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).
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