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
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