating to Rs 731.03 lacs would be realized. The management is, however, hopeful of recovering the aforesaid amount as the efforts are being made to recover the amount and no provision is considered necessary.
As mentioned in note 3 to the Statement of Unaudited Financial Results for the quarter ended June 30, 2007 and qualified in our audit report to the shareholders for the year ended March 31, 2007, the Auditors are unable to express an opinion as to when and to what extent overdue debtors and retention money aggregating to Rs 731.03 lacs would be realized. The management is, however, hopeful of recovering the aforesaid amount as the efforts are being made to recover the amount and no provision is considered necessary.
Jet Airways - Limited Review For The Quarter Ended Jun 30, 2007
Jet Airways India Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
The information on pending investor complaints and aggregate of public shareholding has been furnished by the Company on the basis of the Certificate from the Registrar and Transfer agents of the Company.
The information on pending investor complaints and aggregate of public shareholding has been furnished by the Company on the basis of the Certificate from the Registrar and Transfer agents of the Company.
Tuesday, September 4, 2007
Tips Industries- Limited Review For The Quarter Ended Jun 30, 2007
Tips Industries Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
1. Without qualifying the auditors opinion, they draw attention to:
i. The Auditors have relied upon management representation regarding expected total revenue horn exploitation of film rights, based on which cost of production is charged to the profit and loss account.
2. In the absence of records of title wise stock, cost of copyrights and in-house music production cost are apportioned as overheads in the valuation of finished goods on an average basis, the impact of which on profit is not ascertainable. (Cost apportioned during the quarter of Rs 80.19 lacs). Accordingly, the valuation of inventories is not as per the Accounting Standard - 2 Valuation of Inventories.
3. The Auditors rely on management representation regarding:
a. Recoverability of advances against film production / distribution of Rs 401.94 lacs & other advances of Rs 228.20 lacs.
b. Non-provision of fringe benefit tax of Rs 10.43 lacs on eligible expenses incurred in production of films, based on the experts opinion referred to in Note no 8 of the notes to the Statement.
1. Without qualifying the auditors opinion, they draw attention to:
i. The Auditors have relied upon management representation regarding expected total revenue horn exploitation of film rights, based on which cost of production is charged to the profit and loss account.
2. In the absence of records of title wise stock, cost of copyrights and in-house music production cost are apportioned as overheads in the valuation of finished goods on an average basis, the impact of which on profit is not ascertainable. (Cost apportioned during the quarter of Rs 80.19 lacs). Accordingly, the valuation of inventories is not as per the Accounting Standard - 2 Valuation of Inventories.
3. The Auditors rely on management representation regarding:
a. Recoverability of advances against film production / distribution of Rs 401.94 lacs & other advances of Rs 228.20 lacs.
b. Non-provision of fringe benefit tax of Rs 10.43 lacs on eligible expenses incurred in production of films, based on the experts opinion referred to in Note no 8 of the notes to the Statement.
Gujarat Lease - Limited Review For The Quarter Ended Jun 30, 2007
Gujarat Lease Financing Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
Note no. 3 regarding the accounts having been prepared on going concern basis and Note no. 4 regarding non recognition of income of interest on tax refunds amounting to Rs 1047.52 lacs and short provision for tax and interest thereon of Rs 351.11 lacs.
Note no. 3 regarding the accounts having been prepared on going concern basis and Note no. 4 regarding non recognition of income of interest on tax refunds amounting to Rs 1047.52 lacs and short provision for tax and interest thereon of Rs 351.11 lacs.
Khandwala Securities - Limited Review For The Quarter Ended Jun 30, 2007
Khandwala Securities Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
1. The basic earnings per share of Rs 0.34, as disclosed in the Statement have been calculated in the manner specified in Accounting Standard AS - 20 - Earning per Share.
2. The Company has not disclosed in the statement, the impact if any, on the interim financial information, of the following qualifications made in the last audited accounts of the Company:
(a) Share application money valued at Rs 216.69 lacs advanced by the Company for the purchase of shares (Rs 216.69 lacs as on (March 31, 2007), of which management confirms that it has initiated legal proceedings against the party for the recovery of Rs 216.69 lacs.
(b) Rs 100 lacs being short term deposits taken from companies together with interest accrued of Rs 95.00 lacs, and Rs 530.00 lacs being deposits placed by the Company together with interest thereon of Rs 135.80 which were subject to confirmation, subsequent adjustments and reconciliation, if any.
In respect of the observations in the limited review report, the management has clarified as follows:
Reply against Qualification under Item No. 2(a)
Company had invested Rs 314 Lacs towards purchase of equity shares of the investing Company in the FY 2001-02. The Company have neither allotted shares nor refunded the said amount. Out of aforesaid amount we have received Rs 97.31 lacs, after deducting aforesaid amount balance recoverable is Rs 216.69 lacs, the Company has initiated legal proceedings against the Company by filing criminal & civil case u/s. 138 of the Negotiable Instrument Act to recover the application money.
1. The basic earnings per share of Rs 0.34, as disclosed in the Statement have been calculated in the manner specified in Accounting Standard AS - 20 - Earning per Share.
2. The Company has not disclosed in the statement, the impact if any, on the interim financial information, of the following qualifications made in the last audited accounts of the Company:
(a) Share application money valued at Rs 216.69 lacs advanced by the Company for the purchase of shares (Rs 216.69 lacs as on (March 31, 2007), of which management confirms that it has initiated legal proceedings against the party for the recovery of Rs 216.69 lacs.
(b) Rs 100 lacs being short term deposits taken from companies together with interest accrued of Rs 95.00 lacs, and Rs 530.00 lacs being deposits placed by the Company together with interest thereon of Rs 135.80 which were subject to confirmation, subsequent adjustments and reconciliation, if any.
In respect of the observations in the limited review report, the management has clarified as follows:
Reply against Qualification under Item No. 2(a)
Company had invested Rs 314 Lacs towards purchase of equity shares of the investing Company in the FY 2001-02. The Company have neither allotted shares nor refunded the said amount. Out of aforesaid amount we have received Rs 97.31 lacs, after deducting aforesaid amount balance recoverable is Rs 216.69 lacs, the Company has initiated legal proceedings against the Company by filing criminal & civil case u/s. 138 of the Negotiable Instrument Act to recover the application money.
Monday, September 3, 2007
Ushdev International - Limited Review For The Quarter Ended Jun 30, 2007
Ushdev International Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
The accompanying statement of unaudited financial results prepared in accordance with Accounting Standards and other recognized accounting practices and policies has disclosed deferred tax liability aggregating to Rs 5.32 lakhs as a deferred tax asset of Rs 16.50 lakhs resulting in overstatement of net profit of Rs 21.82 lakhs. Further the Company has not disclosed details of non-promoter shareholding as required.
The accompanying statement of unaudited financial results prepared in accordance with Accounting Standards and other recognized accounting practices and policies has disclosed deferred tax liability aggregating to Rs 5.32 lakhs as a deferred tax asset of Rs 16.50 lakhs resulting in overstatement of net profit of Rs 21.82 lakhs. Further the Company has not disclosed details of non-promoter shareholding as required.
Saint Gobain - Limited Review For The Quarter Ended Jun 30, 2007
Saint Gobain Sekurit India Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
The Institute of Chartered Accountants of India has made Accounting Standard - 15 (Revised 2005) on Employee Benefits mandatory from accounting periods commencing on and from December 07, 2006. The Company continues to adopt the provisions of the erstwhile Accounting Standard-15 and hence not adopted the provisions of the Accounting Standard-15 (Revised 2005). Accordingly the results for the quarter and six months ended June 30, 2007 do not contain the impact of the revised standard. The impact is currently not ascertainable.
The Institute of Chartered Accountants of India has made Accounting Standard - 15 (Revised 2005) on Employee Benefits mandatory from accounting periods commencing on and from December 07, 2006. The Company continues to adopt the provisions of the erstwhile Accounting Standard-15 and hence not adopted the provisions of the Accounting Standard-15 (Revised 2005). Accordingly the results for the quarter and six months ended June 30, 2007 do not contain the impact of the revised standard. The impact is currently not ascertainable.
OBC - Limited Review For The Quarter Ended Jun 30, 2007
Oriental Bank of Commerce (OBC) has informed that in the limited review report of the Bank for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
1. a. Provision for gratuity, pension, leave encashment and depreciation on fixed assets has been made on estimated basis.
b. Pending clarification from Reserve Bank of India on Accounting Standard 15 (Revised 2005 Employee Benefits) issued by Institute of Chartered Accountants of India, provision for Retirement Benefits has been made on estimated basis.
c. Not Readily Realizable Advances amounting to Rs 464.10 crores (net outstanding as on August 14, 2004) and Not Readily Realisable Assets of Rs 41.21 crores (outstanding as on August 14, 2004) pertaining to erstwhile Global Trust Bank Ltd, have been included as part of assets of the Bank on the merger, which were otherwise required to be taken on collection basis as per the scheme of amalgamation.
2. Provision for Deferred Tax which is being recognized by the Bank as at the year end as a practice, is not quantified for the period under review.
3. The impact, if any, on account of balancing of books, confirmation / reconciliation and clearance of outstanding entries in certain accounts is not accounted for as the same is not ascertainable.
1. a. Provision for gratuity, pension, leave encashment and depreciation on fixed assets has been made on estimated basis.
b. Pending clarification from Reserve Bank of India on Accounting Standard 15 (Revised 2005 Employee Benefits) issued by Institute of Chartered Accountants of India, provision for Retirement Benefits has been made on estimated basis.
c. Not Readily Realizable Advances amounting to Rs 464.10 crores (net outstanding as on August 14, 2004) and Not Readily Realisable Assets of Rs 41.21 crores (outstanding as on August 14, 2004) pertaining to erstwhile Global Trust Bank Ltd, have been included as part of assets of the Bank on the merger, which were otherwise required to be taken on collection basis as per the scheme of amalgamation.
2. Provision for Deferred Tax which is being recognized by the Bank as at the year end as a practice, is not quantified for the period under review.
3. The impact, if any, on account of balancing of books, confirmation / reconciliation and clearance of outstanding entries in certain accounts is not accounted for as the same is not ascertainable.
Saturday, September 1, 2007
Andhra Bank - Limited Review For The Quarter Ended Jun 30, 2007
Andhra Bank has informed that in the limited review report of the Bank for the quarter ended June 30, 2007, the auditors of the Bank have made the following observations:
Non-provision of the liability for Employees Benefits in accordance with the Accounting Standard (AS - 15) (Revised 2005) issued by ICAI (as mentioned at note 7) and its consequential impact on the profit, the reserves and the capital adequacy ratio which has not been ascertained.
Non-provision of the liability for Employees Benefits in accordance with the Accounting Standard (AS - 15) (Revised 2005) issued by ICAI (as mentioned at note 7) and its consequential impact on the profit, the reserves and the capital adequacy ratio which has not been ascertained.
Bank of Baroda - Limited Review For The Quarter Ended Jun 30, 2007
Bank of Baroda has informed that in the limited review report of the Bank for the quarter ended June 30, 2007, the auditors of the Bank have made the following observations:
1. Effect on the Financial Results for the Quarter ended June 30, 2007 as arising out of matching / reconciliation of debit and credit outstanding entries in various heads of accounts, included in Inter Office Adjustments, NOSTRO, Drafts / TTs, Payable, Clearing Adjustments, Dividend / Interest / Refund Orders Paid / Payable etc., has not been ascertained, and accordingly not considered.
2. The bank has neither ascertained nor provided for the transitional Employee benefits for the quarter. The same is not in accordance with revised Accounting Standard (AS) - 15, which is mandatory for the current accounting year.
1. Effect on the Financial Results for the Quarter ended June 30, 2007 as arising out of matching / reconciliation of debit and credit outstanding entries in various heads of accounts, included in Inter Office Adjustments, NOSTRO, Drafts / TTs, Payable, Clearing Adjustments, Dividend / Interest / Refund Orders Paid / Payable etc., has not been ascertained, and accordingly not considered.
2. The bank has neither ascertained nor provided for the transitional Employee benefits for the quarter. The same is not in accordance with revised Accounting Standard (AS) - 15, which is mandatory for the current accounting year.
Reliance Industries - Limited Review For The Quarter Ended Jun 30, 2007
Reliance Industries Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
Attention is invited to note 5 regarding accounting for exchange differences on amounts borrowed for acquisition of fixed assets.
Attention is invited to note 5 regarding accounting for exchange differences on amounts borrowed for acquisition of fixed assets.
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